What is Money?

Money, what is it?

The coincidence of wants is an economic phenomenon where two parties possess something desired by the other, highlighting the rarity of mutual possession of interchangeable items of value. This underscores a challenge that money effectively addresses.

Money serves as a medium of exchange, acquired not for consumption or production but for later exchange. Ideally, money is a store of value across space and time. It can be transported into the future or to another location for exchange into goods and services.

Money is a unit of account, serving as a measure for pricing and comparing the value of different goods and services. Money should be portable, divisible, fungible, and durable for it to be considered good money.

At the Bitcoin Atlantis Conference in Madeira, I asked Bitcoin professionals such as Lyn Alden, Peter McCormack, Ben Perrin from BTC Sessions, Niko Jilch, Eric V. Stacks, and more for their take on what money is. Find out what they had to say in the following video: