Currency required needed dash coin price pkr


Currency required needed dash coin price pkr
Its a little more than Brian Johnsons answer a currency has value when it is in demand as a form of payment. That happens when people are required to use the currency in transactions with someone providing goods or services, or lending mon. ey. The root of it, however, is much as Brian stated, but just a little more Section 31 of the US Code, paragraph 5101, states that Federal Reserve Notes are legal tender for the payment of all debts, and for fees, taxes and dues to the U.S. Government, and that gold, silver and foreign coinage expanded in case law to include foreign paper currencies are not legal tender. So, the U.S. Government will accept only dollars for the payment of taxes, dues, fees and public debts. In addition, anyone located in the United States who lends mon. ey to another person or business entity with expectation of repayment is a creditor, and therefore must accept dollars as payment of that debt. This essentially means that all primary financial institutions in the United States must deal in dollar denominated payments, and cannot deal in foreign currency at least not for transactions wholly within the United States, where Federal law applies and supercedes any State law to the co.ntrary. Thats a big deal, because it trickles down if you as a bank can only accept some form of payment denominated in dollars, pretty soon thats what youre lending as well. The person receiving that loan will use those dollar notes to pay for other things at first, people may have demanded physical gold which until 1933, any dollar banknote could be exchanged for at any bank, but as interstate trade spread, more and more financial transactions came under the scope of Federal law which mandated that dollars themselves be accepted as payment. Eventually, it just became easier for everyone to deal in paper dollars. People dont realize that pure gold is heavy a standard gold bullion bar is 400 toz, which is 12.4kg or 27 pounds one troy ounce is about 1.7 imperial ounces. At the time of the Gold Reserve Act in 1933, one troy ounce of gold was worth $20.67 the Act itself fixed it at $35/toz, so one 27 pound gold bar was only worth about $8270 before the act took effect and $14,000 after. One hundred and forty $100 bills weighs a lot less than 27 pounds, so it was much easier to move notes than gold. Even at current prices, the equivalent worth of one 400 toz bar ~$480,000 in $100 bills weighs less than half as much as the metal a little more than 10 pounds. People only schlep actual gold around for two reasons when they plan on using the metal itself to make something, or when they are moving wealth across international borders. In addition, the Gold Reserve Act and related legislative and executive measures in 1933 effectively transferred all U.S. domtic holdings of gold to the Federal Reserve, by making it a cri to possess more than $100 worth of gold forcing people hoarding gold in the wake of the 1928 crash to exchange the metal for notes, effectively transferring all U.S. domtically held gold to the Federal Reserve. That was really the last time in U.S. history that gold would be seen used for everyday transactions. Now, even after all that, its still not required that U.S. individuals or businesses accept any particular form of U.S. currency as payment, or even any dollar denominated payment in the case of a spot purase of goods or services. Your landlord can insist on a mon. ey order, no cash or checks. Your bank can also refuse cash as a payment of a debt and will certainly refuse coins. A few online businesses even legitimate ones accept only Bitcoin, and more and more retailers are accepting it as an alternate form of payment for PR as being tech savvy if nothing else. A few brick and mortar stores will accept foreign notes in addition to dollars, as long as the stores familiar with the exchange rate of the currency to dollars, and they get enough to make it worth the trip to the bank to change them. But, any payment in any currency that changes hands is revenue or inme for the recipient, and will be taxed based on its dollar value, and that tax must be pai.d in dollars. Other countries do, in fact, mandate that a particular currency is the only one acceptable for payment of any financial transaction to a person or business residing in that country, whether a loan or a spot transaction. The Euro was adopted by countries that use it largely by disallowing use of anything else, including the countries own previous currencies, much like the Gold Reserve Act disallowed use of gold in favor of reserve notes. Prior to that, you still had to exchange currencies when you crossed borders, which made travel in Europe a serious pain even for Europeans.