Difference between Fiat and Bitcoin

[Derekfunds]

I have been studying the difference between Fiat and Bitcoin but I still get it twisted to understand what a Fiat mean, I would like the experienced members here to tell me the difference, I got to understand what a Bitcoin is all about but still confused on Fiat .

Thank you all

I think they have said it all or almost said it all but I want to add this to it, just like they said Fiat is our local money we use every day to buy something and sometimes even give people to send us crypto that is exchange and so Fiat doesn't change value, it is more like a fixed something, Naija 50 naira remains 50 naira forever though others countries currency do vary in the crypto world while Bitcoin is an asset that can be invest on because of it volatility meaning that the value of Bitcoin is not fixed like Fiat, Bitcoin value changes at any point in time.

[Lembo69]

Fiat is the centralized money of the government or bank, and Bitcoin is a decentralized asset that is not controlled by any government. Fiat is the conventional money of your country such as Naira. Through which we fulfill our daily needs. And we pay the government with this fiat money. Bitcoin is a decentralized money asset that does not have to pay tax or bat because it is not controlled by the government. Fiat money is paper or metal currency and also exists in digital form. And Bitcoin is only digital

[CryptopreneurBrainboss]

I think they have said it all or almost said it all but I want to add this to it, just like they said Fiat is our local money we use every day to buy something and sometimes even give people to send us crypto that is exchange and so Fiat doesn't change value, it is more like a fixed something, Naija 50 naira remains 50 naira forever though others countries currency do vary in the crypto world while Bitcoin is an asset that can be invest on because of it volatility meaning that the value of Bitcoin is not fixed like Fiat, Bitcoin value changes at any point in time.

Fiats is just another name for the currency of different countries and nothing more because if you dey use all those explanations, don't forget that you can buy dollars today to make a fortune tomorrow when the value of Naira drops and you sell your dollars back to Naira to have more money so fiats can still be invested in when you exchange them. Currency (Forex) trading is a thing and one of he best ways of making money. Fiats are also volatile but not as much as Bitcoin abi una no dey see the way Naira dey fall and rise, what do you think that is if not volatility. Fiats na just money, na just say na the way, wey oyinbo dey call am. Fiats no bad to hold too because if you no get cash, na your Bitcoin you go dey sell to take chop so while you invest in Bitcoin, have some cash around.

[Ever-young]

I got to understand what a Bitcoin is all about but still confused on Fiat .

Thank you all

Simply put bro, fiat na cash or money as you know it. That cash wey dey your hand like that is what is also called fiat.

Fiat is cash. Government issue it and placed value on it. It is that legal tender you know like naira, dollar, euro etc as in physical money. If you go pos or bank or ATM, put your card and money go come out, na fiat be that.

As you talk am, na so e be. Fiat na cash while bitcoin na crypto and for this our country, also na cash na e be the only thing wey people fit use for this our country, as we go Pos, bank with card, na money Dey follow come back with you as you talk and na that money person fit carry go buy Wetin person need or want like person go use that money wey e go withdraw go take buy food wey e go chop or buy clothes etc but we no fit use naira for any other country but Bitcoin, people fit use am anywhere go but when convert and e good as e Dey so because Bitcoin no Dey easy to accessible like that.

[Dailyscript]

I have been studying the difference between Fiat and Bitcoin but I still get it twisted to understand what a Fiat mean, I would like the experienced members here to tell me the difference, I got to understand what a Bitcoin is all about but still confused on Fiat .

Thank you all

I think they have said it all or almost said it all but I want to add this to it, just like they said Fiat is our local money we use every day to buy something and sometimes even give people to send us crypto that is exchange and so Fiat doesn't change value, it is more like a fixed something, Naija 50 naira remains 50 naira forever though others countries currency do vary in the crypto world while Bitcoin is an asset that can be invest on because of it volatility meaning that the value of Bitcoin is not fixed like Fiat, Bitcoin value changes at any point in time.

Fiat is the digital form of a local currency. Just like USDT is the digital form of the United State Dollar etc. Fiat is dynamic when trading it with any other digital currency. USDT/NGN (Fiat) prices varies in real time. It is not stagnant for a long time. Today it can 1 USDT to be 1610 Naira tomorrow the can increase to 1620 or fall below too.

