a common medium of exchange used in a country. For example, fiat money in the united states is dollar. Fiat money itself does not have intrinsic value, however it is just used as a medium of exchange for monetary transactions. If 1 orange is worth 2 apples, then the exchange rate between orange and apple is 1/2. But it is so complicated to apply that reasoning to everything in this world that has value, and therefore people use fiat money to facilitate trading between goods.
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