Difference between Fiat and Bitcoin

[Babayan-nawu]

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

[Charles-Tim]

Fiat are the local currencies of each country. Just as United States dollar is the fiat spent in United States, naira is the fiat spent in Nigeria. It is the money controlled by the government through the central bank. It is not backed by anything like commodity.

[Gozie51]

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.

[Solodoski]

there are so much difference between fiat and bitcoin. they include the following.
1. fiat has infinite supply while bitcoin has a limited supply. government print more fiat when they want to, which is the reason why the naira continues to loose value. bitcoin is just 21 million in supply.
2. fiat is centralized while bitcoin is decentralized. meaning that fiat is issued and regulated by the government while bitcoin is not controlled by the government or a single entity.
3. fiat is mostly paper and physical money while bitcoin exist only in digital form
4. there are different fiat like the naira, Ghana cedis and a lot of others that are just useful in just a particular country, bitcoin is useful all over the world as long as you want to make use of it. it is the only currency that can be used by all the countries in the world in the most simplest way.

[B-BossMan]

Thank God you understood what a Bitcoin is, however I would like to explain it better, in a layman language, Fiat is said to be a legal printed currency issued by the government of a particular country to be used by an individual of their particular country, for instance in Nigeria our government issues Naira note to her individual of his country to buy goods and services, the same thing applicable to other country.
Take a look at this picture to understand it more



Source: https://www.bitpanda.com/academy/en/lessons/whats-the-difference-between-a-cryptocurrency-like-bitcoin-and-fiat-money/

[Hatchy]

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

It's just another name they call local currency. For instance we in Nigeria use the naira within the country, so other countries have their own local currency they use. Don't let these terms confuse you. Fiat is simply backed by government and banks giving them full control over its flow and circulation within the country. Unlike bitcoin, there's no one controlling it, it's a decentralised currency giving its users complete control, except they decide to give it to centralised bodies.

[letteredhub]

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

Just to add to what other members have said.

Fiat is the physical paper/coins money that approved as legal tender by the government of the country. In other words, they're money backed by the government. The naira, Euro, dollar are all fiat's. Its completely under the governments control and they can always print at will.

And from what have read, the word fiat as I have been thinking isn't even an English word but Latin. It's more like a decree or  would authority.

Bitcoin  you already know,  so basically bitcoin could be said to be the opposite of fiat by features.

[Mehmet69]

Fiat and Bitcoin are both monetary systems. One is digital and the other is an ancient monetary system.

Ancient or fiat monetary system is a system that we can also understand as a regular exchange system. Different countries have different names and different values, which vary from place to place, such as from country to country. Fiat is a centralized monetary system. Which is controlled by the government of each country. Fiat can be printed according to the needs of the people.

On the other hand, Bitcoin is a digital currency. It cannot be held or touched. It has no physical form. Bitcoin is a decentralized monetary system. No institution or government can control Bitcoin. It cannot be extracted according to human needs. It has its own quantity, which increases human needs day by day.
Bitcoin will act as a trust for a new monetary system for us.

[Zigabel]

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

Bitcoin is a crypto currency meanwhile Fiat is a local currency peculiar to different countries of which they do consider as their legal tender,  but Bitcoin as a crypto currency isn't consider a legal tender in most of these countries but the universality of Bitcoin makes it really different from Fiats. Most Fiat aren't accepted as much as Bitcoin is accepted and you can find most Fiat in their countries of origin meanwhile Bitcoin is almost universal and can be transacted with in almost any country of the world.

[Zanab247]

BTC is a digital currency that was created by Satoshi Nakamoto, which it has to do with online before the transaction can be successful. BTC is not own or created by the government which is the reason u dey see the price of BTC e dey go up and down to allow people to take the advantage to buy or sell BTC.

Fiat is that currency u can only use to buy whatever u want to buy within the country, example,# naira, u can use naira to buy goods and services within the country without any challenge, but u can't use it to buy goods and services in other countries, but u can change your fiat money to that particular countries currencies before u can buy whatever u want to buy from their own countries.

[Grace333]

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 just another name for our regular national currencies like the Nigerian naira (NGN), United state dollar (USD) etc all national currencies are fiat which are operated by our central banks eg CBN and commercial banks like UBA, GTB .... meanwhile bitcoin is a project developed by Satoshi nakamoto to help make distance transactions easier and also eliminate the need for a third party involvement in transactions for optimum security and anonymity.  Aside that bitcoin is a volatile digital currency and that is the major reason for the price increase and decrease based on some factors.

