What does IOU mean in the context of cryptocurrency?

3 answers

• Buur FogNov 04, 2023 · 2 years ago
  IOU stands for 'I Owe You' in the context of cryptocurrency. It is a term used to represent a debt or obligation between two parties in a digital currency transaction. When someone says 'IOU' in the cryptocurrency world, it means that they owe someone a certain amount of cryptocurrency and will pay it back at a later time. It is similar to a promissory note or an informal agreement to repay a debt.
  401

  201
• Cheval-RSep 29, 2020 · 5 years ago
  IOU in the context of cryptocurrency refers to a promise to pay back a certain amount of digital currency. It is often used when someone wants to trade or exchange cryptocurrencies but doesn't have the funds available at the moment. By issuing an IOU, the person acknowledges the debt and commits to paying it back in the future. IOUs can be useful in situations where immediate settlement is not possible or convenient.
  420

  140
• theCoderAug 14, 2022 · 3 years ago
  In the context of cryptocurrency, an IOU is a representation of a debt or obligation between two parties. It is commonly used when one party wants to borrow or trade a specific cryptocurrency but doesn't have it readily available. By issuing an IOU, the borrower or trader promises to repay the owed amount at a later time. IOUs can be seen as a form of trust-based agreement in the cryptocurrency world, allowing parties to transact without immediate access to the desired digital assets.
  489

  123