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They are fiat money? I don't think they are fiat money. Fiat money has actual utility as you need it to pay your taxes.
by andrewmutz 6y ago
They are fiat money?
I don't think they are fiat money. Fiat money has actual utility as you need it to pay your taxes.
- jerry80 6y agoFiat means it's backed by a state. The definition and etymology of the word makes it clear [1][2]. I wouldn't go so far as to say that fiat must have "actual utility" though. Being forced to use a currency in order to avoid prison time is more like extortion, rather than utility. Crypto isn't fiat, though, in any case. 1. https://www.merriam-webster.com/dictionary/fiat https://www.merriam-webster.com/dictionary/fiat 2. https://www.etymonline.com/search?q=fiat https://www.etymonline.com/search?q=fiat
- henvic 6y agoFiat currency is money that isn't backed by something, such as gold. https://en.wikipedia.org/wiki/Fiat_money https://en.wikipedia.org/wiki/Fiat_money https://en.wikipedia.org/wiki/Intrinsic_value_(numismatics) https://en.wikipedia.org/wiki/Intrinsic_value_(numismatics)