Subscribe to free daily email updates with currency rates for the top 85 currencies. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable. Read currency profiles with live rates, breaking forex news, and other facts for every world currency. You can also learn about services available for each currency. Track the value of currencies in small, convenient windows on your desktop with up-to-the-minute rates that update automatically.
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Daily market updates straight to your inbox. Currency Profiles. Before fiat money existed, currencies were usually backed by a commodity such as gold or silver. 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.
Cryptocurrencies are digital currencies operating independently of a central bank or authority, in which encryption techniques are used to regulate the generation of units of currency as well as to verify the transfer of funds.
The current technology behind cryptocurrencies is called blockchain, which is a decentralized ledger of all transactions across a peer-to-peer network. A prominent feature of blockchain is that participants can confirm transactions without the need for a central clearing authority, such as a central bank or government. The value of cryptocurrencies fluctuates, just like a regular currency, and they can be traded in the same way as any other currency. Some experts say that there is a slight chance that cryptocurrencies become the currency of the future.
For the purposes of this calculator, Bitcoin is the only cryptocurrency available for conversion at the moment. 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.
A forex quote always consists of two currencies, a base currency and a quote currency, sometimes called the counter currency. The following is an example of a forex quote:.
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