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fiat money

  1. 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.
    (akirasan, November 15, 2008, 12:28 am)

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