
Bitcoin is not a Fiat Currency - boh
https://medium.com/@awooded/bitcoin-is-not-a-fiat-currency-98fe0fd00625
======
niceperson
In theory? Sure. But this is not something that can be guaranteed - it depends
on how value is being exchanged. When the majority of the users assess
bitcoin's value on the USD and there's a lack of bitcoin-exclusive
productions, then you can safely say that unless bitcoin can propel itself on
its own feet (and drop A LOT in price), it is a fiat currency.

~~~
boh
Bitcoin is consumable so it doesn't actually qualify as a fiat currency.
Independent of its USD exchange rate it can be used on the Bitcoin blockchain
regardless of third party support. People seem to dissociate bitcoin as a
digital object and see it merely as a tradable unit of currency.

~~~
niceperson
Yeah, that's a feature and it can be used that way, but is its price being
justified by that alone? No, it isn't. Most of it comes from it's price
relative to the USD which basically tethers it to the USD.

