“ “Fiat” is a dirty word in the Bitcoin world, and perhaps that’s not the best thing, insinuated Coinapult backer Lawrence Lenihan in a recent interview with CoinDesk. Worse, many people are offended by the idea of traditional venture capital firms getting involved in anyway, because, they say, the entrepreneurs are then not loyal to their communities but instead to the hand that feeds. While there is legitimacy to both sides of this argument, the fact is, you need money to do anything in business, and when you’re pioneering as many cryptocurrency startups are, you need a lot of money because you need a lot of room for failure. Furthermore, is it not better to broaden the financial base of an altcoin by financing it directly with fiat currency rather than raising capital through Bitcoin exchange markets?”
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