How do currencies work?
Helghardt Avenant avatar
Written by Helghardt Avenant
Updated over a week ago

What is a currency and how does it work?

Currencies are the basis of all transactions in Rehive. A transaction in Rehive happens in one currency, but a project can add and generally transact in multiple currencies. Extensions such as the Conversion Extension allow customers to convert between currencies.

Admins can select from a preset list of world currencies or add a custom currency of their own.

How do I add a new currency?

As an admin, navigate to the Currencies section via the main left hand menu. This will take you to the currencies listing page.

Click the “Add currency” button on the right hand side of the currencies listing page.

Admins can select the currency they would like to add from the search dropdown, or can add a custom currency.

After selecting the currency, admins will be prompted to select which account definitions the currency should be added to. All will be selected by default.

How do I remove a currency and what will happen to existing accounts?

Currencies cannot be deleted, but they can be archived. Locate the currency you want to archive on the currencies listing page. Click on the ellipsis menu (`...`) and select “Archive currency”.

A confirmation modal will appear and allow you to confirm your choice to archive.

Archiving a currency will archive any transactions made in that currency and will archive the currency from all accounts which had the currency.

What does currency divisibility mean?

This refers to how many decimal places a currency has. Fiat currencies generally have a divisibility of 2. Crypto currencies like bitcoin and lumens have high divisibilities - 8 and 7 respectively.

Where is the value of currency stored on Rehive?

A store of value refers to the actual underlying assets. Rehive never holds user funds nor handles any payment processing. The actual underlying asset is in control of the company building on Rehive, whether that is with a partner bank, payment processor on blockchain private key pair.

Can I create random currencies or points on Rehive?


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