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
Simply put, fiat is a currency controlled by the local government or bank that we can only use in our country or the paper currency we have in our hands called Naira is fiat. The main feature of fiat is that it is controlled by the local government or bank and the government can print currency as it wants and distribute it within the country, that is why fiat is a centralized currency.
Or you can call all currencies that are centralized and can be held or touched as fiat. But all currencies that cannot be held, only seen in numerical form, are called digital currencies. Among digital currencies, those that are decentralized are cryptocurrencies.