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What is Unit of Account?

Crypto Terms Glossary: What is Unit of Account?

A unit of account is a standard unit of measurement of the value of a good or service. By attributing a specific measurement unit to a good or service, the monetary value of that offering can be clearly understood in abstract terms without the need to resort to bartering. The need for units of account to optimize market transactions is one of the three fundamental functions of money, the other two being usability as a store of value and a medium of exchange.

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