Yes, it is. Fiat currencies are a physical medium of exchanges with unlimited supply and are only issued and controlled by the government. Meanwhile, Bitcoin has a maximum coin supply of 21 million and any government or central authority doesn’t control it. Bitcoin and fiat currencies coexist, and each one has its perks and side effects. Bitcoin and fiat currencies share certain similarities, such as being used as a medium of exchange. However, Bitcoin operates differently from fiat currencies as it was designed to solve the fiat system’s inefficiencies.