Bitcoin and other cryptocurrencies are virtual currencies that have no equivalent in the real world. So with bitcoins there are no banknotes or coins, only the data in the blockchain. Supporters of cryptocurrencies platform like bitcoin360ai Deutsch therefore keep comparing Bitcoin with traditional fiat money.
Fiat money – what is it?
The fiat money that you use today as a matter of course to buy things, conclude mobile phone contracts or pay rent, has no intrinsic value. The banknote is basically just a piece of paper with which you can do very little at first.
In contrast, there is money that actually has an intrinsic value. This form of money is also called commodity money because it has real value, similar to a commodity. Examples of commodity money are the gold coins, which were widespread until the early modern period. A gold doubloon was actually worth its weight in gold, simply because gold is a rare precious metal.
Where does fiat money get its value from?
If the fiat money you use today is actually worth nothing in contrast to commodity money, the question arises: why can you then use it to pay? Above all, this has to do with trust. You believe that money is worth something and trust that everyone else believes in it too. Ultimately, this trust is not simply based on goodwill but on hard facts. Specifically, the central bank, which issues the money and ensures the value of the currency.
In addition to this trust in stability, the value of today’s money depends on its usefulness. This means that money is recognized as a means of payment.
Are bitcoins fiat money or not?
On the internet one often reads about the contrast between cryptocurrency and fiat money. In reality, however, this is not correct, since cryptocurrencies are also fiat money. Strictly speaking, bitcoins are almost the ideal fiat money. They basically only consist of data and really have no intrinsic value at all. In the case of paper money, one could still cite the intrinsic value of the paper, but this value also does not apply to cryptocurrencies, since these are only blocks of data in digital space.
Of course, this does not mean that bitcoins are worthless. But they are only worth something because people believe in them and expect that they can buy something with the bitcoins. As long as this cycle works, bitcoins can fulfill the above functions of a currency and can be used as a means of payment. Just like the fiat money that you are already using.
Particularly in the Corona crisis, many local businesses invite their customers to pay by card. Cash seems to continue to lose importance – and this has a disadvantage.
The preference for cash payment is declining worldwide. A recent survey showed that 38 percent of customers now pay by card more often during the corona crisis than before the crisis for local goods like commodities and services like HVAC (learn more about these services here). But that’s not all: the majority of consumers who have changed their payment behavior said that they wanted to maintain this in whole or for the most part even after the crisis.
Preference for cash is declining – online banking is increasingly popular
But it is also evident elsewhere that the importance of cash is declining, the report continues. For example, people in this country are increasingly managing their money digitally: Only about one in twelve bank customers refuses online banking, quotes Die Welt from a study by the investment portal Weltsparen and the online commercial bank Penta. More than one in three now check their account balance daily on the computer or smartphone.
Disadvantage: Fewer and fewer bank branches
This has one disadvantage: the number of classic bank branches could continue to decline. “Ten years ago, there were still about 39,000, but the number has now fallen to around 27,000,” the report said. Some banks have already announced that they will no longer open the branches closed due to the lockdown.
ALSO READ: How Does Selling NFTs Work?
Paying by card in corona crisis is increasingly popular
Paying by card – this is standard in more and more shops. It is practical, works quickly, and especially in Corona times, more and more merchants are enabling their customers to pay contactless. However, consumers should definitely pay attention to the fees that some banks incur when they pay with a giro or credit card.
But this is probably not the only reason why many people continue to depend on cash. According to a recent survey, every person carries an average of 89.22 euros in their wallet. And precisely because the money in the crisis is no longer so loose for many consumers, experts recommend paying more often with cash instead of by card – with the aim of keeping the money together more easily and ultimately saving money in everyday life.
Which payment method applies? Pay attention to the sign at the entrance or cash desk
But what if merchants or innkeepers refuse to accept cash in their stores or restaurant? Are they allowed to do it just like that? “In principle, the principle of freedom of contract applies.” Merchants and customers can therefore freely determine the content of the contract – including the type of payment. According to the report, the merchant does not have to accept cash payments. “However, he must explicitly inform customers before concluding the contract which payment he does not accept. A sign at the entrance or at the cash register is sufficient,” reports the news portal.
