[pixie_]

Bitcoin is created by rules of mathematics and mined by problem solving. Gold is creating by mining and refining and governed by the rules of physics.. What does any of this have to do with the definition of fiat? It's already defined, lookup the latin - 'it shall be'

[tedunangst]

Exactly. Somebody said "it shall be" and behold, there were bitcoins. Fiat currency means no physical asset backing it. Bitcoins have no physical backing.

[pixie_]

Please, go ahead. Create some Bitcoins. I'm waiting..