Long before currency converter application has been invented, there was already a form of foreign exchange rate that is happening and trade is has taken place as well. At the very beginning, people used to trade gold for some merchandise. The as the years go by, coins and paper bills were invented in exchange for the gold and silver that was used. However, the value of gold is actually more than the value of the paper bills that were produced, thus the value of 1 gold is equivalent a few paper bills.
This was the basic exchange rate before and you don’t need to have a currency converter in order to calculate such value because back then it was the standard and nobody was allowed to make their own rates because only the government is allowed to make trades with regards to trade and monetary exchange.
World Wide Trade Opened
Further years went by, the cities and countries around the world had begun to sell their products overseas and this situation presented quite a problem at the beginning of it because people don’t agree with the rates and values of the respective merchandises that are being sold. This is also because each of the countries who participated in the trade has different types of currencies as well and other currencies are valued at a higher cost compared to others.
Once the fairness and equality of currency exchange rates was established and there was already a definitive value for each type of currency and their counterparts, the inter nation trade market continued and many were able to benefit from it.
In this era, the first currency converter method was invented by gathering the currencies of other countries and their equivalent value to the currency where the trade or business is being done. This is how the currency conversion began and this where the concept of currency converter application was inspired from.