BEA 2 Flashcards
1
Q
Medium of exchange
A
Money is used to facillitate the buying and selling of goods and services.
2
Q
Unit of account
A
Money provides a common measure for expressing value
3
Q
Store of value
A
Money can be saves and used in later purchases
4
Q
Standard of deffered payment
A
Money allows for transactions to be conducted at a later date.
5
Q
Decentralised
A
Cryptocurrencies operate on a decentralised network of computers
6
Q
Blockchain technology
A
Transations are recorded in a blockchain which is a distributed and immutable ledger
7
Q
Cryptography
A
Cryptography is used to secure transactions and control the creation of new units.