[Makus]

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

Op some kind thing no reach to use take creat thread, this na watin you fit just carry your hand type for Google make e for give you better answer. No be everything dem go carry enter forum, YouTube videos dey wey dey very educating, AI sef don full everywhere stay even our regular day to day WhatsApp  sef wey we dey use don get inbuilt meta AI. And one thing about wattin you carry your own hand research  na be say e dey sabi stay for your head unlike when person just talk wattin e sabi or feel say dey right. Bitcoin and fiat na two different type of currency if you do your research  you go understand better. So take am like assignment make you improve your knowledge.

[Donneski]

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 in simple terms means the paper money that you use as legal tender in your daily financial dealings. For instance, in Nigeria, we have naira notes of different values ranging from 5 naira, 10 naira, 20 naira, 50 naira, 100 naira, 200 naira, 500 naira and 1000 naira. We use them to make legal tender as it's fully backed by the federal law if the county.

Bitcoin on the other hand that is a digital currency that was created to serve as money and a form of payment. Unlike fiat that's been controlled by the government, Bitcoin is absolutely decentralized, meaning that it is not controlled by anyone, group of persons or entity hence, removing the need for a third party participation in financial transactions

[HajiBagi]

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

E no bad you ask this question now because as you ask like this E better pass the one wey be say you go keep quiet dey do or pretend like say you know, when we are talking about faint it means money wey every country dey use like in Nigeria we dey use naira and other countries dey use their own too, you can also call it local currency but for you to get am well na why I call it money wey every country dey use, Bitcoin na digital currently that was create by person wey them dey call Satoshi Nakamoto and the person create am make E be online transaction wey be say no any country dey use am unless say na for only investment, although you do better thing by asking question but it will make sense if you carry your phone enter google search for different between Fiat and Bitcoin you go get more than waiting wey dey tell you for here, so make you no dey lazy to enter google and get more about them and I believe say you go understand am pass.

[Dzwaafu11]

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 still understandable, brother, just as you see the Naira we are using in our country (Nigeria) that the government legalised to be spent all over the nation is a fiat currency, so just in a simple way, fiat is a currency used by a specific country with the permission of their government. People already answered you, and I believe the reply you got in this thread is enough for you to understand what fiat is.

[Agbe]

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

One difference you need to know about Fiat currencies is that Fiat currencies are regulated or centralized and controlled by the central bank of a country it's your normal money that you use in your day to day life as a citizen this is what makes it different with Bitcoin because Bitcoin is decentralized meaning that it's not controlled by any body or Bank

[CryptoHeadlineNews]

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

The difference between these two are simple and can be easily understood. Because fiat are simply the legal currencies been issued by a country, of which we can boldly say that "Naira" is our fiat as Nigerians, and likewise another example of fiat are "Dollar, Pounds & Euro", because these are native currencies of a country. While on the second hand, Bitcoin is a decentralized digital currency, that was developed by a man called Satoshi Nakamoto in 2009, whose aim was to offer individuals the ability to have full control over their funds, as a medium of exchange which excluded third parties.

Hence, in a simpler form, Fiat is a currency owned and issued by a country as a medium of exchange. While Bitcoin is a decentralized digital currency which offers direct p2p with the influence of third party.

[Creeper0]

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

Simply put, fiat is a currency controlled by the local government or bank that we can only use in our country or the paper currency we have in our hands called Naira is fiat. The main feature of fiat is that it is controlled by the local government or bank and the government can print currency as it wants and distribute it within the country, that is why fiat is a centralized currency.

Or you can call all currencies that are centralized and can be held or touched as fiat. But all currencies that cannot be held, only seen in numerical form, are called digital currencies. Among digital currencies, those that are decentralized are cryptocurrencies.

[Y3shot]

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 can be referred as a traditional currency which is controlled by the central bank and the government,  this a country that is being affected by inflation and lose value overtime, while Bitcoin is just digital decentralized currency,  it is considered as an alternative currency  and it us volatile in value but as a better value which one can also invest in it as longterm investment. Bitcoin is very valuable and it can also be seen as a store of value.

[Callido]

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.