What is the difference between Exchange & Offer in the Monetary System for NXT / Ardor Platform?

Question

When creating a new monetary system coin on the NXT/Ardor platform. What is the difference from Exchange and Offer?

What does the following mean in the Exchange Window?

• Minimum Rate
• Effective Rate

What do the following mean in the Offer window?

• Buy units (Initial)
• Buy units (Limit)
• Buy Rate per unit
• Sell units (Initial)
• Sell units (Limit)
• Sell Rate per unit

Answer 1

Please refer to the official monetary system documentation https://bitbucket.org/JeanLucPicard/nxt/issues/205/monetary-system-documenation section "Currency Exchange". The NXT wiki also has an excellent walk-through of the process in https://nxtwiki.org/wiki/Monetary_System#Exchange_an_Exchangeable_Currency