FIAT money is a legal tender, such as the US ($) Dollar or Euro (€), issued and backed by a central government. FIAT can exist as physical notes or be used for electronic payments through online banking, debit cards, or credit cards. The supply of FIAT currency is controlled by the issuing government or central bank, rather than being tied to a physical commodity like gold or silver.
Cryptocurrency is a purely digital asset that is created on and derives value from its native blockchain. Cryptocurrency is a decentralised asset governed by cryptography and its supply is controlled by an algorithm. Common examples are Litecoin (LTC), Bitcoin (BTC), Ether (ETH).
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