I have been studying the difference between Fiat and Bitcoin but I still get it twisted to understand what a Fiat mean, I would like the experienced members here to tell me the difference, I got to understand what a Bitcoin is all about but still confused on Fiat .
Thank you all
It's just another name they call local currency. For instance we in Nigeria use the naira within the country, so other countries have their own local currency they use. Don't let these terms confuse you. Fiat is simply backed by government and banks giving them full control over its flow and circulation within the country. Unlike bitcoin, there's no one controlling it, it's a decentralised currency giving its users complete control, except they decide to give it to centralised bodies.