Since i joined bitcointalk forum i find it difficult to make a post relating to bitcoin, bitcoin is like physical money (fiat), and i want to know the difference between fiat and bitcoin, and without fiat existence can bitcoin have a name?, after thinking all this with seriousness i concluded that bitcoin and fiat works like brothers and sisters and no one can leave each other, so i want to know if any other digital currency can function without fiat?.
First of all, you have to know the characteristics of fiat money. Fiat money is used for
payment and it has
value cause govt. fixed its value by a legal tender, if you store fiat that's means you reserved something that has value, whatever doesn't matter. Fiat is issued by the governments that's why it has widespread
Recognition and widespread
consumer trust.
Now tell me does bitcoin has such bold marked characteristics? if yes then it is fine bitcoin can exist without fiat.
Sometimes Bitcoin is superior to fiat money in various ways, Bitcoin is not governed by any third-party authorities. You know commodity money has its own value but for fiat money, it is different. without regulation of government, fiat has no value. So, it is not a big deal for bitcoin to replace fiat.