Re:Why Bitcoin Matters
by timr on Wednesday January 22, 2014 @12:51AM
(#7101003)
"A 'Fiat' currency is one which the government of a country has declared to be the official currency...by government fiat."
No, it is not. You are falling prey to a rather politicized definition of the term. All non-commodity currencies are fiat money, but not all fiat currencies are backed by a government.
The word "fiat" is Latin for "let it be done" or "it shall be". It implies only that something happens by decree. The party making the decree does not have to be a government, or even a person of authority.
No, it is not. You are falling prey to a rather politicized definition of the term. All non-commodity currencies are fiat money, but not all fiat currencies are backed by a government.
The word "fiat" is Latin for "let it be done" or "it shall be". It implies only that something happens by decree. The party making the decree does not have to be a government, or even a person of authority.