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
I think they have said it all or almost said it all but I want to add this to it, just like they said Fiat is our local money we use every day to buy something and sometimes even give people to send us crypto that is exchange and so Fiat doesn't change value, it is more like a fixed something, Naija 50 naira remains 50 naira forever though others countries currency do vary in the crypto world while Bitcoin is an asset that can be invest on because of it volatility meaning that the value of Bitcoin is not fixed like Fiat, Bitcoin value changes at any point in time.
Fiat is the digital form of a local currency. Just like USDT is the digital form of the United State Dollar etc. Fiat is dynamic when trading it with any other digital currency. USDT/NGN (Fiat) prices varies in real time. It is not stagnant for a long time. Today it can 1 USDT to be 1610 Naira tomorrow the can increase to 1620 or fall below too.