Fiat money is legal tender whose value is tied to a government-issued currency, like the U.S. dollar, while cryptocurrency is a digital asset that derives its value from its native blockchain.

The issuance and governance of fiat currency are dictated by Central Banks, while Blockchain protocols, Code, and Communities govern Cryptocurrency.

The distribution of fiat requires intermediaries, while cryptocurrency relies on distributed and decentralized networks to enable “trustless” transactions.

Conclusion;

Cryptocurrencies are becoming a global phenomenon, amidst talk that they could replace fiat currencies in the near future. Cryptocurrencies adoption continues to gain momentum in part because of the world’s progression towards a cashless society.

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