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Since the inception of cryptocurrency, some critics have dubbed it “just another fiat money.” This has been the wail of anti-crypto combatants. They have succumbed to grasping at straws in order to manufacture any rebuttal against the thing they loathe. It doesn’t matter how valid the argument is so long as it satisfies their desire to smear crypto.
Non-Argument
Using this kind of non-argument is akin to raising the dead. When one cannot count on truth to win the day, they reach back in time to deploy old, tired bromides. Jimmy Song performed his own ritual for the dead during a debate with Roger Ver at the Coinsbank Cruise on September 10th.
Instead of articulating a legitimate problem with bitcoin cash, Jimmy claimed it is a “centralized fiat money.” This is virtually the same broken premise crypto-antagonists have trotted out ever since Satoshi penned the white paper, including naysayers like Peter Schiff. It was a tragedy to witness, because fiat currency means something entirely different than what Jimmy believed.
What is Fiat Currency?
Fiat currency is money that is issued by decree or formal authorization. To be more specific, by decree means it is backed by a government’s alleged authority, and then enforced on the population by law — at the barrel of a gun. Generally, when a money is decreed by government, using other kinds of competing paper money is considered a criminal act.
For example, when Bernard Von Nothaus created the Liberty Dollar and attempted to put it into circulation, thugs in costumes raided his company headquarters. They put him in jail and charged him with counterfeiting and fraud.
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No one is forcing anyone to use bitcoin cash. No men in costumes are coming to arrest those who use bitcoin cash. It is an opt-in, voluntary cryptocurrency.
Here is the definition of “fiat” according to Investopedia:
“Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity.”
WHAT DO YOU THINK?
THIS IS THE SOURCE: https://news.bitcoin.com/bitcoin-cash-is-not-fiat-currency/