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Currency Counter Online

Currency Counter Online

Currency Counter Online

You’re not going to find a lot of options for this kind of functionality. So if you’re looking for a currency calculator, you should be happy to see this one that is available on almost any platform, on almost any device.

Dollar

via GIPHY

Currencies used in different countries are rarely, if ever, exactly equal in value. As a result, exchange rates (the rate at which a currency is exchanged for another) exist to enable the equal exchange of currencies. Real-time exchange rates are supplied by the foreign exchange market (forex), the same place where most currency transactions take place. The forex is a global, decentralized, over-the-counter market for the trading of currencies. Each day, trillions of dollars (US) worth of currency are traded. The market functions at high speeds, with exchange rates changing every second. The most common forex transactions are exchanges between the U.S. dollar and European euro, the U.S. dollar and the Japanese yen, and the U.S. dollar to the British pound Sterling.

In this example, EUR is the base currency and USD is the quote currency, and what it means is that one euro is worth $1.366 USD. In other words, $1.366 is the purchase price in U.S. dollars (aside from external costs such as commission) of one euro. The base currency always equals exactly one. On the other hand, if the EUR/MXN rate (European Union euro to Mexican peso) is 17.70 instead, 17.70 Mexican pesos are required to purchase one euro. In the real world, most exchange rates are given in terms of how much a U.S. dollar is worth in a foreign currency. The euro is different in that it's given in terms of how much a euro is worth in U.S. dollars. (Source: www.calculator.net)

Modern

While modern currency is physically represented by coins and paper bills, most large-scale currency transactions are done electronically. Modern technology utilizes sophisticated currency exchange mechanisms and systems to exchange currencies between digital accounts rather than physically. Even the exchange of currency for everyday goods and services such as groceries or haircuts involves physical currencies less and less due to the growing popularity of debit cards, credit cards, and mobile payments.

Modern currency is much more uniform and regulated. Major currencies in the world today take on the physical form of paper bills or coins which are easily carried on a person, but most of a person's currency is typically stored in digital accounts. The value of these currencies is backed by the promise of their issuing governments, which makes them fiat money (currency declared by the government to be an official medium of payment but is not backed by a physical commodity). Before fiat money existed, currencies were usually backed by a commodity such as gold or silver. (Source: www.calculator.net)

 

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