Are you new to crypto? Get Started Here!
Fiat currency is defined as money that has been declared to have value, without the backing of a physical asset, by a 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.
Found a word to add? Click here to provide suggestions!« Back to Dictionary