Bitcoin is a decentralized digital currency introduced in 2009, often utilized as a medium of exchange and a store of value. Unlike traditional currencies, it is not backed by any government or financial institution and can be 'mined' using specialized software. Transactions are recorded in a public ledger with anonymized identities, leading to debates over its potential use in illegal activities.
Currency refers to various forms of money that are in circulation within an economy, serving as a medium of exchange for goods and services.
A medium of exchange is any commodity or product that is universally accepted in a market for the purpose of trade and that functions as a standard measure of value and wealth.
Money serves as a medium of exchange, a unit of account, a store of value, and a means for deferred payment. It has driven economic development by simplifying the exchange of goods and services.
Certificates issued by government (and, at times, private entities) that are generally accepted within the economy as reliable media of exchange.
Specie refers to money that holds intrinsic value, typically consisting of precious metals like gold and silver coins, which are used as a medium of exchange.
