A working definition of money can be stated as following-” Money is an agreement, within a community, to use something as a mean of payment.” This agreement made is only valid within a special community, which is important regarding the value of the given currency.
Cryptocurrency users can transfer currencies over the network to purchase goods, pay for a service, sell goods, send money to people or companies. Moreover, they can exchange other cryptocurrencies, purchase and sold them through the system ICO.
Even though they are only used within a special group, they are agreed medium of exchange within this community, therefore they fulfill the requirements to be money. Cryptocurrencies are an ideal medium of exchanges on the Internet platform because of rapid transactions, secure network, and borderless character.