A third type of money is fiat currency, which is fully backed by the economic power and good faith of the issuing government. The fourth type of money is money substitutes, which are anything that can be exchanged for money at any time. For example, a check written on a checking account at a bank […]

Today, there are different types of money, including fiat and representative money. This is because it is paper money and coins with nothing backing them whatsoever. When the precious metal coins remained in banks to guarantee their genuine physical value, these representations ensured the worth of the money. He reaffirmed the historical tradition of utilizing […]