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Currency Questions and Answers (Q&A)

R. Barnes

I am a nature lover.

There is almost no difference between the two. The renminbi is also known as the official currency of China. If it were translated, it would mean, “people’s money.” The symbol of this is CNY or CNH if you are in Hong Kong. You will usually see it with the symbol ¥. There is only one slight difference between the renminbi and the yuan.

Take note that the renminbi is introduced as the people’s money while the yuan is considered to be a unit of the people’s money. Some people use these two terms interchangeably though, and people usually know what they mean.

2 Answers

B. Wright

Always excited to learn and talk about new topics

The real definition of both 'bid' and 'ask' in this context will be quite different from the usual meaning you have known them for. The terms are used mostly in the stock market. During stock exchange, bid is what will be used by buyer to get the ask price from the seller, while ask is what a seller will used to determine the bid price from the buyer. In other words, a bid price is the total budget a buyer is ready to release for the security being exchanged, while an ask price is the amount the seller is willing to receive for the stock being sold.

The bid price can be divided into two levels, i.e level 1 and 2. For level 1 gives a level of information about bid price, while level gives a kind of comprehensive information about the highest and lowest price a buyer can afford. Another difference is that, bid price by the buyers usually comes very low, while the sellers will make ask price very high.

1 Answer

There are a lot of interesting facts about currency and money. To give you some examples, here is a short list of interesting facts:

1. The first woman to appear on the U.S. minted coin was Queen Isabella of Spain.
- She was the first woman to be featured on a U.S. commemorative coin in 1893.

2. The largest U.S. denomination ever printed is $100,000.
- In 1934, the U.S. government released its biggest denomination in the form of a $100,000 Gold Certificate Series 1934. However, this bill was never publicly circulated and was only used in banking transactions.

3. The only non-president to appear on a U.S. currency is Benjamin Franklin.

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The Eurocurrency market is regulated much differently than an individual country’s money markets or banks. It has also been said that this market “provides the most convenient financial service at the lowest possible cost”. The reason for the lowest cost is that this market is not strictly regulated.

I do not understand all the regulations but I believe there are two regulations – reserve requirements and deposit insurance premiums with which the Eurocurrency market does not have to comply. Over the years, some people/countries have advocated for more regulation but because many countries conduct their monetary policies in different ways, getting international agreement has been very difficult.

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It is also cheaper if you take into account the exchange rates on different countries

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The official currency of Costa Rica is Costa Rican colon or just colon. Its name was derived from Christopher Columbus’ name whose name in Spanish is Cristobal Colon. The first coins were released and used from 189 to 1917, the centavos were issued in 1917, and the present coins were issued by Banco Central in 1951 and are still used in Costa Rica up to this day.

The first banknotes were issued in 1896 while the present banknotes were first issued by Banco Central in 1950. Today, if the current rate of 1000 Costa Rican Colon is equal to more than 1 US dollar. Costa Rica has the following banknotes: 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000 colones and coins if 5, 10, 25, 50, 100 and 500 colones.

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The official currency of Paraguay is the Paraguayan Peso. However, on October 5, 1943, a law was created replacing the peso at a rate of 1 guarani is to 100 pesos. The history of the Paraguayan Peso can be traced back to 1842 when Carlos Antonio Lopez deemed it necessary to have their own currency since they finally gained independence from Spain. Back before he assumed power, they were all using currencies from other countries, marked only with a little stamp so it could be distinguished as the official currency of Paraguay.

After assuming his office, Carlos Antonio Lopez issued a provision for the creation of paper money on March 1, 1847. However, the Paraguayan Peso was changed to guarani under the government of Higinio Morinigo, the President of Paraguay from 1940 to 1948.

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The easiest way to buy bitcoin is actually to do a quick online search. There are many ways to buy bitcoin, so research will be needed, but again: online searching can yield you everything that you need to know. The way you’re least likely to be scammed, however, is to find a bitcoin exchange agency (such as SpectroCoin), and go through their options. Bitcoin is a bit like stock; you have to buy when the market is low so that you can sell when the market is high.

While you can use bitcoins to buy things online, the payment is treated more like a stock option than anything else. Since the prices fluctuate a lot, always be on the lookout for a low price; there’s a finite number of bitcoins.

1 Answer

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