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No, fiat currencies are backed by states and central banks. BTC has some of the qualities of fiat currency—no commodity backing, etc—but it's not usually classi
by Veen 4y ago
No, fiat currencies are backed by states and central banks. BTC has some of the qualities of fiat currency—no commodity backing, etc—but it's not usually classified as one.
- wonderwonder 4y agoIf it's declared legal tender by government declaration or fiat, it's fiat currency. Btc is fiat currency in el Salvador
- Veen 4y agoIt's legal tender in El Salvador. Whether that makes it a fiat currency is a matter of definitions, so not really worth quibbling about.
- wonderwonder 4y agoI'm not quibbling. It's fiat currency in El Salvador by any definition.
- ashwagary 4y agoFiat money is created by decree without effort. Bitcoin is not "fiat" no matter who adopts it.