What Is the Concept of ‘Fungibility’ and Why Is It Important for a Currency, Especially Privacy Coins?

Fungibility is the property where individual units of a commodity or asset are interchangeable with other individual units. For example, one dollar bill is fungible with any other dollar bill.

For a currency, this means all units are equal in value and history. Privacy coins emphasize fungibility because their obscured transaction history prevents any single coin from being 'tainted' by association with illicit activities.

This ensures all coins are treated equally.