Replying to Avatar πŸ₯©β„π•–π•Ÿπ•–π•˜π•’π••π•– ₿𝕦π•₯π•”π•™π•–π•£βš‘

How would you define the term fiat?

Not specifically in relation to money, but as a concept. I see many utilize the term more broadly, so this is a thought experiment.
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πŸ₯©β„π•–π•Ÿπ•–π•˜π•’π••π•– ₿𝕦π•₯π•”π•™π•–π•£βš‘ 2y ago

I am liking the takes so far, but I've seen it used very broadly.

My thoughts (ever evolving):

Centralized

Controlled by an authority

Loses value or holds little to no value

Usually used as a method of control or leverage on it's users

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