Don't Forget About the Fiat

Money has been a part of human history for almost 3,000 years. From bartering to Bitcoin, Let us not forget about the current kings of currency... The Fiats. It is, at least for me easy to get caught up in counting our bitcoins and forget about the dollar but for now a very small portion of humanity accepts bitcoins let alone any of the other cryptos we hold. We still have to pay our taxes in the dollar. Our daily retailers and grocery stores are not accepting bitcoins. So at this point in the game we still do need our Fiats. Lets take a look at the top ten Fiats in the world now:

Ranked in relation to the US Dollar

U.S. dollar

The U.S. dollar is known as the business currency of the world. Its value is attained using the US Dollar Index, which values the dollar against a basket of foreign currencies.

Swiss franc

Switzerland’s famously secretive banking sector made its national currency a safe haven for international capital. The country pegged the franc to the euro when it joined the currency union, opting for a dual system rather than choosing to abolish the franc.

euro

Despite its terribly dysfunctional economic and political systems, Europe still managed to keep the euro above the U.S. dollar. It remains one of the most expensive currencies on the planet.

Cayman Island dollar

The Cayman Island dollar makes the list as seventh-most-expensive currency. This currency was originally introduced in 1972, replacing the Jamaican dollar.

Gibraltar pound

The Gibraltar pound is another currency to make the list of most expensive currencies. The Gibraltar pound is pegged to the British pound at par, which is why it trades at the same rate as the U.S. dollar.

One British pound

Despite tumbling significantly after the “Brexit” vote, the British pound remains relatively expensive for Americans.

Jordanian dinar

This oil-rich country has attained the fourth spot on this list because its currency is pegged. On October 23, 1995, the Jordanian dinar officially became pegged to the International Monetary Fund’s Special Drawing Rights.

Omani rial

The Middle East has been in a bind since oil prices collapsed in the summer of 2014. Quite frankly, the real issues began when oil prices were above $100.00 a barrel, giving U.S. extractors the margins to fully develop shale technology.

Bahraini dinar

The Bahraini dinar is certainly buoyant because of its ties to Saudi Arabia and the oil market, but it has one additional factor in its column: Bahrain is the home of an American naval base that is crucial to U.S. influence in the region. Its strategic importance gives the Kingdom of Bahrain an outsized role in foreign affairs, which has cemented its currency’s costly stature.

Kuwaiti dinar

The Kuwaiti dinar is another currency that benefits from crude oil, yet its history is a tangled mess. The currency first came online in 1961, valued at 1:13.33 against the Indian rupee, then went on to be measured against a basket of other currencies.

Which one is your favorite fiat ?? I know that is a counterproductive question in the crypto space but we are still tied to the fiat.. at least here in the states!

-spacebird