Al'ummomin farko sun yi amfani da kayayyaki (hatsi, kwasfa, ƙarfe) a matsayin kuɗi. Yin tsabar kuɗi na ƙarfe da aka daidaita ya sa dabi'u su zama masu ɗauka da dorewa.

Jihohi sun buga tsabar kudi don tabbatar da nauyi da tsarki, suna gina aminci a cikin kasuwanci.

• Tsabar kudi sun ba da damar haraji, rundunoni, da kasuwanci mai nisa
• Rage daraja (rage abun ciki na ƙarfe mai daraja) wani nau'i ne na farko na hauhawar farashi

Risiti na ajiyar ƙarfe sun rikide zuwa takardun banki da ajiyar kuɗi; bankuna sun yi sulhu a cikin biyan kuɗi da bashi.

Canza zuwa zinariya/azurfa ya ƙarfafa aminci amma ya takaita manufa.

• Takardun banki sun wakilci da'awar ajiyar ƙarfe
• Rikice-rikice sun haifar da ƙirƙirar babban banki a matsayin masu ba da lamuni na ƙarshe

A ƙarƙashin matsayin zinariya na gargajiya da kuma Bretton Woods daga baya, an daidaita farashin canji zuwa zinariya ko USD (wanda za a iya canzawa zuwa zinariya).

A cikin 1971, canzawa ta ƙare; kuɗaɗen fiat na zamani ana goyan bayansu da doka, haraji, da amincin babban banki, ba ƙarfe ba.

• Tsarin da aka daidaita ya inganta kwanciyar hankali amma ya takaita manufofin cikin gida
• Farashin canji mai yawo bayan 1971 yana nuna samarwa/buƙatun kasuwa da tsammanin manufofi

Katuna, ACH/SEPA, SWIFT, da tsarin RTGS sun mayar da sulhu na fiat zuwa na dijital, suna ba da damar kasuwancin e-commerce da kasuwancin duniya.

Littattafan dijital a bankuna sun zama babban nau'in kuɗi.

• Hanyoyin biyan kuɗi masu sauri (Faster Payments, PIX, UPI) suna faɗaɗa damar shiga
• Tsarin bin doka (KYC/AML) yana tafiyar da shigarwa da kwararar kuɗi

Bitcoin ya gabatar da wani kadara na dijital da ba a cika samun sa ba a kan littafin jama'a ba tare da mai ba da izini na tsakiya ba. Ethereum ya ƙara kwangiloli masu wayo da aikace-aikace masu rarraba.

Stablecoins suna bin diddigin fiat akan sarkar don saurin sulhu; CBDCs suna binciken nau'ikan kuɗi na dijital na babban banki.

• Kasuwanni 24/7, riƙon kai, da damar shiga duniya
• Sababbin haɗari: gudanar da maɓalli, kurakuran kwangila masu wayo, rabuwa

Babban bankuna (misali, Federal Reserve, ECB, BoJ) suna ba da fiat, suna saita farashin manufofi, suna gudanar da ajiyar kuɗi, da kuma kula da tsarin biyan kuɗi.

• Manufofi: kwanciyar hankalin farashi, aikin yi, kwanciyar hankalin kuɗi
• Kayan aiki: farashin manufofi, QE/QT, shiga tsakani na FX, buƙatun ajiyar kuɗi

ISO ita ce Ƙungiyar Ƙididdiga ta Duniya — wata ƙungiya mai zaman kanta, wacce ba ta gwamnati ba ce da ke buga ƙa'idodin duniya.

ISO 4217 yana ayyana lambobin kuɗi masu haruffa uku (USD, EUR, JPY) da kuma lambobin 'X' na musamman (XAU zinariya, XAG azurfa).

• Yana tabbatar da farashi, lissafi, da saƙonni ba tare da shakka ba
• Bankuna, hanyoyin sadarwar kati, da tsarin lissafi a duk duniya suna amfani da shi

BIS tana sauƙaƙe haɗin gwiwa tsakanin babban bankuna; IMF tana goyan bayan kwanciyar hankalin biyan kuɗi kuma tana buga bayanan FX da kwandon SDR.

