Introduced in 2009, Bitcoin is an online, digital currency which doesn’t have a central bank or ownership and is often referred to as a peer-to-peer payment system. Bitcoins are generated through a process known as "mining." This involves using specific software to solve maths problems. When a maths problem is solved, the "miner" is rewarded with a Bitcoin. These Bitcoins can then be exchanged for goods and services. Although the number of companies who accept Bitcoins is currently limited, as the currency becomes more well known the number is growing. Bitcoins can also be bought using other currencies. Bitcoin is also a "crypto-currency" which means it uses cryptography to drive the production of Bitcoins and Bitcoin transactions. This makes the currency extremely secure. The "block chain," which is effectively a public book of accounts, is used to check that genuine Bitcoins are being exchanged in all transactions. Bitcoin benefits from no limits of exchange as users can perform instant transactions at an
Bitcoin to Iraqi dinar conversion
this page last updated:: Thr 28 Sep 2017Bitcoin to Iraqi dinar table - Click here for table options
Prior to the Gulf War the Dinar was sometimes referred to as the Swiss Dinar because it was printed in Switzerland. During the 1990’s, following the first Gulf War, bank notes were printed in China with a low quality paper and wood pulp rather than the cotton or line paper that was used by the Swiss. This actually lead to counterfeit banknotes being better quality than the real banknotes.