And according to the report, merchants are also allowed to stipulate that they only accept certain banknotes. For example, some gas stations would not accept large banknotes. The motive behind this is to have enough change in the cash register that they can give to the customers.
Consumers must follow the customs in the store. You should pay attention to the signs in good time – then there will be no misunderstandings at the checkout.
It is often not because of a low salary that there is no money left at the end of the month, but because of incorrect or non-existent budget planning. It can be so easy. And so wonderful at the end of the month when you can actually put some money aside.
There are different ways to budget, but each method follows the goal that you get insight into your finances.
The popular 50-30-20 rule
With the 50-30-20 rule, you decide in advance what percentage of your income you want to spend on something. It practically does the work for you and tells you what percentage you should plan for what. 50% is earmarked for basic expenses/fixed costs, 30% for your personal needs and 20% for savings, paying off debt or building wealth.
Money in envelopes
Budget planning with envelopes is a bit old-fashioned, but anyone can do it. It works like this. You use your budget to determine how much money you want to spend this month. You then withdraw this money in cash and put it in different envelopes. An envelope for groceries, gas, clothes, weekend trips and so on. Is an envelope empty? Then you simply have to wait until the next month before you can spend money on a certain category again.
Fixed amount per type of cost
With this variant, you agree a fixed amount per cost element with yourself. This is similar to budgeting with envelopes, except you don’t have to withdraw any money to do it. So keep an eye on your expenses and check in your banking app and which cost item an expense falls under. This way you avoid going over your set amounts. If you don’t have an app yet, you can check for the best budgeting app for couples. Evaluate every app and choose the best for you as a couple.
Transfer money to the savings account first
With this method, you first transfer an amount to your savings account to increase your financial buffer or nest egg. You use the rest of your income for your rent and other bills. But be realistic, otherwise you run the risk of having to transfer money back to your checking account at the end of the month. And of course that’s not the goal.
Practice creates masters
If this is the time for your first budget plan, don’t give up if things don’t go smoothly in the first few months. Finally, it’s difficult to estimate how much money you’ll need monthly per cost item. So it makes sense that you adjust your budget plan from time to time.
The banknote is a kind of document that is issued in every country and serves as a means of payment.
Loans: The individual currencies
Each country or currency area has special banknotes that are distributed by the central bank. Basically, every country has its own banknotes. Exceptions are Europe, which all have the euro and the West and Central African countries. In Hong Kong, the banknotes are distributed among three banks, which is unique in the world. There are even some private central banks that are responsible for distributing the banknotes. But that is now only the case in Northern Ireland, Macau and Scotland. But there are also a few dependent areas that get their currency this way.
The banknotes for loans
There is one valuable banknote that is actually in circulation. This is the 10,000 Brunei dollar bill and the 10,000 Singapore dollar bill. Each of these bills has a value of 6,554 euros. The Singapore Dollar bill is still in circulation but has not been produced since 2014. These banknotes were mainly used in interbank transactions. There are a few other notes of value, including the 1,000 franc note, the 500 latu note and the 500 euro note. It is precisely the bills with high denominations that have during inflation very little purchasing power. So it happened that the 5,000 So’m note was only worth 52 cents.
Paying in cash with banknotes like this is extremely difficult because the change alone causes problems in most shops. Many shops do not accept high banknotes at all. They have determined that, for example, the 200 euro note is the highest note that they accept when buying.
Banknotes as legal tender for loans
Coins and banknotes are now considered legal tender for loans. By issuing banknotes and coins, the central bank gives up a right to consideration. The banknote holder can buy something in return with the banknotes. Thanks to the Central Bank, he has the right to do so. The consideration must have the value of the banknote.
However, there is currently no currency law and therefore there is no redemption obligation. Every debtor who can settle his debts with the help of banknotes has the right to do so. In addition, everyone is a believer obliged to accept the banknotes. However, he can specify the number of banknotes he would like to accept. He is not obliged to accept an infinite number of banknotes. Each banknote represents a fixed value. This value is the numerical value and as long as inflation is constant, the value of the banknote is also the same.
Banknotes are the best know products of the National Bank. They have been printed by the bank since 1851. Like all members of the Eurosystem, it issues banknotes and coins. It is minted by the Royal Mint according to the demand of the banks. This depends on the withdrawals and deposits of the public. Thus, if you want to pay your Auto loan interest rates, you might take advantage of coins & banknotes.