• Taimakon rikici, tsarin ayyuka mafi kyau
• Sa ido da gaskiya a fadin yankuna

SWIFT, SEPA/ACH, RTGS, hanyoyin sadarwar kati, da sulhu akan sarkar (L1/L2) suna motsa daraja a cikin gida da kuma kan iyaka.

• Lokutan yanke, kuɗaɗe, da ƙa'idodin saƙo suna da mahimmanci
• Oracles/benchmarks suna ba da farashi; jinkiri yana shafar lissafin farashi

• Raka'ar lissafi don farashi, albashi, haraji, da kwangiloli
• Matsakaicin musanya a cikin kasuwancin sayarwa, sayarwa mai yawa, da kasuwancin kan iyaka
• Adana daraja don tanadi da fansho, wanda hauhawar farashi da farashi ke shafa
• Kayan aikin manufa: manufar kuɗi tana daidaita hauhawar farashi da aikin yi
• Sulhu ta hanyar littattafan banki, hanyoyin sadarwar kati, da hanyoyin gida

• Bitcoin a matsayin kadara na dijital da ba a cika samun sa ba; rashin tabbas mai yawa
• Stablecoins don saurin sulhu/tura kuɗi da kuɗin kan sarkar
• Kwangiloli masu wayo (DeFi/NFTs) suna ba da damar amfani da kuɗi masu shirye-shirye
• Ciniki 24/7 a fadin wuraren CEX/DEX; riƙon kai muhimmin zaɓi ne

Babban bankuna ne ke ba da kuɗaɗen Fiat (lambobin ISO 4217).

Kaddarorin Crypto na asali ne na yarjejeniya (BTC, ETH), ana cinikinsu 24/7, kuma suna da ƙididdiga da yarjejeniya ta ayyana.

Stablecoins suna bin diddigin abin da aka yi ishara (galibi USD) ta hanyar ajiyar kuɗi ko tsare-tsare; ɗaurin zai iya bambanta a cikin damuwa.

• Fiat (ISO 4217)

  USD, EUR, JPY, GBP… kuɗin doka da hukumomin ƙasa ke gudanarwa.
• Crypto (L1)

  BTC, ETH, SOL… raka'o'in asali satoshi/wei/lamport suna ayyana daidaito.
• Stablecoins

  USDT, USDC, DAI… an tsara su don bin diddigin $1 amma na iya rabuwa na ɗan lokaci.

Hanya tana da mahimmanci: A/B ≠ B/A. Don canzawa ta wata hanya, juya farashin baya: B/A = 1 ÷ (A/B).

Yi amfani da farashin tsakiya don ishara, amma ainihin ciniki yana faruwa a bid/ask kuma ya haɗa da kuɗaɗe.

• Misali

  EUR/USD = 1.10 ⇒ USD/EUR = 1/1.10 = 0.9091
• Daidaito

  Riƙe isassun ƙididdiga lokacin da ake juyawa don guje wa kuskuren zagayawa.
• Aiwatarwa

  Farashin tsakiya na nuni ne kawai; aiwatarwa na faruwa a bid/ask tare da yadawa.

FX OTC yana da yawan ruwa sosai a lokacin zaman da ke cin karo da juna; bankuna suna rufe a karshen mako.

Ana cinikin Crypto 24/7 a duk duniya. Yadawa na faɗaɗa a lokutan rashin ruwa ko rashin tabbas mai yawa.

• Manya vs Masu Ban Mamaki

  Manya (EUR/USD, USD/JPY) suna da ƙuntataccen yadawa; masu ban mamaki sun fi faɗi.
• Hadarin Taron

  Sakin bayanan macro da al'amuran yarjejeniya suna haifar da saurin sake farashi.
• Kula da Hadari

  Yi amfani da odar iyaka da iyakokin zamewa don ingantacciyar aiwatarwa.

