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Fiat

Paper currency printed and backed by a world government

Paper government backed money is the antithesis of Bitcoin. The way that the supply of fiat is determined by politicians and is always changing is the exact opposite of the way that the Bitcoin network has a hard cap of only 21 million Bitcoin ever.

Two big history points to keep in mind when it comes to government printed paper money in the United States. On April 5th, 1933 President Franklin D. Roosevelt made it illegal for private citizens to own gold and forced everyone to sell it back to the government at a predetermined price. In August of 1971 President Richard Nixon took the U.S. Dollar off the gold standard and made it so gold was no longer needed to back the United States Dollars.