cryptocurrency fiat wallet development

Crypto – Fiat Wallet Development

Fiat money is currency that a national government has deemed to be legal tender. The value of fiat currencies is derived based on the level of supply and demand.

What is Fiat Exchange?

Fiat money is currency that a national government has deemed to be legal tender. The value of fiat currencies is derived based on the level of supply and demand. Digital currencies such as Bitcoin (BTC) and Litecoin (LTC) aren’t controlled by a national government and, in turn, may not be deemed legal tender.

Although the latter point may soon become incorrect due to the growing acceptance of cryptocurrencies, the former will never change. Indeed, it’s the decentralized nature of cryptos that make them distinct from fiats. Instead of a central power making, distributing and having an influence on the price of a coin, cryptos are controlled by no-one.

Although the leading crypto exchanges are gradually introducing more fiat options, there are certain currencies that dominate. The reason for this is partly local regulations and the popularity of certain currencies. As a general rule, the US dollar is the main fiat used when you want to buy BTC. Beyond dollar exchanges, GBP/BTC exchanges are popular, as are those accepting EUR payment. In the future, the list of fiat crypto exchanges will expand. However, for now, the easiest way to buy digital tokens is via USD, GBP and EUR.

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