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    1 year ago

    Fiat money via WIkipedia:

    Fiat money can be:
    * Any money that is not backed by a commodity.
    * Money declared by a person, institution or government to be legal tender,[5] meaning that it must be accepted in payment of a debt in specific circumstances.[6]
    * State-issued money which is neither convertible through a central bank to anything else nor fixed in value in terms of any objective standard.[7]
    * Money used because of government decree.[2]
    * An otherwise non-valuable object that serves as a medium of exchange[8] (also known as fiduciary money).[9]
    

    Doesn’t have to come from a government. Crypto is three of these. The article even starts with “Fiat money is a type of currency that is not backed by a commodity, such as gold or silver.” Nothing about government there either.