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
The difference between these two are simple and can be easily understood. Because fiat are simply the legal currencies been issued by a country, of which we can boldly say that "Naira" is our fiat as Nigerians, and likewise another example of fiat are
"Dollar, Pounds & Euro", because these are native currencies of a country. While on the second hand, Bitcoin is a decentralized digital currency, that was developed by a man called Satoshi Nakamoto in 2009, whose aim was to offer individuals the ability to have full control over their funds, as a medium of exchange which excluded third parties.
Hence, in a simpler form,
Fiat is a currency owned and issued by a country as a medium of exchange. While
Bitcoin is a decentralized digital currency which offers direct p2p with the influence of third party.