To conclude this section on the distinct nature of crypto-currency, we also observe the comments made by [@maurer2013perhaps] that in the case of Bitcoin, it is its code that is its core. They state succinctly: “...the currency functions based on the trust its community of users place in the code and, as with all free and open-source projects, the trust they place in their collective ability to review, effectively evaluate, and agree as a group to changes to it”. This is clearly different from e-money which involves trust in the central authority, government or state that backs the fiat denomination underlying the e-money.

Fulfilling the functions of money
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Having described the historical context in which crypto-currencies emerged, as well as the differences with other forms of electronic money, we now analyse whether these currencies can fulfill the traditional role of money in an economy. A widely held view is that money should serve three distinct functions:

1.  It should be generally accepted as a medium of exchange.;

2.  It should be a unit of account so that we can compare the costs of goods and services over time and between merchants.; and

3.  It should be a store of 