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?.
Both bitcoin and fiat are the instruments with which people can measure the value of the products they would like to obtain. In the case of bitcoin, however, you can't correctly estimate what the "real" price of goods is because bitcoin hasn't yet been adopted by and spread enough amongst people. Currently, fiat is used as a frame of reference to calculate the value of bitcoin. But if for some reason, fiat is no longer in existence, people can readily start to use bitcoin as a common unit of account. Bitcoin is highly divisible, which makes it an effective means of satisfying an economy of any scale. So, what is the main difference between these two? Both serve for facilitating exchanges, measurement of value, but bitcoin is more honest because the government can't control it and change it.