Post
Topic
Board Economics
Re: Semantics of "fiat"
by
Cryddit
on 14/02/2015, 05:27:16 UTC
It seems to me that many bitcoin proponents use the word "fiat" to describe central bank issued fiat currency, but don't use the word to describe Bitcoin.

In my opinion, Bitcoin is the ultimate fiat currency, since it has no inherent value (you can can't use it for anything other than paying someone else bitcoin).  It is a currency issued by "decree" through a protocol enforcing a consensus of users and miners.


You're astute.  Bitcoin is still a fiat currency: it has value by User fiat rather than by Government fiat.