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by Veen 1218 days ago
No, fiat currencies are backed by states and central banks. BTC has some of the qualities of fiat currency—no commodity backing, etc—but it's not usually classified as one.
1 comments
wonderwonder 1218 days ago
If it's declared legal tender by government declaration or fiat, it's fiat currency. Btc is fiat currency in el Salvador
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Veen 1218 days ago
It's legal tender in El Salvador. Whether that makes it a fiat currency is a matter of definitions, so not really worth quibbling about.
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wonderwonder 1218 days ago
I'm not quibbling. It's fiat currency in El Salvador by any definition.
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ashwagary 1218 days ago
Fiat money is created by decree without effort. Bitcoin is not "fiat" no matter who adopts it.
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