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 fiat currency and vice versa with ease to give traders and crypto enthusiasts accurate price conversions with utmost convenience.
Crypto conversions made easy
AMBCrypto’s global crypto converter is a simple tool that offers an easy-to-use interface for traders to carry out seamless crypto conversions. Users need to select the currency’s name on either side of the chart and enter the number in the space provided, the converted price will be displayed in less than a second.
The interface of this platform is very simple, and users don’t need to have knowledge about conversion to be able to use it. The site also makes it easy for people to convert their cryptocurrency by listing the most recent coin conversions made using the site.
The global crypto converter is very fast as AMBCrypto is using highly scalable servers that are able to process any conversion within ⅛ of a second. A notable feature of this converter is that conversions like crypto to crypto and fiat to fiat are available which are features other converters in the space lack.
The conversion page also provides useful data like the price difference of currencies in the last 30 days and the historical price difference of various coins, so that users can have a better understanding of the pair strengths of different coins.
The global crypto converter uses the average prices of all the DEX and CEX to provide realistic conversion rates. To ensure error-free results, the converter uses the fastest APIs, gets data from a few data points, and runs very few calculations in the backend. This guarantees accurate conversion results every time.
In version 2.0 of the global crypto converter, the platform will add the option to get the price of several other currencies altogether.