RE: Riddle Me This: Is Bitcoin the Greatest Fiat Currency Ever?
First I would like to say before you start declaring Bitcoin Fiat money or Currency take Look at the definition.
While Bitcoin does have some qualities that Fiat Currency has it is by no means a Fiat Currency. A currency yes by no means fiat.
No corporation or government enforces the intrinsic value of Bitcoin as of yet.
According to Wiki Definition of fiat money your statement appears to be FUD. https://en.wikipedia.org/wiki/Fiat_money
(1). Any money declared by a government to be legal tender.
(2).State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.
(3)Intrinsically valueless money used as money because of government decree.
I would say it could fall under this definition if it fails. Right now it has a grand valuable use.
It is scaring the hell out of banks and governments and nothing else we poor piss-ants have done seems to have accomplished this other than Bitcoin adoption.
(4.)An intrinsically useless object that serves as a medium of exchange (also known as fiduciary money.)
Because we decide what Bitcoin is or is not not a government.
If we are Crypt-tards they win period.
Fiat money
Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value. It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity).
Governments currently adamantly deny bitcoin is money. They have deemed it a commodity with intrinsic value. Check with the IRS please. It can be held in an IRA just like gold.
Last time I checked, Australia and Japan declared Bitcoin a transactional currency about a year ago.
Latin fiat ("let it become", "it will become") used in the sense of an order or decree.
I agree that bitcoin is not fiat currency. The body of the article makes it clear that bitcoin has some fiat-like qualities. This article is not intended to denigrate bitcoin in any way; I hold BTC and think it has enormous potential. However, it's important to always question popular narratives. Thanks for your input.