What exactly is fiat currency? Where do fiat currencies derive their value? The fiat currency derives its value solely from government decree, like U.S. dollars, British Pounds, or most other national currencies in use today. Fiat currencies have no intrinsic value because they are not backed by any commodity (e.g. gold or silver). Saifedean Ammous discusses the social and economic problems with the fiat money system and how bitcoin could solve those problems.
The Problems With the Fiat Money System










