It is well documented by all Bitcoiners that without the fiat money system, Bitcoin would not have been created. Fiat currency is what we use today in our local parts of the world such as US Dollars, British Pounds, Euros, Australian Dollars, etc.

It is money that is controlled by local governments and central banks with policies that can be changed at the blink of an eye. Unfortunately, the changes usually end up hurting the vast majority of ordinary people with the inflation of the daily prices of goods and services and thus reducing people’s purchasing power, which is what we have all worked hard for.

Learn more about the history of fiat currencies and how we came to a new monetary system with Bitcoin in this article.