Babu musanya ta tsakiya. Dillalai suna lissafin farashi na hanyoyi biyu; EBS/Reuters suna tarawa.

Yadawa ya dogara da biyu, girma, da dangantaka (sayarwa vs hukumomi).

• Manya na iya zama bps 1–5 a cikin kwararar hukumomi.
• Ƙarin kuɗi na sayarwa da hanyoyin sadarwar kati suna ƙara kuɗaɗe a kan yadawa.
• Sulhu ta hanyar SWIFT/SEPA/ACH; tallafawa da lokutan yanke suna da mahimmanci.

Musanya ta tsakiya (CEX) suna amfani da littattafan oda tare da kuɗaɗen mai yi/mai ɗauka.

Musanya da aka rarraba (DEX) suna amfani da AMMs; tasirin farashi ya dogara da zurfin tafki.

• Ciniki 24/7; kuɗaɗen cibiyar sadarwa suna aiki don sulhu akan sarkar.
• Zamewa na ƙaruwa da manyan odar ko ruwa mara zurfi.
• Oracles suna ba da farashin ishara; hadarin jinkiri da magudi sun wanzu.

Wayar banki, SEPA, ACH, Faster Payments, da hanyoyin sadarwar kati suna motsa fiat.

Hanyoyin sadarwar L1/L2 da gadoji suna motsa crypto; tabbatar da kammalawa da kuɗaɗe.

• Kuɗaɗen tallafawa/cirewa na iya mamaye ƙananan canja wuri.
• Koyaushe kwatanta cikakken tasirin farashi, ba kawai babban farashi ba.
• Bin doka (KYC/AML) yana shafar samuwa da iyakoki.

Shigarwa

• An lissafa EUR/USD 1.1000 (juya baya don USD→EUR = 0.9091)
• Kuɗin FX na kati 2.5%
• Babu ƙarin kuɗin cibiyar sadarwa

Lissafi

0.9091 × (1 − 0.025) = 0.8869 → 100 USD ≈ 88.69 EUR

Bankuna suna lissafin EUR/USD; canza USD→EUR yana amfani da juyawa da kuɗaɗe.

Shigarwa

• Tsakiyar BTC/USD 62,500
• Kuɗin mai ɗauka 0.10%
• Zamewa 0.05%

Lissafi

62,500 × (1 − 0.001 − 0.0005) = 62,406.25 USD a kowace BTC

Tattara wurare ko amfani da odar mai yi na iya rage cikakken kuɗi.

Tsakiyar shine matsakaicin mafi kyawun bid da mafi kyawun ask a fadin wurare. Yana da ma'auni na ishara kuma yawanci ba a iya aiwatar da shi kai tsaye ba.

Yadawa daban-daban, kuɗaɗe, tushen ruwa, yawan sabuntawa, da ingancin aiwatarwa suna haifar da lissafin farashi daban-daban.

Bambancin da ke tsakanin farashin da ake tsammani da wanda aka aiwatar da shi wanda tasirin kasuwa, jinkiri, da zurfin littafin oda suka haifar.

Manyan biyun FX suna sabunta sau da yawa a cikin dakika a lokacin sa'o'in ciniki; kasuwannin crypto suna sabunta 24/7. Sabunta UI ya dogara da tushen bayanan da aka zaɓa.

Suna da nufin kiyaye ɗauri amma suna iya karkacewa a lokacin damuwar kasuwa. Yi la'akari da ingancin mai bayarwa, ajiyar kuɗi, tabbaci, da ruwa akan sarkar.

ISO 4217 yana ayyana ƙananan raka'o'i don fiat (misali, JPY 0, KWD 3). Ƙididdiga na crypto sun fito ne daga ƙirar yarjejeniya (misali, BTC 8, ETH 18).

XAU lamba ce ta ISO 4217 da ake amfani da ita a matsayin kuɗin karya don lissafin farashin zinariya a kowace ounce na troy. Yana aiki kamar kuɗi a cikin teburin canji.