About Fiat Currency - Overview
What is Fiat Currency?
Fiat currency or money, is the name used to refer to traditional currencies such as Dollars, Euros, Pounds, Yen.
The actual official definition of Fiat money is: "inconvertible paper money made legal tender by a government decree."
This type of money is not backed by any physical commodity, such as gold, silver or other precious metals etc. Therefore, fiat money actually has no intrinsic value. Market forces determine the value of fiat money, as witnessed 24/7, on the exchange rates of all currencies in the world.
Bitcoin or other Cryptocurrency is not classed as fiat currency, since it's not a legal tender currency issued by a government. Cryptocurrency is in contrast, backed by Blockchain technology, which is a totally decentralized mechanism, compared to any government.
Digital wallets, such as O-Wallet enable you to process all types of recognised Fiat and Cryptocurrencies
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