Fiat currency comes devoid of any inherent value unless recognized by law or government regulatory body as money.
Fiat currency examples:
Cryptocurrencies are digital assets that enable peer-to-peer transactions financial and otherwise, along with smart contract execution on a decentralized network online. The first-ever crypto transaction was successfully conducted by deciphering the “double-spend” problem via programming and advanced cryptography.
Cryptocurrency transactions are recorded on public distributed ledgers called ‘blockchain’. It is one of a kind digital currency that does not require an intermediary to process transactions from one to another.
You cannot move cryptocurrency from one place to another like fiat while send/receive. Post-transaction it’s the ownership of the digital asset that changes on the specific blockchain. It is stored on globally spread nodes and fortified by cryptography, a set-up that can be run by anyone provided access to the right resources.
Some digital assets run on top of another blockchain network, which is known as tokens.
Cryptocurrencies don’t have a physical storage location. There are virtual wallets that secure the cryptographic keys required to access digital assets on a blockchain.
Multiple confirmations are required before crypto credit and deposits to ensuring zero chances of double-spending.
Blockchain networks being public, digital assets or cryptos are considered to be pseudo-anonymous. Cryptocurrencies strive to uphold and enhance user privacy, with some focusing on just that specifically.
Cryptocurrency also considered as a digital asset, is a globally distributed financial ledger, with Bitcoin (BTC), Ethereum (ETH) as some of the most prominent ones with numerous others being used fervently.