What is Fiat?

[Obolo]

Almost all everyday, I come across fiat on bitcointalk forum which get wondering why people normally use that term in relation to crypto currency. I decided to do research on the word but did not get the concept well. Since the word is circulating in bitcointalk forum and my searches are not helping to understand the concept of fiat better, I am sure the forum will help me understand it better this time around. Guys, I want to know much about the concept of fiat and what fiat has got to do with crypto currency.

[qazgroup]

Fiat is the traditional paper money, usually the price and value of the cryptocurrencies are also compared with fiat, the fact remains that the market volume is also indicated by fiat so we cannot just disassociate fiat from crypro market.

[cryptomonotize]

The general definition of fiat money is that it is a legal currency declared by government to be legal tender. Also it can be said Fiat money is legal tender whose value is backed by the government that issued it.

[rmoto]

Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value.[1] It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange

[fb26]

Fiat money (such as paper currency) not convertible into coin or specie of equivalent value. Money is based on a fiat whereupon all agree upon the exchange values of any one currency for another.

[GrandBcn]

Fiat is the national currency. All live in different countries and all have different currencies. Fiat is a universal concept that is identical to the euro, dollar, other currencies. Since the market is not stable and bitcoin price is also floating, some take the national currency rather than the dollar as the starting point. This term is used in the context of the withdrawal of investment in real life, as within the cryptocurrency market, money moves through bitcoin, ether or Neo, etc.

[LKingLion]

Fiat is the national currency. All live in different countries and all have different currencies. Fiat is a universal concept that is identical to the euro, dollar, other currencies. Since the market is not stable and bitcoin price is also floating, some take the national currency rather than the dollar as the starting point. This term is used in the context of the withdrawal of investment in real life, as within the cryptocurrency market, money moves through bitcoin, ether or Neo, etc.

The context of fiat is the term to understand by majority in this forum of crypto as is money. Fiat is money. The actual money that we can transac in crypto.

[arunakiran]

Fiat money is currency that a government has declared to be legal tender, the value of fiat money is derived from the relationship between supply and demand.

[Meritmanio]

Fiat money is paper currency, which has declared by government. And its value is depends on supply and demand.

[bundo]

Fiat is the traditional paper money, usually the price and value of the cryptocurrencies are also compared with fiat, the fact remains that the market volume is also indicated by fiat so we cannot just disassociate fiat from crypro market.

According to the history of Fiat money was first introduced and used in mainland China about a thousand years ago, That's what I've read.

[huntingbtc5]

Fiat money is a paper money which has little or no intrinsic value in themselves also It is not convertible into gold or silver but The government made it legal tender. Actually it is an intrinsically worthless object, that is deemed to be money by law.

[rhana_]

Fiat money is money whose value comes from government regulations or laws. This money is different from commodity money based on goods, which is usually a precious metal such as gold or silver.

[burdagol12345]

Almost all everyday, I come across fiat on bitcointalk forum which get wondering why people normally use that term in relation to crypto currency. I decided to do research on the word but did not get the concept well. Since the word is circulating in bitcointalk forum and my searches are not helping to understand the concept of fiat better, I am sure the forum will help me understand it better this time around. Guys, I want to know much about the concept of fiat and what fiat has got to do with crypto currency.

Fiat is money whose value is derived from a government decree, It is not backed by a commodity and the value of the material it is made of is insignificant.Some bitcoin holder convert their coins into fiat by spending it through paper money same her in our country we mostly exchange our coin into fiat.

[waser12]

Fiat money are fiduciary money which we use in our day to day life. This concept often used in relation with cryptocurrency trading. Example is to sell crypto assets by fiat or trading in pair BTC/USD.

[rodzskie213]

The general definition of fiat money is that it is a legal currency declared by government to be legal tender. Also it can be said Fiat money is legal tender whose value is backed by the government that issued it.

im newbie here. thanks to your comment i understand what is fiat.

[barlo357]

Fiat is the typical money that we can use everyday like 100 usd with the head of Benjamin Franklin and this is a legal tender of each government in every country.

[Fog Fence]

Usually fiat money is opposed to cryptocurrencies, but I do not agree with this approach. The main function of fiat money the means of payment. The main function of cryptocurrencies is an investment tool.

[makerst]

Perhaps you already understood what it is, I do not need to explain it to you, but if you do not understand, it's ordinary money, I will not go down in definitions, it's just the usual money that you are used to.

[iconoclast]

Almost all everyday, I come across fiat on bitcointalk forum which get wondering why people normally use that term in relation to crypto currency. I decided to do research on the word but did not get the concept well. Since the word is circulating in bitcointalk forum and my searches are not helping to understand the concept of fiat better, I am sure the forum will help me understand it better this time around. Guys, I want to know much about the concept of fiat and what fiat has got to do with crypto currency.

Fiat currency is any currency that a government has declared to be legal tender but is not backed up by any physical commodity. In the past governments issued currencies that were backed up by governments holding an equivalent amount of precious metals. For example English Pound Sterling notes could at one time be exchanged for a pound of Sterling Silver. People use the term fiat currency to draw attention to the fact that paper money in the modern era is backed up by nothing but promises.

[galestorm]

Fiat money is the traditional money that we use in our everyday lives. Its associated with cryptocurrency because of how it brings up the purpose of bitcoin.. bitcoin is purposely made to replace fiat money, two known currencies that live off in different platforms, with bitcoin circulating around the net.