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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.

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closed as off topic by David Perry Jan 26 '13 at 22:32

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up vote 4 down vote accepted

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").

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2  
So bitcoin would be fiat money because it derives his value from his own rules? – Gopoi Jan 26 '13 at 21:59
1  
@Gopoi, yes. Bitcoins are fiat money. – Devyn Collier Johnson Jun 30 '13 at 0:46
    
Lol uhh thanks. – Gopoi Jun 30 '13 at 1:46
    
@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 May 11 at 19:48

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