CR: BTC is Fiat as is not backed by anything, it's simply programmer-fiat rather then state-fiat. People here have confused the word Fiat with 'government issued' but that is not what the word means.
To be fair, there are a few different definitions of "fiat money" in common use, so whether BTC is "fiat" per se depends on which definition you're using. Personally, I tend to go with the definition that interprets "fiat" in the "law or decree" sense, where a currency is "fiat money" when the force of law demands it to be accepted as payment (as in the case of most national currencies today, where a payment of the currency extinguishes a debt no matter what is actually owed).
Of course, if you define "fiat money" as "any currency without intrinsic value", BTC could easily qualify (although I'd still make the argument that BTC have some intrinsic use as the mechanism for storing balances on a trust-free distributed ledger, even if they weren't a currency themselves).