Paying Auto loan interest rates: How are coins and banknotes put into circulation?
Each of you withdraws banknotes from bank counters or ATMs. In order to satisfy their customers’ demand, the banks stock up on supplies from the National Bank. The account maintained by the banks there is debited in the corresponding amount or increased by the corresponding amount when banknotes are submitted.
The National Bank has got influence on the amount of cash in circulation. This depends on economic developments, the public’s fondness for certain means of payment and also on seasonal fluctuations in private household spending.
Auto loan interest rates: How is the cash flow controlled?
Each banknote is returned to the counters of the National Bank on average one to three times a year. They are checked electronically each time and, depending on their condition, destroyed or put back into circulation. Depending on the denomination, a banknote has a lifespan of two to five years.
Forgeries are identified, analyzed, registered and handed over to the police. Dirty or worn banknotes are destroyed and replaced with new ones. Very badly damaged banknotes and the former Belgian franc banknotes – as well as some coins – can be submitted for exchange under well-defined conditions.
Huge amounts of cash change hands every day around the world. In the eurozone alone there are currently more than 17 billion euro banknotes and 111 billion coins in circulation. Although the new security features make the banknotes more and more forgery-proof, counterfeit euro banknotes do appear from time to time.
Securing fingerprints from banknotes, however, is no easy task. The reason is the material. Notes made of cotton paper, as well as polymer, have properties that make conventional security methods fail. Complex background patterns, anti-smudge coating, wear and tear and absorbency cause fingerprints to degrade quickly.
Sometimes we condescendingly call our money “pieces of iron” and “pieces of paper”, but they are not as simple as they seem. We’ll explain what money is composed of and how to care for it so it lasts for years, as well as what to do if it wears out, how to spot fakes, and where to flee if you come across questionable money.
What kind of money is currently circulating in Russia?
Over the past 500 years, Russia has experienced more than 10 monetary reforms. As a result, the silver kopeck was the biggest monetary unit towards the end of the 17th century. The biggest denomination in Soviet residents’ wallets following the monetary reform of 1961 was a hundred-ruble banknote, while the most substantial coin was 1 ruble. Today there are more denominations of coins and banknotes, and almost all of them exist in several versions – depending on the year of issue. They are all equally solvent. Now we have bills issued mainly in 2004 and 2010. The rest are gradually decaying and being withdrawn from circulation.
What is money made of?
The main requirement for the material of banknotes is strength. Plain paper, which is made from wood, is not suitable for them. Mainly cotton fibers are used for the production of banknotes. By its composition, it is almost pure (96–98%) cellulose, which is distinguished by its whiteness, elasticity, and high strength.
Why do coins of the same denomination look different?
In addition to the usual coins that rattle in our wallets and pockets, there are also commemorative and investment coins. Commemorative coins are usually issued by the Bank of Russia for some important events (the Olympics in Sochi, the World Cup) or historical dates. On coins of different series, you can find Russian architectural monuments, portraits of artists, writers, and musicians, even animals listed in the Red Book.
are made from gold and silver of the highest standard. Previously, they were also produced from platinum and palladium. As the name suggests, this is a method for conserving and growing wealth – in this case, precious metal assets “packed” in tiny form. The value of such coins is hundreds of times more than their face value, and it fluctuates daily. Commercial banks can purchase precious coinage.
Commemorative and investment coins
Are not only expensive but also look beautiful – with matte relief on a mirror field, selective gilding, colored enamel, laser engraving and inlaid with precious and semi-precious stones. Not sure what to give to people who already have everything? That kind of money will be a good present.
What to do if a fake is caught?
Do not accept such a bill if you have even the smallest doubt. If it has already made its way into your wallet, call any commercial bank; they will provide free advice. Perhaps the banknote will be a little scruffy, but it will be real. You will replace it with a new one in this scenario. If the bank’s specialists think that this is a forgery, they will send it to the Bank of Russia for investigation. The counterfeit bill will be handed over to law enforcement agencies, and if it is found to be genuine, its value will be transferred to your account. By the way, you can visit for more information about the laws.
Foreign exchange trading refers to the buying and selling of foreign for domestic book money or for other currencies, e.g. bank balances, bills of exchange or checks. People often check 海外fx ランキング before trading.
