Currency is a medium of exchange for goods and services. In short, it’s money, in the form of paper or coins, usually issued by a government and generally accepted at its face value as a method of payment. … In the 21st century, a new form of currency has entered the vocabulary, the virtual currency.
What is the difference between currency and money?
A significant number of people believe money and currency are the same thing but, is this true? No! Currency is simply paper. The true money, for as long as mankind can remember, has always been gold. History records of any great Kingdom or Empire state one common denominator which made these nations powerful. The possession of a lot of gold! Fast forward centuries later into this tech-driven era, gold still holds its value.
The one major difference between currency and money that many are not conscious of, is the store of value. Currency is not a store of value, in fact, it can even go to zero because of extreme circumstances. It is also volatile because it has no intrinsic value. Money, on the other hand, is a store of value. Gold (which is money) has always been a consistent store of value. Even when the world financial markets become unpredictable, investors turn to gold because it is less risky and more secure. If you asked the middle-class population of countries that have experienced an economic meltdown, most will tell you they’ve lost their life savings, retirement funds and their children’s college funds because it was all stored in Fiat.