Currency Exchange

The term currency is used to refer to any kind of money that is used as a medium of exchange. Currencies can be classified into two types: fiat and commodity. Fiat currencies are backed by the authority of a country and are not backed by any physical commodity whereas commodity currencies are backed by a physical commodity like gold or silver. Cryptocurrency is the digital currency which operates independently of central banks and does not have any physical form. It’s decentralized, meaning it’s not controlled or regulated by any single entity, and uses cryptography for security purposes. What is a…