What is money?

Money is an economic unit of account, store of value or medium of exchange used for transactional purposes in a given economy. It is generally accepted as payment for goods and services and the repayment of debts in a particular nation. It is a liquid asset that is more formally used in the settlement of a transaction. Money can be market-determined, issued as legal tender, fiat, commodities, representative money, fiduciary money, commercial bank money or cryptocurrencies. 

The basic function of money is the separation of buying from selling, allowing trade to occur without the double coincidence of barter (the direct exchange of goods or services for other goods or services). This primary function is a medium of exchange. It allows anyone to be able to obtain any good or service they require to live. Secondary functions include being used as a store of value, unit of account and a standard of deferred payment.