[Egii Nna]

I would like to explain it for you in a simple term so that you will be able to understand it easily. Fiat is a normal currency like the dollar, naira or dirham, while Bitcoin is a cryptocurrency. The main difference is that fiat are centralised currencies and are controlled by the government of the country, while bitcoin is a decentralised currency that is not controlled by any organisation or country. In this sentence fiat are dependent currencies, whereas Bitcoin are independent. That is why you will see no one has control over cryptocurrency, most especially Bitcoin. I hope with these few examples you will be able to understand the difference between fiat and Bitcoin.

[Abu-Naim]

I have been studying the difference between Fiat and Bitcoin but I still get it twisted to understand what a Fiat mean, I would like the experienced members here to tell me the difference, I got to understand what a Bitcoin is all about but still confused on Fiat .

Thank you all

Fiat is our local currency, it can be referred to as our Naira we use in our daily activities, while other countries also have their local currency which they can all refer to as fiat.

While Bitcoin is a digital currency created to give us financial freedom. Although Bitcoin is not yet globally accepted as a medium of exchange or as a currency that should be used globally, but several countries has officially accepted it and they use it for payments and others instead of fiat; while in our country, it is not yet accepted by our government, but as Bitcoin is decentralized in nature, you can anonymously invest and hold Bitcoin for future purposes because it’s price is not stable and it can help you against inflation since it is a store of value.

[Mate2237]

Fiat: Like our local currency Naira, every country has their own fiat and that is used for payment of goods or services, it can be in paper form or in banks.

Bitcoin: Bitcoin is digital currency, also as a payment option but know that decentralization is what separates Bitcoin heavily from fiat. The government don't own Bitcoin unlike fiat. Another difference is that you can hold Bitcoin as a store of value or investment and expect profits on it unlike fiat were inflation can kill the currency value.

You can get more resources from looking out other threads from different boards to build your knowledge better.

Maybe what is confusing to the op is the name Fiat it's just a term that economist and those of them in the financial sector used in describing the local money or currency of a country so just simply put it that Fiat is our Naira which is our currency as a people so should not be confused with digital assets such as crypto currency like Bitcoin.


One major difference that separates these two is that just know that Fiat are physical cash which is used in the day to day life in transacting business in a country and should not be confused with online store of values like Bitcoin because Bitcoin is something that you only imagine because you can't physically withdraw Bitcoin and hold in your hand

[Jostern]

I have been studying the difference between Fiat and Bitcoin but I still get it twisted to understand what a Fiat mean, I would like the experienced members here to tell me the difference, I got to understand what a Bitcoin is all about but still confused on Fiat .

Thank you all

May be its something that you are getting confused about, Fiat is just the physical currencies we see, every country in the world have there currencies which is fiat, Example is Naira, Dollars, Pounds Sterling, Euroes, This are currencies which is also know as fiat

You already knows what Bitcoin is all about.

[AmaGold70]

I have been studying the difference between Fiat and Bitcoin but I still get it twisted to understand what a Fiat mean, I would like the experienced members here to tell me the difference, I got to understand what a Bitcoin is all about but still confused on Fiat .

Thank you all

Your confusion dey very valid because I have been there before, though I didn't make a post about it but in my early days in the forum I have asked myself similar question about the meaning of fiat and I no go lie I got to know about the meaning few months ago because I've seen many users use it in their comments and I got to figure it out by myself because I felt embarrassed to ask about something so small. Just like other forum users have said, fiat simply means the cash or money you have at hand or in your bank account.

[Abdulzuruku01]

I have been studying the difference between Fiat and Bitcoin but I still get it twisted to understand what a Fiat mean, I would like the experienced members here to tell me the difference, I got to understand what a Bitcoin is all about but still confused on Fiat .

Thank you all

Di naira wey you dey use is example of fiat currency, and every country get dere own fiat currency, USA get US dollar as dere fiat, Japanese also dey use yen as dere fiat and so on. Dis show say na government dey control fiat and you no fit carry Naija fiat go dey spend for another country until u convert am go d fiat wey dat country dey use bcos every country get di policy wey dem put for dere fiat.
But Bitcoin no dey control by anybody and you fit use am anywhere  because Bitcoin na global adoption.