TheGuySwann on Nostr: Fiat literally means “by decree,” and it refers to a money that is forced on ...

Fiat literally means “by decree,” and it refers to a money that is forced on people and whose entire value proposition is because you are forced to accept it and/or pay taxes in it. It’s a market not based on genuine value or real attributes of the money, but on the artificial violence used to prevent the market from dropping it.

So again, just because we are specifically talking about being precise with our language, #Bitcoin being a ledger doesn’t make it fiat, anymore than applications being only code make them fiat.

I also kinda disagree on the explanation of other money and their flaws as being a bad place to start explaining things. Most people don’t know the first thing about money, so sometimes you have to start at the beginning.

(Also I don’t think calling it a ledger is controversial really 🤔)