Published on: 04 July 2018
Last Updated on: 25 July 2024
Cryptocurrency has only been around for ten years or so but it is a phenomenon that many people are aware of, even if they have not invested themselves. There is a lot more to cryptocurrency than many people realize. This type of currency has a lot of potential in terms of how it could grow and what it can be used for. This adds to the excitement of what could happen next and a lot of people are now feeling this anticipation.
Here are five amazing facts about cryptocurrency that you may not know.
1. No One Knows Who Founded Bitcoin :
Bitcoin is perhaps the most well known of all the cryptocurrencies but the person that founded it has always remained anonymous. It is assumed that they have made a lot of money from their invention but they have never made any public announcements about their identity. The name Satoshi Nakamoto is often used but this could be a pseudonym or even the name of a group of people.
2. It Is Very Volatile
The value of cryptocurrency can rise and fall very sharply and this makes it a very volatile market. However, it also makes it a good type of currency to trade because people are able to buy when the price is low and sell for a good profit when the price begins to rise. Cryptohead.io can be a very useful site to visit when you are looking to invest because they have all the information and advice that you will need to make an informed decision about your investment.
3. Cryptocurrency Can Be Broken Down Into Fractions :
Almost all types of cryptocurrency can be broken down into fractions when a purchase is being made. This is usually a half or a quarter but can be as low as one-tenth. This means that even when the value of a particular cryptocurrency is quite high, people still have the chance to invest with a low amount by just buying a fraction of the currency.
4. You Cannot Get Any Access To The Currency Without Your Wallet :
All of your cryptocurrency will be stored in your wallet and if you lose access to this then you will not be able to get hold of any of your money. However, as long as you take the necessary precautions to keep the details of your wallet safe then you should have nothing to worry about. Digital wallets are incredibly secure so they can be used with confidence.
5. Blockchain Is Essential For A Successful Currency :
In order for a cryptocurrency to be successful, the right technology is needed to be able to support it. The system that is used to record and store information about any digital transaction is known as a blockchain and it has several features which help to make cryptocurrency work even better. It is available 24/7 and so people will always have access to their currency when it is needed and there are only going to be more features added to the blockchain in the future.
Even though there have been issues with stability when it comes to cryptocurrency it is a trend that is likely to be around for a while. If you are thinking about investing in any type of cryptocurrency then it is always a good idea to do some research first. There is much more to learn about cryptocurrency than just the facts that have been talked about here.
Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.
In today's globalized economy, businesses are constantly engaged in international transactions and dealing with multiple currencies.
Accessing accurate and up-to-date currency exchange rates is crucial for seamless financial operations, informed decision-making, and ensuring the accuracy of financial records. This is where currency APIs come into play.
Currency converter API (aka. exchange rate API) enable businesses to retrieve real-time exchange rates and perform currency conversions effortlessly. They provide a direct and reliable channel for accessing currency data. Hence, eliminating the need for manual data collection and ensuring the accuracy and timeliness of information.
Why is reliable currency data crucial for businesses? Accurate currency information is vital for various financial activities, including e-commerce, international trade, travel and hospitality, investment analysis, accounting, and risk management. It enables businesses to calculate product prices, manage inventory costs, track revenue and expenses, and evaluate profitability across different markets.
However, with numerous currency APIs available, it becomes essential to identify reliable data sources that suit your business requirements. To help you navigate the options, we have curated a list of 10 trustworthy and free currency APIs that offer reliable and accurate exchange rate data. Let's learn about them.
What Is A Currency Converter API?
A Currency API Convertor allows applications to retrieve real-time or historical currency exchange rates, perform currency conversions, and access other currency-related data. It acts as a bridge between different software systems, enabling seamless integration and communication. Let’s read about some of the most popular currency APIs available today.
What Are the Ten Best Currency APIs Available In the Market Today?
Here are the ten most reliable currency APIs.
Fixer.io
Source: https://fixer.io/
Fixer API is a popular currency API that provides real-time and historical exchange rates for over 170 currencies. This API comes with 6+ years of experience and rock-solid data sources, making it a reliable API. As a result, thousands of developers trust this API worldwide.
It offers reliable data retrieval through a RESTful API and supports multiple integration options. Fixer API offers free and paid plans, with pricing details available on their website, catering to businesses of all sizes.
Currencylayer
Source: https://currencylayer.com/
Currencylayer API is a popular choice for businesses seeking reliable currency data. With access to real-time exchange rates for 168 currencies, it offers features like historical rates, time-series data, and conversion capabilities. You can try these API endpoints available on their website.
While it offers a free plan with limited features, its premium plans provide more comprehensive options tailored to specific business needs. Pricing starts from $14.99 and goes up to $99.99. There is also a custom plan for users.
