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This is an economics term that explains one of the required characteristics of money which is that it must be easily divisible and any equal unit must be easily exchangeable for another unit. An example would be all $1 bills are created equal, a merchant will accept any of them, and 100 $1 bills make up 1 $100 bill. Bitcoin is fungible because 1 Bitcoin can be broken down into 100,000,000 Sats and all sats are created equal.