The word “fiat” is growing more aggrandized in the modern lexicon, however, despite its increasing popularity it is often ill-defined or misused. I regularly observe people falsely call bitcoin a fiat currency. This is thanks, not least of all, to the layman’s poor grasp of history and money. Fiat is of Latin origin, meaning authoritative sanction; a decree, command or order. Fiat does not mean “backed by nothing” or “redeemable for nothing” or “pegged to nothing.” The phrase “fiat lux” is a Latin reference to some of the most prolific words ever written; from the book of Genesis in the Bible, “Let there be light.” ... (full story)