This is why a central bank is very important as they control the flow of new money into the economy. If you keep printing money, you cause inflation as cash devalues. Then you need to raise interest rates and/or start selling bonds on the open market to take money out of the system.
Bonds are debt to either a company or government, you can trade bonds on the open market, but you can't use them as legal tender for goods (though personally I would be happy to take a bond). Bonds are affected by supply and demand like most things, the price for bonds drop as the risk-free rate by the central bank rises.
I have an example of a country using Bonds as a medium of exchange. In fact they are being used as local domestic currency and not international. So the effects to inflation are the same or not?
Inflation increases if money supply increases relative to the goods and services a country produces. The general public does not use bonds to buy goods, bonds are traded in financial markets as a debt instrument. The bond is a cashflow of income, which if the bond doesn't default will be paid. The cashflow becomes more valuable depending on the rate of return on a risk-free asset such as a bank account and the earnings of stocks. If stocks earn a lot, no one will want a bond. The cashflows of stocks are not known, but the cashflows of bonds are known.
So by increasing interest rates it will become difficult to borrow ok? If yes then an increase in interest rates can cause crowding out effect. Or the other way round it increases investment there for increasing Aggregate demand n may result to high prices