Fiat money is a type of currency that is backed by a government's legal authority, rather than by a physical commodity like gold or silver. It derives its value from government regulation and is not directly convertible into a physical commodity. The term "fiat" comes from the Latin word "let it be done," meaning that the currency is created by government decree or fiat. This means that the government has the power to declare the currency as legal tender, meaning that it is accepted as a means of payment for goods and services. Most modern currencies, including the US dollar, euro, and Japanese yen, are examples of fiat money. The value of fiat money is based on the confidence people have in the issuing government and the stability of the economy. The government can control the supply of fiat money through monetary policy, such as adjusting interest rates or the amount of money in circulation, to help stabilize the economy. One of the advantages of fiat money ...
A digital wallet, also known as an e-wallet, is a software application that enables users to store and manage their digital assets, such as credit card information, loyalty cards, and cryptocurrencies. With a digital wallet, users can securely store their sensitive information and use it to make online purchases, transfer funds, and pay for goods and services. Digital wallets typically operate through mobile applications, and some popular examples include Apple Pay, Google Pay, and PayPal. They work by linking to a user's bank account or credit card, and once linked, users can make transactions without the need to enter their financial information repeatedly. Digital wallets offer several benefits, including convenience, security, and speed. They eliminate the need for carrying physical wallets or cards and enable users to complete transactions with just a few taps on their smartphones. Digital wallets also offer enhanced security features, such as biometric authentication, to pr...