As I expected, I think Bob does a great job explaining everything.

Basically, what defines fiat is the requirement that it be differentiated not by technical properties but by certification.

The idea is that something like bcash is technologically similar to bitcoin but it would not be money because bitcoin miners do not acknowledge it as such.

Bitcoin would fit into Hayek’s framework for private fiat money.

I would like to see someone with more technical knowledge weigh in because there are definitely some points of ambiguity.