The difference between government issued currencies (what you call fiat) and Bitcoin is that.  Policies controlling Government currencies are decided by a small group of people generally well connected to banks and other wealthy interests (ie: a central bank with an appointed board of governors)<p>Bitcoin&#x27;s governing rules on the other hand are enshrined in software and can only be changed through a democratic consensus process.  It&#x27;s a big step forward over fat cats deciding monetary policy in smoke filled back rooms.