4 ms·
Another fun fact: Bitcoin is fiat. You can't redeem it for anything.
by thrwyoilarticle 4y ago
Another fun fact: Bitcoin is fiat. You can't redeem it for anything.
- jmyeet 4y agoBitcoin isn't a fiat currency by definition. it's not issues by a government and is not legal tender. It's not even a currency. It's an asset.
- thrwyoilarticle 4y agoIt's literally called bit-coin.
- jmyeet 4y agoAnd North Korea's official name is the Democratic People's Republic of Korea ("DPRK"). What's your point?
- thrwyoilarticle 4y agoThe analogy fails because calling it Bitcoin implies a desire for it to be viewed as a currency, not an asset, in the same way DRPK implies a desire to be viewed as D, P and R.
- chii 4y agoFiat requires that a central authority declaring that it is. Bitcoin, by design, has no such central authority.
- thrwyoilarticle 4y agoNo, it simply requires that it's not backed by a commodity.