Exchange Rates API
Source: https://exchangeratesapi.io/
Exchange Rates API is a reliable currency API that provides access to real-time and historical exchange rates for over 200 currencies. Moreover, the API gives 250 free requests monthly. It is a simple, quick, and reliable API with pricing starting from $9.99. This API uses over 15 exchange rate sources to bring accurate data for the users.
Open Exchange Rates
Source: https://openexchangerates.org/
Open Exchange Rates is a popular currency API provider offering accurate and up-to-date exchange rates for over 200 digital currencies. With various integration options, it enables seamless data retrieval and currency conversion.
Businesses like Shopify and Etsy also benefit largely from the Open Exchange Rates API. The pricing starts from $12 per month. You can also choose the unlimited plan that costs $97 per month.
XE
XE API is a widely trusted currency API that offers real-time exchange rates and historical data for over 210 currencies. Its easy integration allows businesses to access reliable currency data for accurate conversions and financial operations. Pricing for XE API can be found on their website, accommodating different business needs. However, this API is more expensive than other available options. Businesses like Vistaprint and Shopify also trust this API.
Currency API
Currency API offers a robust set of features supporting 170+ currencies globally. The API gives updated results after 60 seconds. This simple and reliable API comes with 300 free credits per month. The prices range between $9.99 and $74.99 per month. You can also get a custom plan.
IBAN
IBAN's Forex Reference Suite is a leading currency conversion API in 2023. It sources its data from reputable central banks as well as trusted providers, ensuring the reliability of the information.
This API consistently refreshes the currency rates every 10 minutes, offering timely and accurate updates. Access to over 154 currencies enables users to obtain the latest conversions accurately reflecting dynamic market fluctuations.
OANDA
The OANDA currency converter API allows users to access a comprehensive collection of past data spanning over three decades, encompassing over 200 different commodities, currencies, as well as invaluable metals.
This API caters to various professionals, including accountants, auditors, hedge fund managers, and also treasurers. Its primary objective is to deliver precise exchange rates that meet strict financial compliance standards.
Currency Converter API
Catering to developers of all proficiency levels, this API provides a currency API with three options: a free version, a prepaid service, and a premium solution. The unpaid version, as well as the prepaid service, cater to companies with lower request volumes. In contrast, the payable service is geared towards individuals seeking a robust and ready-to-use currency API for production purposes.
Exchangerate.host API
When you are searching for an API that is free and has a small resource footprint, it provides real-time and past exchange rates for foreign currencies and cryptocurrencies. The API guarantees an uptime of 99.99% and includes historical data spanning two decades.
Conclusion
Access to reliable free currency APIs is a game-changer for businesses operating in a global economy. These APIs provide accurate and up-to-date currency exchange rates. Hence, allowing businesses to streamline financial processes, make informed decisions, and ensure the accuracy of their international transactions.
The ten reliable free currency APIs mentioned in this blog offer a range of features and data that cater to different business needs. By leveraging these APIs, businesses can reduce errors, save time and resources, enhance customer satisfaction, and gain a competitive edge in the global marketplace.
So, take advantage of these powerful tools and unlock the potential of seamless currency data integration for your business's success.
FAQs
Is There a Free Currency API?
Several free currency APIs, such as Fixer, Open Exchange Rates, ExchangeRate-API, and CurrencyLayer, are available.
What Is the Free Web Service for Currency Conversion?
A popular free web service for currency conversion is XE.com, offering accurate and up-to-date exchange rates.
What Is the API for Currency Conversion Rates?
The API for currency conversion rates provides real-time or historical exchange rates for seamless currency conversions.
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Legal Entity Identifier is an alphanumeric, 20-character code developed by the International Organization for Standardization. Abbreviated as LEI, this code contains information on the company's ownership structure and provides answers of 'who is who' and 'who owns what.'
It gives a unique identification of all legal entities (organization, company, firm, trust, fund, and government body) that are participating in any financial transactions.
The complete LEI system is operated and maintained by GLEIF (Global LEI foundation), and the right to issue LEIs is only given to the few organizations.
It All Started With Wrigley's:
In 1974, when the grocery industries were pleading for the development of barcode, many companies proposed their proposals to bring them. Considering this, the UPC was introduced, which became the first code to be scanned on Wrigley's Chewing gum.
Later, to end the one-dimensional (UPC) barcode, which only contains 20-alphanumeric codes, Denso Wave (a Toyota's subsidiary) invented Quick Response (QR) codes. QR codes are a two-dimensional system that focuses on rapid scanning and is widely used by today's marketers to streamline processes.
Legal Entity Identifier (LEI) Came In Existence - 2011
The LEI was developed by the G20 (an international organization with 20 major countries) in 2011 to track all financial transactions in national jurisdictions. The need for LEI came when regulators were suffering from financial crises, and there was no unanimous code to make successful financial transactions.
The difficulties in identifying transaction details and calculating the risk amount bring LEI into existence. The first (LEI) legal entity identifiers database was issued in December 2012.
