Is Bitcoin a fiat currency?

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I often encounter articles where we talk about bitcoin being a fiat currency. What is a fiat money and what is it that bitcoin as to be considered a fiat money.

Gopoi

Posted 2013-01-26T21:31:38.890

Reputation: 899

Question was closed 2013-01-26T22:32:08.597

Answers

5

Fiat money is money that derives its value from government regulation or law. The term fiat currency is used when the fiat money is used as the main currency of the country. The term derives from the Latin fiat ("let it be done", "it shall be").

Harley Schwartz

Posted 2013-01-26T21:31:38.890

Reputation: 66

1@Gopoi, yes. Bitcoins are fiat money. – Devyn Collier Johnson – 2013-06-30T00:46:17.167

@Gopoi No. Fiat money is money that receives its value through the decree of an authority. No authority decrees the rules or value of Bitcoin. – David Schwartz – 2016-05-11T19:48:51.120

N-O. Just like @David says, fiat is a decree. Bitcoin is floating based on supply and demand. It only becomes fiat when you exchange it for USD or Euro or CAD or any of the other fiat money systems. Until then, it is a possession, like gold. – SDsolar – 2017-04-20T19:06:59.753

2So bitcoin would be fiat money because it derives his value from his own rules? – Gopoi – 2013-01-26T21:59:50.970