Coins and Banknotes: 海外Fx ランキング exchange market
On the foreign exchange market supply and demand for a currency come together. And exchange rates are determined at which trading takes place. A distinction is made between spot currency trading, in which the exchange transactions are carried out immediately, and forward currency trading, in which an exchange rate is set when the transaction is concluded, but the transaction is processed in the future.
Coins and Banknotes: Risk coverage of 海外Fx ランキング trading
Against this background and with a view to occasional currency crises, it is sometimes criticized that the large volume of global foreign exchange trading is primarily characterized by destabilizing speculation. However, many forex market transactions, on the contrary, have to do with risk hedging. For example, many export transactions or securities investments are hedged against currency fluctuations via the currency futures markets. In addition, the banks shift larger financial to other business partners at the international level because they fit better into their risk calculation.
Coins and Banknotes: More complex 海外Fx ランキング transactions
In addition, when exchanging two currencies that are not directly traded with one another, several transactions are necessary in order to finally get from one currency to the other. As a consequence, every cross-border trade between companies is followed by six to ten transactions between banks, according to estimates by the International Monetary Fund.
Banknotes or coins: Difference between sorts and currencies
All foreign currencies that are available in the form of cash are referred to as sorts. This means that there are always sorts when you receive foreign currency either as banknotes or coins. In contrast, the foreign exchange also denotes a foreign currency, but in this case, the foreign means of payment exists exclusively as so-called book money. This means that it is not about cash, but so-called money substitutes are used. This primarily includes balances on foreign accounts, checks and also foreign securities are among the currencies.
The Orchid series of Singaporean money notes is included in the country’s first currency circulation. Initially, they were launched in 1967. But, how much is this old currency of Singapore really worth? Do they still have value these days?
How to know the Value of Old Singapore Notes
Generally, there are several factors that need to be considered to determine the value of old Singapore notes to have maximum value. Check the following factors below:
Age of notes
If you hand an old Singapore note, then lucky for you. Moreover, the older it gets the better for you because it gets more value. Example is the Malaya and British Borneo dollar which are both currencies of Singapore, Malaya, Brunei and Borneo before the independence day of Singapore in 1967. These currencies have $10 notes which have a value of $1,068 today.
Available in running serials
Most collectors of coins and different banknotes, it is always better for them to have the full set of the running series. However, this is very rare to find like the old Orchid Series. Yet, it has a face value of $191 which could be sold for a price of $1,200. Also keep in mind that the running serials will also call for a higher price value too.
Coins and banknotes condition
Basically, when you have Singapore coins and banknotes that are in good condition they always call for a higher price. Usually, those that are uncirculated or have really no damage in handling like folds, cuts or stains have great value. Also add to this the running serial numbers of the uncirculated banknotes which gives extra worth. They will actually get a 90% increase on its worth.
Banknotes paper grades
Usually, collectors want to have banknote collections that have high quality grade of banknotes paper. Typically, it is graded by the Paper Money Guaranty or PMG.
Paper Money Guaranty or PMG is a third-party service of paper money grading.
Remember, in order to make your old banknotes to have value, it must be graded and sealed. Moreover, it should also be certified to increase their value.
Example is a Singapore banknotes Bird Series that have PMG grading. Its ordinary value is $186. But, mind you, the asking price is $3,680.
The rare the denominations, the greater worth it gets. Actually, there are even rare coins that you wouldn’t believe will make you rich. For example is a $25 Orchid series note which is actually a rare one. The ungraded one for this series worth $105.
The division of the cryptocurrency for cannabis has never shorten out. There are generally few marijuana-based cryptocurrencies penetrating the weed stocks. Below are some of the cryptocurrencies that invade the cannabis market.
Weed Coins for the Cannabis Stocks
See here the list of the weed-based currencies that could be used to purchase cannabis items at https://www.stocktrades.ca/top-marijuana-stocks-cannabis-stocks/ and define the strong points and downsides of each. It also defines why Bitcoin market is volatile.
1. HempCoin (THC)
HempCoin is a cannabis currency that cater a reliable network currency. During 2017 when it transferred to the Komodo (KMD) blockchain, HempCoin gives positivity along the implementation of privacy processes and featured services. Running for five years in the cryptocurrency business, stakers can earn for almost 5% with this weed-coin system.
