In the past few weeks, Cryptocurrency has taken over the Internet by storm by showing its high volatility in the market. Cryptocurrency has become so popular, but due to its high volatility it raises the question of whether it is a currency or trillion dollar business? This curiosity made us to provide a Simplified answer to this question.
To answer this question, we need to understand what can be called as a Currency and what is Cryptocurrency.
Currency or Money is anything which has / is:
Medium of Exchange for goods or services;
Unit of Measurement;
Store of Value; and
Cryptocurrency or digital asset has / is:
Virtual / online medium of exchange for goods or services;
Unit of measurement keeping physical currency as a base;
Store of value in digital ledger of every cryptocurrency owner; and
Currently not universally accepted.
Yes, that's correct 'Cryptocurrency is currently not accepted by all Countries'.
Following are the major Companies that are accepting cryptocurrency in few countries:
Major Companies like: