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What is Fungible Money? Why is it important and what does it look like on the Bitcoin and Monero blockchain? |
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Fungible Currency and Blockchains |
Fungible money means that one denomination of currency is always equal to itself regardless of who/what/where the money has been.
For example, if the twenty dollar bill you have in your wallet was used for a cocaine purchase it is still worth twenty dollars even though it was used for nefarious purposes. That is why cash is considered fungible.
Now, let’s think about the blockchain and how this key feature of REAL FUNGIBLE money is applied.
Money must be fungible. Cash is fungible because people cannot know the history of the cash they are receiving. However, on the bitcoin blockchain that is NOT true. Transactions on the bitcoin blockchain can be monitored, tracked, traced and indexed.
See the treasury department sanction list
If it is determined that a bitcoin transaction was used for ‘undesirable’ behavior, the transaction can be logged and blacklisted. Bitcoin connected to the blacklisted transaction is tainted, making some bitcoin worth more than other bitcoin due to its transaction history. Bitcoin is NOT fungible.
Monero (XMR) doesn’t have a public ledger like bitcoin. The ledger is encrypted. That means the (XMR) monero funds you receive are separate from its history. The monero (XMR) token can be considered fungible for this reason.
In conclusion, money must be fungible. Bitcoin can be tainted and indexed making some bitcoin worth less than others. Bitcoin is NOT fungible. Monero (XMR) cannot be indexed, therefore it can be considered fungible currency.
The New World Order will outlaw ALL FORMS of REAL FUNGIBLE CURRENCY in their attempt to dominate and enslave us. Don’t be led to the slaughter.
Hope this helps you make the right decision.