Bitcoin is often (also here) discussed as being something that counters fiat money.
Fiat money is basically money which has no intrinsic value. Usually, it’s paper. The value comes from the fact that governments accept this money as a means of paying taxes. Fiat comes from fiducia (Latin), meaning “trust”.
Now, Bitcoin. Contrary to conventional money, most governments do not accept it for taxes. Bitcoins have no intrinsic value. The only reason Bitcoin is worth what it’s worth, is because people trust it to be worth this.
So…doesn’t this mean that bitcoin actually requires more Fiducia than conventional money? Doesn’t this make bitcoin a fiat currency too?