World’s Most Valuable Banknote is Enough to buy 1 Bitcoin

The world’s most valuable banknote belongs to Brunei, one of the most centralized countries in the world and has one of the richest men alive printed on it
06 June 2018   1581

At press time Brunei’s B$10,000 count is equal roughly to $7,584. According to Bitcoin price Index, it is trading at about $7,700 after surging from about $7,611 in the last 24-hour period. There is a portrait of Sultan Hassanal Bolkiah on the bill, and it was issued in 2006. Sultan Hassanal Bolkiah, one of the last absolute monarchs, is known as one of the richest men in the world, as reports suggest he is worth over $20 billion, thanks to the country’s vast oil and gas fields, which account for nearly all of its economy.

Brunei has less than half a million residents, and recently adopted strict Islamic sharia law, which drew criticism from different international rights groups. Last year in December the country’s central bank warned the citizens against cryptocurrencies. 

The Brunei dollar’s value corresponds to the Singaporean dollar. Singapore also had its own S$10,000, but, as reported earlier, discontinued it. High-denomination notes are being retired throughout the world, as these reportedly make it easier to conduct terrorism financing, money laundering, tax evasion and other illicit activities.

As reported in an article by International Monetary Fund (IMF), a briefcase with $100 bills would be 70% full, when a briefcase with Brunei’s largest note would only be 1,5% full. The article puts forward the supposition that being easy to transport makes these notes perfect for criminals. A resembling argument was also used in the past against the cryptocurrencies.

Bitifinex to Cooperate With Bitrefill

Exchange's users will be able to purchase products from the Bitrefill catalog with help of Lightning Network
05 December 2019   85

The Bitfinex cryptocurrency exchange has entered into a partnership with the service of replenishing mobile accounts and gift certificates Bitrefill.

Using Lightning Network (LN) technology, Bitfinex users will be able to purchase products from the Bitrefill catalog, which includes more than 2,000 digital gift cards and options for replenishing mobile accounts.

As soon as the user pays for the goods using Bitcoin, Bitfinex and Bitrefill automatically settle through the LN network, which makes transactions cheaper and much faster.

Bitcoin’s use as a means of payment represents an important milestone in the inevitable journey towards mass adoption. This is why the Lightning Network is so important. As an exchange, Bitfinex is at the forefront of developing solutions utilizing this technology.

Paolo Ardoino

CTO, Bitfinex

On December 3, Bitfinex integrated payment support through the Lightning Network.