That makes it "Legal Tender" in Salvador, but not fiat. It's a bit of a weird situation. Normally when a currency is legal tender and not fiat it's backed b

That makes it "Legal Tender" in Salvador, but not fiat. It's a bit of a weird situation. Normally when a currency is legal tender and not fiat it's backed by a physical resource, like gold or silver. But here it's only backed by software and people agreeing that it has value. Kind of puts bitcoin in its own unique category.