Fiat Currency

noun

A government-issued currency not backed by a physical commodity. Bitcoiners view fiat currencies as fundamentally flawed due to their unlimited supply, susceptibility to inflation, and centralized control. The ability to create fiat currency at will is seen as a form of hidden taxation and wealth redistribution.

"The US dollar, euro, and yen are all fiat currencies subject to debasement over time, while Bitcoin offers a decentralized, hard-capped supply alternative immune to arbitrary expansion."