Tag Archives: currency

Bitcoins

Bitcoins are a decentralized crypto-currency also known as digital cash without a central bank or single administrator. the electronic currency can be transferred peer-to-peer from user to user directly without need of intermediaries, although they are used in the process. Network nodes will verify transactions by means of cryptography and are recorded in a public distributed ledger they call a block chain. No one knows who created bitcoins, though it seems to be related to a group of individuals who call themselves Satoshi Nakamoto in 2009 being released as an open-source software. Bitcoins were originally meant as a reward for data mining. The bitcoins can be exchanged for other goods and services, as well as world currencies. The University of Cambridge estimated in 2017 there were 2.9-5.8 million unique users possessing crytocurrency wallets with the most common crypto-currency being bitcoin.

Bitcoins are commonly used in illegal markets and transactions. It has been criticized for high electricity consumption, price volatility, exchange thefts, and disruption of other markets. They are being scrutinized by the financial markets, and many regulatory agencies have issued alerts about the market. Some believe it was birthed from the “Denationalisation of Money: The Argument Refined” book by Friedrich von Hayek and influences from the Austrian school of economics. Satoshi Nakamoto stated in white papers that “the root problem with conventional currencies is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
this led to the initial attraction of bitcoin being for philosophical or political ideology to become separate from the state. The concept is to remove money from social as well as governmental control – denying the reliance of money from social relations and trust. Bitcoin’s Declaration of Independence as found on YouTube states “Bitcoin is inherently anti-establishment, anti-system, and anti-state. Bitcoin undermines governments and disrupts institutions because bitcoin is fundamentally humanitarian.”

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Danish Krona

Danish Krone or Krona

During my first ever trip to Denmark, I was introduced to their currency, the Krone. Very similar to the Norwegian Krona, the Danish Krone (Kroner, kr, DKK, krona, Danish crown) is the official currency of Denmark, Greenland, and the Faroe Islands since January 1875. One krone is subdivided into 100 øre. Originally pegged to the euro via the ERM II, European Union’s exchange rate mechanism, it fluctuates worldwide with the Euro. Canute the Great (Knud den Store) created its coinage in 1020, being minted in Lund, as well as Roskilde, Slagelse, Odense, Aalborg, Århus, Viborg, Ribe, Ørbæk and Hedeby. Original coinage was based on silver. Until the late 18th century, it was a denomination equal to 8 mark, a sub-unit of the rigsdaler, and the new krone introduced in 1875, replacing the rigsdaler with a rate of 2 kroner for 1 rigsdaler, placing the krone on the gold standard rate of 2480 kroner = 1 kilogram fine gold. The new krone was introduced with the Scandinavian Monetary Union in 1873 lasting until World War I. In 1914, the Scandinavian Monetary Union came to an end, and the gold standard was abandoned, with Denmark / Sweden / and Norway all keeping the names of their respective yet separate currencies. Denmark returned to the Gold standard in 1924 but left it in 1931. From 1940-1945, the krone was tied to the German Reichsmark. Following German occupation, a rate of one British pound to 24 kroner was introduced. Denmark borders one euro-zone member – Germany and one EU member Sweden, and has intent to join the euro in the near future. (before the Euro crisis). Originally gold was used for coins in highest denominations, silver for the next, and copper for the lowest. While the system kept the color correlation, the metal content changed through time – The 50-øre coins are thus minted from copper-coloured bronze, the 1-, 2- and 5-krone coins from a silver-coloured cupronickel alloy, and the 10- and 20-krone coins from golden aluminium bronze.

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Australian Currency

Australian Currency
* www.rba.gov.au * Note Printing Australia.

The Australian “Dollar” also known as “AUD” is the main form of “money” used in Australia. It comes in both coin and plastic paper mediums. The coin is in 5 cent, 10 cent, 20 cent, 50 cent, dollar coin, and two dollar coin, while paper/plastic bills serve usage for $5, $10, $20, $50, and $100. It is the form of tender for Australia, Australian Ashmore and Cartier Islands, Australian Antarctic Territory, Christmans Island, Cocos Islands, Australian Coral Sea Islands, Australian Heard Island, McDonald Islands, Norfolk Island, Kiribati, Nauru, and Tuvalu. While the “dollar” is subdivided into 100 cents, though in 1990 the penny and two-cent pieces were dropped and the lowest denomination is 5 cent piece. Sales are rounded up or down depending on the purchase. It is the fifth largest traded currency in the world just behind the US Dollar, the Europ, the Yen, and the Pound. Some nicknames for the currency are the “austral”, the oz, the royal, the boomer, the roo, the kanga, the digger, the kwid, the dinkum, and the ming. The Australian dollar replaced the Australian pound in 1966. Queen Elizabeth the II is portrayed on much of the currency which was facelifted in 1985 with a crown and pose. By 2000, depictions of the Queen were made more age-appropriate for the current queen. The 5 cent, 10 cent, and 20 cent prieces are identical in size to former Australian, New Zealand, and British sixpenny, shilling, and two shilling coins. The first paper (plastic) money was issued in 1966 with the $50 note by 1973. The $100 note was introduced in 1984. By 1988 the $2 note was replaced by a coin. The banknotes are made of polymer, issued as such in 1988. Notes are sized according to their denomination with the same height but different length for the visually impaired. Each bill has a transparent windown with an optically variable image of Captain James Cook. Every not has a “seven pointed star”.

The $100 bill
Features Dame Nellie Melba, who lived from 1861 to 1931, and was one of Australia’s prized world -reknown sopranos, alongside the General Sir John Monash (1865-1931) who was one of Australia’s most distinguished soldiers and civil engineers.

The $50 bill
Features David Unaipon who from 1872 to 1967 was one of Australia’s most prized Aboriginal writers and inventors as well as alongside Edith Cowan who was Australia’s first female politicians. She lived from 1861 until 1932.

The $20 bill
Displays the “Royal Flying Doctor Service” founder “Reverend John Flynn” (1880-1951) and the former convict pioneer businesswoman Mary Reibey (1777-1855).

The $10 bill
Features A.B. “Banjo” Paterson who from 1864-1941 was one of Australia’s infamous poets and authors – proud creator of “Waltzing Matilda” and “Man from Snowy River”. Also featured is “Dame Mary Gilmore” who too was a famous poet as well as a social reformer (1865-1962).

The $5 bill
Features the Parliament House as well as Queen ELizabeth II. A new note features SIr Henry Parkes (1815-1896) who was an Australian Federation architect and politician as well as Catherine Spence, world-reknonwn writer and feminist.

Coins
All have Queen Elizabeth II on their fronts, but the reverse sides of the 50 cents, $1, and $2 coins have commemorative designs. The $2 coin replaced the $2 note in 1988 and features a aboriginal tribal elder, the Southern Cross, and native grass trees. The $1 coin replaced the $1 note in 1984 and features a kangaroo on the backside. The 50 cent coin features Australia’s coat of arms, the 20 cent coins features a platypus, the 10 cent coin features a male lyrebird dancing, while the 5 cent piece features an echidna.

Continue reading Australian Currency

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