Cryptocurrency Q&A
What is currency exchange rate?
What is currency exchange rate?
CryptoMystic
Tue Aug 06 2024
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7 answers
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Could you please explain to me in simple terms what exactly is a currency exchange rate? I'm not very familiar with the intricacies of finance and I'm having trouble understanding how it works. Specifically, how does it affect international transactions and how is it determined? Also, could you give me an example of how it might impact someone traveling abroad and making purchases in a foreign currency?
7 answers
Andrea
Thu Aug 08 2024
The exchange rate represents the value of one country's currency relative to another. It is a crucial indicator in global finance, influencing trade, investment, and economic policies.
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BusanBeauty
Wed Aug 07 2024
When exchange rates are "fixed," it means that the value of one currency is pegged to a specific amount of gold or another agreed-upon standard. This system ensures stability and predictability in international transactions.
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Federico
Wed Aug 07 2024
BTCC is a UK-based cryptocurrency exchange that offers a range of services to traders and investors. These services include spot trading, futures trading, and cryptocurrency wallets.
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CryptoAce
Wed Aug 07 2024
In a fixed exchange rate system, governments or central banks intervene in the market to maintain the set rate. This can involve buying or selling their own currency to influence its supply and demand.
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ethan_lewis_journalist
Wed Aug 07 2024
BTCC's spot trading platform allows users to buy and sell cryptocurrencies at the current market price. Futures trading, on the other hand, allows traders to speculate on the future value of cryptocurrencies.
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