Fiat Currency
Tue, Apr 15Fiat currency, or fiat money, refers to the money that you commonly use in your daily life, such as the U.S. dollar, the euro, the British pound, the Japanese yen, or the Chinese yuan.
Any currency that is backed by a government and issued by its central bank is classified as legal tender and fiat.
Fiat currency is regarded as a centralized currency because a single entity holds authority over it.
Examples of central authorities include the Federal Reserve, which is the central bank of the U.S., the European Central Bank that issues the euro, and the Bank of England.
When the term “fiat” is mentioned, it does not encompass cryptocurrencies.
Cryptocurrencies are digital, decentralized, and are not issued or backed by any government, bank, or financial authority.
In discussions about cryptocurrencies, fiat currency is often used to fund centralized cryptocurrency exchange trading accounts and personal wallets for buying, selling, and transferring cryptocurrencies.
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