"The Latin word “fiat” means “let it be done”, and in English, the term has been adopted to mean a formal decree, authorization, or rule. Value on a solely fiat based system is not based on a freely traded physical commodity but is instead dictated by authority, which can control its issuance, supply, clearance, and settlement, and even confiscate it at any time it sees fit."

It boggles the mind that the fiat fraud has been allowed to continue for as long as it did, Bitcoin was definitely long overdue.