Currency first emerged hundreds of years ago as a method of replacing the barter system. Early currencies were called commodity money, its fundamental value was derived from the precious metals from which they were made.
However, the impracticality of commodity money prompted a trend toward representative money which is money with no inherent worth but is supported by the capacity to be exchanged for a real product. The gold standard, in which each country's currency is pegged to a set amount of gold, is the most noteworthy use of representative money.
During World War I, the flaws of the gold standard became obvious. The gold standard limited the ability to modify the money supply since new money could only be issued with a fresh supply of gold. Following the war, several governments were obliged to forsake the rigorous gold standard in order to generate money freely. Thus, representative money was officially abandoned globally in 1971.
The end of representative money heralded the arrival of our modern kind of currency, fiat currency. Fiat currency has no intrinsic value and is not backed by commodities. Instead, its value is decided by supply and demand, which is supported by the issuing government's creditworthiness.
Since then, currencies have taken numerous forms, from being stored in digital wallets to making online payments through banks or credit cards. Then came cryptocurrencies, the first widely accepted virtual money, which is gradually gaining popularity on a global scale.
But as new currencies and tokens are released daily, the cryptocurrency ecosystem is constantly evolving. Thus, a crypto enthusiast or a trader venturing into the space finds it tiresome to juggle the values of each cryptocurrency and keep track of its prices. An active trader in the Defi space always switches between different coins to get better yields. Here, a crypto price converter comes in handy.
AMBCrypto has launched a global crypto converter that converts any cryptocurrency to…
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