Is a digital decentralised currency that is built on a blockchain and secured by cryptography intended to be used as money is used. They are owned and controlled by the community not by one individual or organisation even the founder does not control a cryptocurrency they created since blochain technology is tamper-proof.
Definition of terms
Is anything that can be paid or received in exchange for goods and services, it is not limited to bank notes and coins or electronic money which represents these two. Money can be anything of valuable that is used as a form of payment e.g bank notes and coins as well as their electronic representations, and physical commodities that have value in the case of barter exchange.
Defined based on its uses money becomes anything that can be used as a medium of exchange, store of value and unit of account
- Medium of Exchange - used as a payment for goods and services
- Store of Value - used to for storing wealth
- Unit of Account - used for pricing purposes
Is anything that can be used a as a medium of exchange. It can take various forms, that is, a currency can be physical or digital in nature
C. Commodity money
This is money that has value which goes beyond money like diamonds, silver or jewellery.
D. Bank notes money in the form of paper.
E. Coins money it the form of metal disks in a traditional sense.
F. Legal tender
Money that is legally accepted as a form of payment in a given geographical location.
G. Gold standard
Is any currency that is backed by gold, currently none of our traditional currencies are backed by gold. They are now backed by either confidence or market forces of supply and demand.
H. Fiat currency
Any traditional currency a government declares as money, it is not backed by any commodity the case of almost 100% of the world currencies
In blockchain is a program designed by a cryptocurrency project to give free tokens to individuals who complete certain tasks.
Is a digital decentralised currency whose supply is either fixed in the case of Bitcoin and AfroX or not fixed in the case of Ethereum.
- Is different from electronic money since electronic money is not a currency but a representation of a physical currency.
- Is a real currency just digital in nature
- May be called Internet money
You can pay for goods and services using cryptocurrencies like AfroX the AfroDex Labs token.
AfroX as a cryptocurrency has seen adoption by retailers, marketplaces and malls such as SuperInka in Peru (South America), 1 Click Stores and their global flight booking portal Travel 1 Click as well as minimart and megastores in Nigeria
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