thanks, will look into these links. as far as fiat, I had thought it was the "paper currency" that was issued by banks and not backed by gold or other precious metals. which is the reason the constitution specifically give the congress the right to authorize the treasury to COIN money. not the issuance of paper promissory notes. since crypto is not backed by gold or other tangible medium, that would make it crypto. remember, this is what I THOUGHT was the meaning of it all. now I need to dig further...
That's the common usage of the word "fiat" for currency: backed by nothing.
Crypto can be fiat, or it can be backed. Lots of details to make it one way or the other, or even a hybrid mix. But the securely distributed ledger, known as blockchain, is a prerequisite for any serious crypto.
thanks, will look into these links. as far as fiat, I had thought it was the "paper currency" that was issued by banks and not backed by gold or other precious metals. which is the reason the constitution specifically give the congress the right to authorize the treasury to COIN money. not the issuance of paper promissory notes. since crypto is not backed by gold or other tangible medium, that would make it crypto. remember, this is what I THOUGHT was the meaning of it all. now I need to dig further...
That's the common usage of the word "fiat" for currency: backed by nothing.
Crypto can be fiat, or it can be backed. Lots of details to make it one way or the other, or even a hybrid mix. But the securely distributed ledger, known as blockchain, is a prerequisite for any serious crypto.
Understood. That is what makes it more dependable than normal fiat currency.
No worries, figuring out what’s going on is what we’re all here for!