Normal Currency vs Cryptocurrency (Grade 11 NSC Matric Computer Application Technology): Flashcards

Digital money existing only in electronic form

Protects transactions by scrambling info into secret code

Traditional money like rands, dollars, or pounds

Must be accepted as payment for goods and services

Central: gov controls. Decentral: no single authority

Physical assets like gold or country's economic strength

Finite - limited amount can ever be created

2008

800 USD to 13,000 USD ($1,525\%$ increase)

Reserve Bank and government