We are all familiar with the fiat currency system we use in our everyday lives. Our money goes through many different hands before it ever reaches us, passing from the government to the banks to the businesses we patronize and others before it lands in our hands. In the case of Bitcoins, the money does not pass through any third party to get to us.
Fiat is a term which is used in many financial contexts, but which has a slightly different meaning depending on the subject. Most commonly, fiat refers to paper currency that is guaranteed by a government. It’s also the term used to describe the approach of accepting only fiat currency, which is money that has no intrinsic value but is accepted as being valid for exchange in transactions. (The term is also used in religious contexts, particularly in the Catholic church.) The term fiat specifically refers to currency that is not backed by a physical commodity – money that gets its value from the government that issues it. Historically, the term came from the Latin fiat meaning “let it be done,” as in the phrase fiat lux, or “let
Bitcoin is a new kind of currency. It’s made up of bits and it’s not controlled by any country. It’s like the internet, but better. It’s the first borderless money. By its very nature, it’s completely decentralised. No one country, no government or central bank controls it. It’s a new technology and it’s changing the world. When you buy bitcoins, you are buying an entry in a global distributed ledger called the blockchain.. Read more about bitcoin price and let us know what you think.
Yesterday saw the launch of the Bitcoin Pizza initiative, a new project from influential Bitcoin speculator Anthony Pompliano that aims to fund the development of Bitcoin in memory of Lazlo Hanecha’s legendary pizza purchase. While some applauded him, he also received a lot of criticism from the cryptocurrency community for his proposal.
Bitcoin Pizza Initiative launched
Anthony Pomp Pompliano, a well-known authority on cryptocurrencies, has launched a new company called Bitcoin Pizza. The company wants to commemorate the mythical purchase made by Lazlo Hanech 11 years ago while helping the bitcoin development community. The initiative involves Bitcoin users, local businesses in 10 different cities across the US and custom packaging to create the new brand. Today I’m announcing Bitcoin Pizza, a new national pizza brand launching in 10 cities. The first pizzas will be delivered this Saturday – the 11th. Anniversary of the infamous Bitcoin pizza transaction. Buy a pizza: https://t.co/L6AkyRPgjr pic.twitter.com/nUkCZd430Q – Pomp (@APompliano) 18. May 2021 The pizzas will be available starting next Saturday. Users wishing to purchase these pizzas will have to place an order with a local retailer who has specially marked boxes to prepare the pizzas in six different offerings already indicated on the website. These likes are heavily influenced by bitcoin-based memes: Laser Eyes, Satoshi’s Favorite, No Keys No Cheese, Lightning Meat and Capital Greens. Bitcoin Pizza is launching this Saturday the 11th. Anniversary of buying Hanech to deliver 10,000 pizzas. Pomp noted on social media that all proceeds from this sale will go to bitcoin development through the Bitcoin Development Fund, referenced by the Human Rights Foundation. To date, the fund has raised $316,303 from 112 donors and has supported several developers and wallet development teams working on cryptocurrency since its inception.
While the idea was received with enthusiasm by a part of the crypto currency industry, which was happy to support the initiative, another part criticized the idea for a simple reason: Local merchants only accept credit cards for pizza, so bitcoin and other cryptocurrencies are not accepted as payment methods. For them, the idea of celebrating pizza day is to have the same experience Hanitz had when he paid for his pizza with bitcoins. Pompa, however, answered in the negative. In response, the influencer tweeted: We don’t want people to give away their bitcoins for pizza, we are raising money in the form of devaluing fiat dollars to fund the development of Bitcoin. Pompliano explained that he actually protects investors by accepting dollars instead of bitcoins. What do you think of the Bitcoin Pizza initiative? Tell us what you think in the comments section below. Photo credit: Shutterstock, Pixabay, Wiki Commons, Twitter, Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.It is a huge day for the crypto-currency industry as one of the oldest fiat coin exchanges has announced that it will now accept Bitcoin and Litecoin for all of its goods and services. This is a first for the industry, and many are predicting that this could lead to a temporary boom in the crypto market. Many of the users on the bit-bay forums are already speculating on when the site will add support for other crypto-currencies, such as Dogecoin and others.. Read more about how to mine bitcoin and let us know what you think.It is a huge day for the crypto-currency industry as one of the oldest fiat coin exchanges has announced that it will now accept Bitcoin and Litecoin for all of its goods and services. This is a first for the industry, and many are predicting that this could lead to a temporary boom in the crypto market. Many of the users on the bit-bay forums are already speculating on when the site will add support for other crypto-currencies, such as Dogecoin and others.. Read more about how to mine bitcoin and let us know what you think.
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