Fiat Currency: Defined in CryptoCurrency

Fiat Currency: Defined in CryptoCurrency

 

Fiat currency is defined as money that has been declared to be valuable by the government or other official organization. 

Fiat currency doesn’t have any value by itself and it doesn’t represent anything valuable. 

Instead, fiat currency maintains its value because it is an idea powered by the people’s confidence and trust in the government and banks that created it. US dollars are a type of fiat currency.