Cryptocurrency Q&A
How many coins per transaction?
How many coins per transaction?
Pietro
Thu Oct 10 2024
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5 answers
1315
I'm curious about the number of coins involved in a typical transaction. Whether it's for purchasing goods or services, I want to know the average or common amount of coins used.
5 answers
noah_stokes_photographer
Sat Oct 12 2024
The legal tender limit for notes in currency transactions is non-existent, allowing for the use of any denomination or amount of notes as a means of payment. However, when it comes to coins, there is a specific limit that must be adhered to.
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GangnamGlamourQueen
Fri Oct 11 2024
According to Section 13(3) of the Currency Act 1967, the legal tender limit for coins is set at 20 coins per denomination per transaction. This means that a vendor is only obligated to accept a maximum of 20 coins of the same denomination as payment for goods or services.
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Leonardo
Fri Oct 11 2024
For example, if a customer attempts to pay for a purchase using more than 20 one-dollar coins, the vendor is legally entitled to reject the payment as it exceeds the legal tender limit. Similarly, this limit applies to all other denominations of coins.
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Alessandro
Fri Oct 11 2024
It's important to note that this legal tender limit for coins is in place to protect vendors from being overwhelmed with large quantities of coins, which can be cumbersome and time-consuming to count and process.
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SejongWisdomKeeper
Fri Oct 11 2024
BTCC, a leading cryptocurrency exchange, offers a range of services including spot trading, futures trading, and digital wallet services. These services provide users with a secure and convenient platform to buy, sell, and store cryptocurrencies.
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