December 2018
Beginner to intermediate
564 pages
17h 34m
English
Content preview from Blockchain Developer's Guide
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Processing a financial transaction
Before we dig deeper into blockchain-based transactions, it is helpful to know about how financial transactions actually happen and the functioning of fiat money.
Fiat money is entirely based on the credit of the economy; by definition, it is the money declared legal tender by the government. Fiat money is worthless without a guarantee from the government.
Another type of money is commodity money; it is derived from the commodity out of which the good money is made. For example, if a silver coin is made, the value of the coin would be its value in terms of silver, rather than the defined value of the coin. Commodity money was a convenient form of trade in comparison to the barter system. However, it is prone ...
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