CBDCs, or as central bank digital currencies. There is no secret that <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin was among the cryptocurrencies that inspired these particular currencies.</p>\n<p>However, <strong>CBDCs would differ from cryptocurrencies</strong> in that they are centralized and their value is determined by the government's financial regulation.</p>\n<p>Some people appear to be debating whether <strong>cryptocurrency is superior to fiat cash</strong>. Meanwhile, cryptocurrency is already being used in place of fiat cash in all of its applications. Starting with the fact that cryptocurrency can be used as a value store, means of trade, and unit of account.</p>\n<p>Furthermore, crypto and decentralized finance eliminate the need for costly and inefficient intermediaries like banks. Also, unlike it is with fiat currencies, the value of a cryptocurrency is not established by the government. It replaces archaic record-keeping, with an invariable and trustless ledger accessible to all users.</p>\n<p>However, <strong>a lot of cryptocurrencies have their drawbacks</strong> surrounding transaction speed and high energy usage. Though modern technology is quickly evolving to solve these issues and develop a system of finance that is fully superior to fiat.</p>\n<h3>The Fiat Money System</h3>\n<p>To conclude, fiat money is created and circulated by governments' balance, treasury, and central bank systems. Fiat money is not supported by gold or silver, but rather by the governments that issue and distribute it.&nbsp;</p>\n<p>This can be risky since governments have a habit of creating excessive amounts of money to boost their economy, leading to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-inflation/">inflation. 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":344,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Fiat-Pegged Cryptocurrency?","slug":"what-is-fiat-pegged-cryptocurrency","section":"F","keyword":"Fiat-Pegged Cryptocurrency","status":"published","definition":"is a coin, asset, or token that is connected to an authority or bank-issued currency and is often seen as an example of stablecoins.","content":"<p>Fiat-pegged cryptocurrencies are often considered to be instances of <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-stablecoin/">stablecoins. Therefore, it is a coin, asset, or token created on a blockchain. Moreover, every <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat-pegged cryptocurrency is developed to constantly contain a particular cash value in holdings.</p>\n<p>For instance, <strong>Tether</strong> is one of the most well-known fiat-backed cryptocurrencies. It has had controversy surrounding its existence, as Tether has previously stated that every unit was backed by the <strong>U.S. dollar.</strong></p>\n<p>Tether's cryptocurrency, on the other hand, increased its backing in March 2019 to incorporate loans to affiliated corporations, which are deemed less reliable than fiat-backed currencies.</p>\n<p>Usually, the most prominent cryptocurrency exchanges are obligated to safeguard positions from <strong>price volatility,</strong> by keeping some reserves in the fiat-backed asset. This is recognized as one of the primary reasons why <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">exchanges are large holders of fiat-backed cryptos.</p>\n<p>Increasing the exchange's <strong>liquidity foundation</strong> is considered a major motivator for exchanges to retain fiat-backed cryptocurrencies. However, not all cryptocurrency exchanges have accessibility to financial services. Besides, having some fiat-pegged cryptocurrencies on hand can function as a hedge against this.</p>\n<p>Fiat-pegged cryptocurrencies, in general, <strong>were designed to address the issue of excessive volatility</strong>, since cryptocurrencies are notoriously volatile, with large upward and downward movements being prevalent.</p>\n<p>Furthermore, stablecoins are often tied to the most important currencies, such as the US dollar, euro, and British pound. Although it is conceivable for fiat currencies to decline, versus other currencies, <strong>major currency fluctuations are much less common.</strong></p>\n<p>In addition, unlike certain fiat-pegged cryptocurrencies that have a precise structure, stablecoins can come in various forms. This means that they can only be generated by <strong>depositing a unit of fiat money.</strong></p>","level":"easy","meta_title":"What is Fiat-Pegged Cryptocurrency? Definition & Meaning | Crypto Wiki","meta_description":"Fiat-Pegged Cryptocurrency meaning: Fiat-Pegged Cryptocurrency - is a coin, asset, or token that is connected to an authority or bank-issued currency and is often seen as an example of stablecoins.","meta_keywords":null,"language":"en","created_at":"2022-03-15T06:38:21.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-fiat-pegged-cryptocurrency"},"prevSection":{"id":342,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Faucet?","slug":"what-is-faucet","section":"F","keyword":"Faucet","status":"published","definition":"a cryptocurrency reward system based on an application or website that distributes prizes to users and cryptocurrency holders who successfully perform specific tasks.","content":"<p><strong>Faucet is a cryptocurrency reward system</strong> based on an application or website, that gives away rewards for users and cryptocurrency holders that manage to complete particular assignments such as viewing ads or finishing captcha tasks.</p>\n<p>For instance, <strong>Bitcoin Aliens is a faucet that was created in 2014</strong>. This faucet lets users gain a particular quantity of major cryptocurrencies like Ethereum, Bitcoin, Litecoin, or Bitcoin Cash directly from their phones as a reward for playing games.</p>\n<p>It is seen as an easy way to gain crypto assets without the need for any knowledge, as opposed to cryptocurrency trading. Besides, the reward system was developed to encourage people to buy cryptocurrencies and altcoins, which are an alternative to Bitcoin.</p>\n<p>Besides, <strong>Bitcoin faucets are one of the most utilized and popular forms of faucets</strong>. It was first created in 2010, by Gavin Andersen, and in the early phases, Bitcoin faucets were valued at about 5 BTC.</p>\n<p>Moreover, the faucet was rewarded in the form of a satoshi (a hundredth of a millionth of a Bitcoin). It was named after Satoshi Nakamoto, the inventor of Bitcoin.</p>\n<p>However, <strong>faucets must not be confused with airdrops and bounties</strong>, which are two different methods of obtaining cryptocurrency prizes. As a result, airdrops are typically issued by cryptocurrency start-ups and provide a one-time payment for assisting a company with community growth.</p>\n<p>The bulk of faucet rewards is paid straight to a user's wallet or third-party wallet. However, in order to qualify for the little amount of bitcoin, users usually need to complete a captcha.</p>\n<p>&nbsp;</p>","level":"easy","meta_title":"What is Faucet? Definition & Meaning | Crypto Wiki","meta_description":"Faucet meaning: Faucet - a cryptocurrency reward system based on an application or website that distributes prizes to users and cryptocurrency holders who successfully perform specific tasks.","meta_keywords":null,"language":"en","created_at":"2022-03-15T06:17:42.000000Z","updated_at":"2023-04-14T13:58:55.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-faucet"},"currentChapter":"F","currentSection":"what-is-fiat","chapterTitle":"F","readingLevel":"hard"},"url":"/crypto/learn/crypto-terms/what-is-fiat","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">