In real economics, the word "fiat" simply means "not backed". So Bitcoin is "fiat", and to a considerably greater degree than governments (who can declare a cur

In real economics, the word "fiat" simply means "not backed". So Bitcoin is "fiat", and to a considerably greater degree than governments (who can declare a currency legal tender in a given geographical area). The special Bitcoin usage of "fiat" stems from goldbug pamphlets from a century ago. But it is a misuse of the word.