Many people, when they first start out buying Crypto, are confused by the term ‘fiat’ but you know WAY more about fiat than you realise! Fiat is just the fancy term for the currency your government classes as legal tender. In other words, here in Australia we have Australian Dollars (AUD), America have USD, Japanese Yen, Chinese Yuan, etc etc. Most exchanges don’t accept fiat and only trade in cryptocurrency. This is when you use a broker such as Coinbase to buy bitcoin or another cryptocurrency with your fiat and send the cryptocurrency you buy to an exchange to attain other cryptocurrencies. That’s getting a little technical but all you need to know is that fiat is your hard earned Australian Dollars!
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