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 Saudi riyal conversion
this page last updated:: Thr 28 Sep 2017Bitcoin to Saudi riyal table - Click here for table options
In 2012 a total of 152.5 billion Saudi Riyal notes were printed. This is 505 times more than the value of coins minted in the same year. The largest quantities printed amongst the Saudi Riyal denominations was the 500 Riyal note with a total print value of SR122 billion. The least printed note was the SR20 Riyal note with a value of only SR180.6 million.