BitcoinDesign / Guide

A free, open-source community resource for designers, developers and others working on non-custodial bitcoin products.
https://bitcoin.design/guide/
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Added "Fiat" to Glossary. #987

Closed LiQuiD-404 closed 1 year ago

LiQuiD-404 commented 1 year ago

Closes #975

I have worked on the above-mentioned issue and have added the definition of "fiat" currency in the glossary. I have also linked a Wikipedia page where the user can learn more about fiat and fiat currencies if he wishes to.

Let me know if there is any more addition or improvement needed from my side.

Screenshot :

image

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steynviljoen67 commented 1 year ago

Is it correct that fiat money has value because the government says it has? The Zimbabwean Dollar and Venezuelan bolívar are 2 examples where this is not true.

LiQuiD-404 commented 1 year ago

Is it correct that fiat money has value because the government says it has? The Zimbabwean Dollar and Venezuelan bolívar are 2 examples where this is not true.

What I was trying to mean from the above sentence was that fiat money lacks intrinsic value and the value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government, rather than the worth of a commodity backing it.

I will remove the whole thing and make some changes.

LiQuiD-404 commented 1 year ago

image

danielnordh commented 1 year ago

Merging this, thanks for the contribution @LiQuiD-404