HempCoin has an ultimate goal of providing solutions for the absence of industrial hemp business banking and financial services.
2. CannabisCoin (CANN)
This weed coin cryptocurrency was planned to launched with its partner medical-grade cannabis items. CANN is the cheapest weed coin having a price rate of $0.01. Even if it reach its peak of $0.60, this rate would still be the cheapest rate of cannabis coin. The CANN became the first ever point-of-sale currency representations for marijuana-based purchases.
3. DopeCoin Gold (DOPE)
DOPE is both a cryptocurrency and a blockchain for the marijuana industry. The goal of this weed coin is to cater secure and technological way of doing cannabis business nowadays. DopeCoin Gold is considered as the front liner and the center in the payment mode for cannabis industry.
4. Paragon (PRG)
Paragon is the next in line monitoring software for cannabis sales depending on blockchain system. After its derailing by the SEC, PRG is very proud that it serves as the token included in the SEC. Moreover, it was also granted the chance to engage into this kind of marketplace.
5. PotCoin (POT)
Being included in the frontrunners in the crypto industry, the value of POT heightened to 8,471,366%. This cannabis coin make a relevant savings on the cost, security, and scalability. The PotCoin is a currency for buying marijuana paraphernalia at different online shops. One great scenario that get the publicity of PotCoin on the rise is the appearance of Dennis Rodman wearing PotCoin shirt.
6. Other cannabis-cryptos
• Budbo (BUBO) – another solution to fund the cannabis business using the blockchain system
• Tokes (TKS) – this serves both as a blockchain service and crypto payment option for marijuana business
• Cannation (CNNC) – this weed coin is recorded having the value of $1 trade volume within the YoBit exchange.
Since the introduction of the euro in 2002, you may wonder how much you have left in old guilders, francs and German marks. You may find old money in the attic that you have saved after a vacation. You may also own old coins or old notes as part of a collection. If you have in safekeeping old notes and coins, you may not need to take out a loan after all as you can actually earn from these very old notes and coins.
OLD DOLLAR BILLS WORTH MONEY
The value of old money depends on 4 factors. Read about it further below.
1. Money that Was Recently in Circulation
Do you still have Dutch banknotes from the time of the guilder? The value of old money from the time before the introduction of the euro is still the same. The best way to exchange that old money is at the Nederlandsche Bank. These old banknotes are exchanged for a value of 0.45378 euros per guilder. For an old 100-guilder note, you can expect around 45 euros. Unlike a money exchange office, De Nederlandsche Bank does not charge costs for exchanging old money.
Old banknotes from other euro countries can be exchanged at the central banks of those countries. Keep that in mind when you go on vacation to France, Belgium or Germany for example. Unfortunately, coins are no longer exchangeable in most euro countries.
At the moment there is still a lot of old currency dust to collect in attics and cupboards. There are millions of banknotes and coins that have never been returned.
2. The ‘Age’ of the Old Mint or the Ticket
Old coins and banknotes from 100 years ago are of course worth much more than the guilders or francs in circulation just before the euro was introduced. A medieval or Roman coin is so rare that it has historical value for collectors.
Does the old coin have a date? Then you know about how old he is. But until a few hundred years ago, coins usually had no date. Then you need an expert who can tell you where and when the coin was minted.
3. The Condition of the Old Money
Is the coin damaged or relatively intact? The older the coin, the greater the chance that it has been damaged by use or oxidation. If you find an old coin from hundreds of years ago that is still in good condition, then this coin has much more value.
4. The Rarity of the Currency or the Note
value of old money – selling the value of old money also depends on the number that still exists. Some coins or bills are old and in good condition, but not rare. It is possible that other collectors have the same type of coin or banknote. This can happen, for example, with coins and banknotes, many of which were made in the past when they were in circulation.
If you want to know the value of old money, you can ask a coin dealer, jeweler, or a gold dealer. If they are interested you can also immediately sell the old coins or notes. But it can also be wise to keep the old money. The value of old money is steadily increasing every year. Old coins or banknotes are a good long-term investment: you can easily keep them, they are portable, and you can sell them at any time. That makes old money a stable and liquid investment.