Finance and Tech Bits : Currency and Currency Converter Tool

Currency is money in the form of paper or coins. It is a medium of exchange for goods and services; issued by a government, circulated within its jurisdiction, and generally accepted at its face value as a method of payment.

In the modern world, currency is the primary medium of exchange which replaced bartering as a means of trading goods and services.

Free online currency converter

Currency has been in use for at least 3,000 years and money in the form of coins, proved to be crucial to facilitating trade across all continents.

According to WorldAtlas.com, there are 180 national currencies recognized by the United Nations that are currently in circulation. Over 65 countries in the world peg their currencies to the U.S. dollar. Seven sovereign countries and five U.S. territories use it as their official currency of exchange.

Currencies have different values, which is why we have a system of foreign exchange where the market forces of demand and supply of a particular currency exist. The exchange rate which fluctuates constantly in response to economic and political events is the current value of any currency in exchange for another currency. Those fluctuations create the market for currency trading, a foreign exchange market, the world's largest trading market in sheer volume.

When we are in the currency trading or currency exchange industry, we need to convert currencies from time to time. Same also for travelers or even for ordinary people who are buying or selling goods or services online or offline, they need currency converter to make their work a lot easier.

Currency Converter or calculator is a software or a tool that converts the quantity or value of one currency into the relative quantities or values of other currencies to check its corresponding value such as dollars to euros, pounds to dollars etc. It is an electronic program that allows for the quick conversion of currencies.

Converters use the most recent prices to convert into the foreign exchange market. Online currency converters are usually free of charge. It stores the most recent market valuations of the world’s currencies which allows individuals to compare the value of one currency against those of others in the database.

Live chart from introUSD.com, updated daily

IntroUSD website, for instance is a nice currency converter tool that converts US Dollar, Pound, Euro, Yen, and 15 more types of currencies directly to Indian Rupees. It updates the most current exchange rates daily and it also has forecasts for the next day, the next week, the next month, or even the next year. Apart from these forecasts, it also shows a live chart for the current and previous trends in currency exchange. You can backtrack the movement of Indian Rupee currency in the past week, month, the last three or 6 months, or even the last year.

If you are into cryptocurrencies, you can also use the site to convert bitcoins to Indian Rupees. Everything on the website is free for use.

Not all currency converter, offers forecasts and backtracks the previous performance of a certain currency. IntroUSD is one helpful that helps businesses or individuals to make adjustments in their operations or finances that reflect observed changes or anticipated changes in the business environment.

Meanwhile, the history of the currency performance is important because it helps people understand the past to predict the future and help in creating it. The chart showing previous trends allows us to think critically about the present situations to make decisions for the future. Understanding history helps avoid repeating the mistakes over and over again.

How about you, what do you think is the characteristic of a good currency converter? What other features should it contain?