fiduciary currency

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15) Nakamoto's Bitcoin caught the attention of a largely libertarian, anti-establishment base of users who believed that the currency would eventually eliminate government-issued fiat currency entirely.
While the issuance and transfer of VCs between users are less likely to pass through an intermediary, the interface between VCs and the broader economy - payments for goods and services and exchanges with fiat currency - will often go through a VC exchange or other VC service provider.
The paper suggested that fixing the price to fiat currency with an implicit government-backing could alleviate the problem of virtual currencies' volatility and their current usage an investments rather than exchange tools.
Only someone who does not understand the economic role of money could consider that a fiat currency could be charged with such values.
Thus, in a sense, dollars, euros, pounds, yen, Swiss francs, and Chinese yuan are really somewhat different flavors of one single option--today's floating fiat currency status quo.
Created in 2009 by a secluded (and still anonymous) mathematical genius, the purpose of the Bitcoin was to give the masses an alternative to the traditional fiat currency (a term that describes any money declared by a government to be legal tender).
The supply for a fiat currency has to grow as fast as the economy to be effective.
But this is already a great feat for a four-year-old candidate to the status of fiat currency without any government backing--in fact, under government attack.
With soaring debts under a fiat currency system, folks have a right to be concerned.
Block contends that a similar proposition can be applied to counterfeiting, where B are the government and banking institutions, who throughout history have fraudulently misrepresented their notes as being equivalent to genuine money such as gold and silver, A are the past depositors of these precious metals who were the original victims of B's counterfeiting fraud prior to the establishment of a universal fiat currency, and C is the "heroic" private counterfeiter who "seizes" B's ill-gotten gains.
It was the last of the world's currencies to be backed by gold, and thus began an experiment with a reserve fiat currency that was doomed to failure before it began.
The euro is a fiat currency, the value of which depends on the strength of its issuers' promises, along with the eurozone's prospects for economic growth.