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Pump lets anyone create coins, giving everyone equal access to buy and sell from the start. Prices can move quickly, so trade carefully.
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Fiat money is a government-issued currency that's not backed by a physical commodity such as gold or silver. It's backed by the government that issues it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government rather than the worth of a commodity backing it.