Structure Of Code:
Technically, the Legal Entity Identifier is represented as ISO 17442. It contains 20-character alphanumeric numbers with the first four characters showing the LOU, Local Operating Unit. The other 5-18 characters are an alphanumeric string, which organizations assign. And, the last two characters are called checksum digits.
Process Of LEI:
The companies that need a Legal Entity Identifier should contact the respective organizations that provide LEIs. They then have to provide the necessary information and the fee. The issuing body will then provide LEI after cross-checking all details. Things like registration of the business, information about other connected companies, etc. are verified before giving LEI. Some other things, which the issuing body will assure, are:
A country where the entity was formed
The registered address of the legal entity
Any legal or official name of the entity (if any) that is present in the records
The Unique code of representing countries and their connected company's
Data of the first LEI assignment, date of the last information update and it's an expiry date
Why LEI Is Important:
LEIs reduce the risks associated with financial transactions. With them, you can easily measure the total risk involved in trading.
It minimizes the overall cost of reporting tasks, cost of information gathering, and other administrative costs.
LEI help in enhancing market transparency as with a unique code, it is easy to detect the frauds and other manipulations in the market.
Who Should Need LEI?
Organizations, corporations, and other entities that are involved in the financial transactions need LEI to recognize all entities and funds involved in the transactions. If you are any of the following, you can register for LEI:
A non-profit organization
Registered Company or Registered Subsidiary
A business having a distinct identity
A trust or Funds
LEI In Business And In Payment Systems:
To have clear business identification and to make transparent financial transactions, business needs a unique code called LEI. LEI also helps to minimize the cost and the speeding process of transactions, improve data sharing, and more. Furthermore, in trading (direct and indirect payments), LEI ensures that the correct information is used to transfer funds.
LEIs not only ensure transparency and safety in the global market, but also provide maximum compatibility and safe business.
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Bankruptcy means a test is done to determine who can file for chapter 7 bankruptcy. The means test considers everything while determining your current position to pay your debt to the creditors. It goes through your income, expenditure, assets, and family members.
The means test was designed to reduce the number of debtors willing to get their debts erased. It has been seen that most of the debtors who have applied for the means test have passed.
Those people who cannot qualify for chapter 7 or want to keep their assets to themselves can apply for chapter 13 bankruptcy.
How Chapter 7 Bankruptcy Works?
Applying for chapter 7 can be an expensive and lengthy process. The means test helps the government clarify who is eligible for chapter 7. The Means Test has two parts. Both parts are designed to see through your income and assets and determine the current financial standing.
You have to apply for the Means Test only for the primary consumer debts like medical debt or credit card debts. You do not have to apply for this test if your debt is related to business loans.
First Part
The part of the Means Test determines whether your house income is below the state's median income. The means test starts gathering information about your income, expenses, and assets. These data are mostly collected from the past six months. However, there have been cases where this six months time duration can be changed.
After all the reports, if it is being found out that your income is below the median income, you will qualify the Means Test. In a report made by the US government in 2013, more than 12% of the debtors were able to qualify the Means test in the first stage.
Second Part
The second part consists of going through all your expenses. These expenses consist of everything you pay for, starting from paying your utility bills, grocery bills to the travel expenses and education expenses. Out of all the expenses, only the allowable expenses are considered to be used by you. Other expenses that are not necessary are used to pay off your debts.
While you document the list of expenses, be thorough about the things you add to the list. Remember, those expenses will decide whether your petition will be accepted or not.
Allowable expenses are based on the local and national standards used by the IRS. The national list covers items like food and clothing, and local items cover housing expenses and car payments. You need to work carefully to ensure that all your expenses are thoroughly documented.
What's Next After You Qualify for the Means Test?
Passing the means test means you have the green light to apply a petition for chapter 7 bankruptcy. Once your petition is accepted, most of the unsecured debts will be forgiven. That does not mean that this will be the best route for you.
There are also chapter 13 bankruptcy that might give more advantage over chapter 7 in many cases. Chapter 13 will help you put a hold on all your debts, mortgages, overdue loans, and bank taxes.
What Will Happen After You Fail The Test?
Once you fail the Means Test, there are no more appeals for a certain period. You can apply for the chapter, or you can wait for the cooldown time to apply again for the means test.
We have already mentioned that the Means Test goes through all your financial income and expenditure in the last six months. That means, after a failed attempt at the Means Test, you can apply again after six months.
However, if you do not intend to apply for the Means Test again in the future, you will be restricted to chapter 13 and will have to pay off your debt based on the chapter 13 provision.
The Bottom Line
Is it really hard to apply for a loan after bankruptcy? Well, you can say more than hard; it is more complex. You first need to qualify the Means Test, and then only you can apply for chapter 7. It is better to have an attorney while you are managing legal documentation.
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