What is Fiat Currency

The term fiat currency refers to any government fund that can be used as a legal tender. This type of currency isn't backed by a commodity and enables central financial institutions, such as banks and governments, to control the amount of money printed. Due to government regulations, fiat money has no internal value and can suffer from hyperinflation. Fiat currencies are value stores, exchange methods, and account units. Processing fiat currency transactions require more time than done with cryptocurrency, and there may be higher costs associated with trading. Many modern paper currencies, such as the Indian National Rupee - INR, U.S. Dollar, and Euro, are fiat currencies.

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