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FIAT Vs crypto

Digital or virtual money takes the form of cryptocurrencies, or simply "crypto." Only digital in nature, cryptocurrency is not governed by a single entity. On the other hand, "Fiat" money, such as dollars, euros, and pounds, is issued and managed by governments in collaboration with central banks.

The blockchain, a set of networks that records every cryptocurrency transaction, is the foundation upon which cryptocurrencies are built. Users communicate with each other directly, bypassing the middleman. Before being included in the official list of transactions on the ledger, each transaction must be verified.

To ensure that nobody can manipulate the system, a group of unique users on the network known as miners or validators, depending on the network, must concur that the record is legitimate. Anybody could become a miner or validator and validate transactions, which is why we call the network 'decentralised' as it's not run by a central authority.