1 : being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account Oil, wheat, and lumber are fungible commodities. fungible goods. 2 : capable of mutual substitution : interchangeable …
Hence, What is another word for fungible?
What is another word for fungible?
| exchangeable | switchable |
|---|---|
| substitutable | changeable |
| convertible | swappable |
| transposable | replaceable |
| interconvertible | reciprocal |
Consequently, What is the opposite of fungible? Opposite of able to be substituted for something of equal value or utility. noninterchangeable. incompatible. unsubstitutable.
What is an example of fungibility? Fungible refers to something that cannot be distinguished from another thing, it is interchangeable, substitutable or uniform. For example, if I lent somebody $10 by giving her a ten-dollar-bill, I do not mind whether she pays me back with the same bill, another $10 bill, or two five dollar bills.
In addition, Why is cash fungible? A classic example of fungibility is money. Money is fungible because it doesn’t matter what physical dollar bill you have. Every dollar bill is worth $1, every five-dollar bill is worth $5, and so on. No matter where the bill was printed or where you got the money from, you can use all cash to pay for the same things.
What is an example of a fungible good?
Examples of fungible goods include oil, bonds, gold and other precious metals, money, and unopened items of consumer products on store shelves such as boxes of oatmeal or cereal. They possess fungibility if they have identical value and properties of other items.
How do you use fungible in a sentence?
The numbers are irrefutable and all cash is fungible. The problem is that all money is fungible. Diamonds are not fungible and can’t be easily exchanged with each other.
What is fungible evidence?
Fungible evidence essentially means that the evidence is easily replicated or not possessing unique characteristics that one can easily determine.
What does NFT mean in Crypto?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.
What is fungibility in Crypto?
Fungibility is a property of goods whose units are interchangeable. Fungibility is critical to preserving Bitcoin’s censorship resistance and privacy. Goods which are not fungible or divisible serve as poor monetary goods. Bitcoin has infinite divisibility and strong fungibility.
Can a person be fungible?
“Fungible” is a word used to describe workers who are “virtually indistinguishable from others” in terms of the value of their contributions in the workplace.
What is fungible goods in law?
Fungible things are items that can be easily replaced with another item that is practically the same, such as wood or paper currency. Often, whether or not an item is fungible will impact how damages will be calculated for breaches of contract or the destruction of an item.
Is oil a fungible commodity?
Oil is a fungible commodity, meaning oil of different grades and origins is largely interchangeable. This doesn’t mean all oil is the same on a chemical level; different grades of oil have different sulfur content and viscosities, which affect refinement needs and extraction efforts, respectively.
Why do people buy NFTs?
An NFT, or non-fungible token, essentially allows its buyer to say they own the original copy of a digital file in the same way you might own the original copy of a piece of physical art. Many or all of the products featured here are from our partners who compensate us.
Are Bitcoins fungible?
Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.
Is a car fungible or non-fungible?
Cars are not fungible in terms of ownership, but the fuel that drive the cars are fungible. Gold is considered fungible (one gold ounce is equal to another gold ounce), though in some cases, it is not.
What does non-fungible mean in finance?
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible.
What does fully fungible mean?
Q: What does “fully fungible” mean? Fungibility is the property of a good, typically a commodity such as oil, wheat or timber, whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another.
What is a fungible person?
Fungible is a word used to describe workers who are “virtually indistinguishable from others” in terms of the value of their contributions in the workplace.
Is money fungible or non-fungible?
A classic example of fungibility is money. Money is fungible because it doesn’t matter what physical dollar bill you have. Every dollar bill is worth $1, every five-dollar bill is worth $5, and so on. No matter where the bill was printed or where you got the money from, you can use all cash to pay for the same things.
What funge means?
Funge definition
(obsolete) A fool or simpleton. noun.
What makes something fungible?
Finance. Fungibility is different from liquidity. A good is said to be liquid if it can be easily exchanged for money or another good. A good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time, place, etc.
What is tangible evidence?
What is Tangible Evidence? Evidence which is real or concrete; capable of being touched or felt and has a real substance, a tangible object; similar to demonstrative evidence.
What is considered proper handling of fungible evidence?
In order to admit fungible evidence in criminal cases, the prosecuting attorney must show with “reasonable certainty that the evidence offered is the same that was seized and that there has been no tampering or substitution” of the proffered evidence.