[nlp]

Just to add to some of the other great responses here:

The British empire was built on the back of the Pound -- the first truly international, modern fiat currency. It reigned until it was muscled out by the fiat Dollar.

An immense amount of wealth has been generated for humankind on the backs of fiat currency.

And one more thing...

Bitcoin is also a fiat currency in the sense that it does not contain intrinsic value. It is only as valuable as its network effect. If the network falls in love with a different coin, bitcoin dies.