currencyˈkɜr ən si, ˈkʌr-
currency (n)
- plural
- currencies
English Definitions:
currency (noun)
the metal or paper medium of exchange that is presently used
currency (noun)
general acceptance or use
"the currency of ideas"
currentness, currency, up-to-dateness (noun)
the property of belonging to the present time
"the currency of a slang term"
currency (Noun)
Money or other items used to facilitate transactions.
currency (Noun)
Paper money.
currency (Noun)
The state of being current; general acceptance or recognition.
currency (Noun)
fluency; readiness of utterance
currency (Noun)
Current value; general estimation; the rate at which anything is generally valued.
Currency
A currency in the most specific use of the word refers to money in any form when in actual use or circulation, as a medium of exchange, especially circulating paper money. This use is synonymous with banknotes, or with banknotes plus coins, meaning the physical tokens used for money by a government. A much more general use of the word currency is anything that is used in any circumstances, as a medium of exchange. In this use, "currency" is a synonym for the concept of money. A definition of intermediate generality is that a currency is a system of money in common use, especially in a nation. Under this definition, British pounds, U.S. dollars, and European euros are different types of currency, or currencies. Currencies in this definition need not be physical objects, but as stores of value are subject to trading between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in the sense used by foreign exchange markets, are defined by governments, and each type has limited boundaries of acceptance. The former definitions of the term "currency" are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the currency systems of nations, is the topic of this article.
Currency
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term "currency" appear in the respective synonymous articles: banknote, coin, and money. This article uses the definition which focuses on the currency systems of countries. One can classify currencies into three monetary systems: fiat money, commodity money, and representative money, depending on what guarantees a currency's value (the economy at large vs. the government's physical metal reserves). Some currencies function as legal tender in certain jurisdictions, or for specific purposes, such as payment to a government (taxes), or government agencies (fees, fines). Others simply get traded for their economic value. Digital currency has arisen with the popularity of computers and the Internet. Whether government-backed digital notes and coins (such as the digital renminbi in China, for example) will be successfully developed and utilized remains dubious. Decentralized digital currencies, such as cryptocurrencies, are different because they are not issued by a government monetary authority; specifically, bitcoin, the first cryptocurrency and leader in terms of market capitalization, has a fixed supply and is therefore ostensibly deflationary. Many warnings issued by various countries note the opportunities that cryptocurrencies create for illegal activities such as scams, ransomware, money laundering and terrorism. In 2014, the United States IRS issued a statement explaining that virtual currency is treated as property for Federal income-tax purposes, and it provide examples of how long-standing tax principles applicable to transactions involving property apply to virtual currency.
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"currency." Kamus.net. STANDS4 LLC, 2024. Web. 29 Mar. 2024. <https://www.kamus.net/english/currency>.
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