Is Bitcoin a Fiat Currency?

After listening to Peter Schiff's recent appearance on the Joe Rogan Experience Podcast, I thought I'd make a video discussing whether or not Bitcoin is a form of fiat currency.


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Peter Schiff is a bacteria and nothing else. He is a gold bug not because he holds it but, rather, because he sells it. Each transaction through any of his sites (companies invested in) he takes 6%-8%. So, of course, he is telling everyone that gold is a great buy no matter what is going on.

My question is what makes gold valuable? I guess Peter doesnt know that hundreds of years ago the royals all ate off and drank from aluminum. Why did they do that? Because it was scarce (finish aluminum at least). Fast forward to today and we throw aluminum away. Gold is a store of value because it cannot be rapidly increased in supply and has been recognized as such.

BTC is not a fiat currency since it is something that is derived from effort (running calculations for the blockchain) and has a set amount available. If anything, since there are only 21M coins ever to be mined, you could say this is even less fiat than gold.

10% of new gold is used in microchips and connectors. Thats its intrinsic value. Other than that its useless.

And I am going to guess the use of it in microchips and connectors is not worth $1300 an ounce.

Price is the same for everyone. Im not sure, how pure is the gold they use, but price is the same.

hey louis check out, it´s an alternative to YouTube that is completely dezentralized an uses steemit + ipfs

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