Fiat balance is the total value of all the fiat currencies that a person has in their Binance account. This can be in any form, including cash, investments, and property.
The term “fiat” is derived from the Latin word for “let it be done.” In other words, it is money that is not backed by any physical commodity.
Fiat currencies are created and regulated by governments. They are not backed by any physical commodity, such as gold or silver. Rather, they are based on the faith and credit of the issuing government. The most common fiat currencies are the U.
S. dollar, the euro, and the Japanese yen.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao and Yi He.
The company is headquartered in Malta. Binance has grown rapidly since its launch and is now one of the largest cryptocurrency exchanges in the world.
Fiat currencies are subject to inflationary pressures due to the printing of money by central banks. This can lead to a loss of purchasing power over time.
Cryptocurrencies, such as Bitcoin, are not subject to these inflationary pressures as they have a finite supply. This makes them an attractive investment option for those looking to preserve their wealth over time.
The Bottom Line
Fiat balance refers to the total value of all fiat currencies that a person has in their Binance account. Fiat currencies are created and regulated by governments and are not backed by any physical commodity.
Cryptocurrencies, such as Bitcoin, are not subject to inflationary pressures as they have a finite supply.