BuyIQD.Com Blog

What's the Best Iraqi Dinar Note to Buy? July 10 2017

We're often asked what is the best Iraqi Dinar note you to buy?

The answer to that is there is no best note to buy. Some people like the 25,000 notes because they were up until recently the largest and because they were the largest and thus easier to store as there is less notes.

Other people prefer the smaller 5,000 or 10,000 denomination notes, while some buyers especially like the very small 250 and 500 Dinar notes.

Over the years different notes have become the "in" notes to have. Currently the 50,000 note is gaining in popularity as it's both the newest IQD note and the largest. They are however in short supply and few dealers have them in stock and they typically go for a pretty large premium in price because of the scarcity and high demand for them. 

If you're wondering which Iraqi Dinar note to buy the majority of our customers go for whatever is going to get them the most bang for their buck at any given time. Typically that's the 25,000 notes and typically circulated if we have it in stock as we don't always carry circulated. 

Feel free to call us at 1-800-884-1288 to check for special offers and sales. 


Money Without Banks? October 30 2016

Bitcoin: Global and Anonymous Digital Money without Banks

As a means of controlling inflation, the renowned economist Milton Friedman once famously recommended that the US Federal Reserve be replaced by an automated system that would create money at a predetermined rate. Such a system, he hoped, would be free of political interference and would foster a more stable monetary environment for investors and consumers. He died in 2006. Had he lived just another three years, this farsighted economist might well have witnessed the beginning of his dream coming true.

We're so familiar with traditional paper and coin money, that we rarely pay much attention to what it really is and what is happening when we use it. We forget that the paper or coin is valuable only because a state guarantees its value on presentation and that the value is, literally, relative and variable. It is relative to the amount of money in circulation and the amount of goods and services we can obtain with it at any one time. In addition, its value is relative to that of other currencies. When we buy something with money, we hand that state guarantee to someone else in exchange for goods or services. The state also accepts the return of its own currency in the payment of taxes. For hundreds of years, the world's states were the principal issuers, guarantors, and regulators of all major currencies. Computers and the Internet, however, may soon change that game, and Bitcoin - a currency system that first appeared in 2009 - is likely to be the leading player.?

(NOTE: the capitalized word "Bitcoin" refers to the currency system, including the network and the software; the lowercase word "bitcoin" refers to the currency unit.)?

Bitcoin is a currency that's unique for five important reasons. First, it's virtual, which means that it exists only electronically. Traditional currencies are not virtual currencies because they exist physically as notes and coins, even if the value of those notes and coins is sometimes transferred electronically. Second, Bitcoin is not issued, guaranteed, or controlled by any state or group of states, or any other central authority.

Third, Bitcoin is a wholly software-based digital currency controlled by a decentralized peer-to-peer computer network. The network automatically monitors, verifies and approves all transactions. Instead of a note or coin, each bitcoin unit exists as a unique encrypted number. This type of digital currency is called a cryptocurrency. Each number is recorded in a shared database called a ledger that's visible to all users, and is the backbone of the decentralized ledger currency. The bitcoin is valuable only to its current owner because only that owner possesses the unique, secret "private key" encryption code associated with that bitcoin's unique number. That code is needed to transfer ownership of the bitcoin to someone else, and each valid bitcoin transfer is recorded in the ledger, guaranteeing that no one makes more than one purchase with the same bitcoin. The value of a traditional currency resides with whoever possesses the printed paper note or metal coin. The value of a bitcoin resides with whoever possesses the private key that enables them to transfer the bitcoin to someone else.

Fourth, Bitcoin transaction costs are a small fraction of those charged by operators of traditional payment systems like banks and credit card companies. In addition, Bitcoin is not subject to government charges like the stamp duties on credit cards and checkbooks that exist in some countries.

Fifth, Bitcoin users are anonymous and their transactions virtually untraceable. In addition, the distributed nature of the Bitcoin infrastructure means it's based in no specific legal jurisdiction. Not surprisingly, the system is attractive to criminals.

Strangely, nobody has claimed credit for creating this complex currency. The name most often associated with its creation is Satoshi Nakamoto, but this seems to be a pseudonym, which may refer to a man, a woman, or even a group of people. On the other hand, maybe it's Milton Friedman's ghost returned to Earth to ensure that his dream of a currency system that's beyond political meddling will finally come true.


Zimbabwe is about to start using its own version of the U.S. dollar. September 21 2016

Zimbabwe is about to start using its own version of the U.S. dollar.

The country's central bank said Thursday it will start circulating "bond notes" by the end of October. It said it expects $75 million worth of these notes to be in use by the end of the year.

The southern African country has been using a mix of different foreign currencies-- and most importantly U.S. dollars -- since its own currency collapsed in 2009 during a period of hyperinflation.

To ease its cash shortage problem and stop cash from flowing out of the country, the bank announced it would start printing "bond notes" in denominations of $2, $5, $10 and $20.

The country already has "bond" coins that represent U.S. dollar values. For each coin in circulation, there's an equivalent U.S. dollar held in the country's reserves.

"The bond notes will be at par with the U.S. dollar and will be used and treated in the same manner as bond coins," said John Mangudya, the governor of the Reserve Bank of Zimbabwe.

 

The collapse of Zimbabwe's economy has meant people have to buy almost everything from bottled water to toothpicks from abroad, and that means cash is constantly pouring out of the country.

The notes are not even in circulation yet, but they are already proving very unpopular.

Zimbabweans have been demonstrating against their introduction, fearing they might mean a return to the local currency.

The central bank has rejected that idea, saying the current economic conditions mean the country is not yet ready to go back to its own currency. Mangudya also said the notes won't be forced on people who do not like them.