Fungible / Fungibility

Fungibility means that a good or asset can be transferred and transacted on a like for like basis with similar assets. As a real world example, a dollar is a always worth a dollar and people will accept it on face value without asking ‘where has it been?’.

Fungibility is an important characteristic of any money along with being durable, divisible, scarce & portable. This poses a challenge for Bitcoin, as the history of every Satoshi is known to the network, which means some coins have a darker history than others, whether that be they were involved in a hack, a violent crime or even just mined with fossil fuels.

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