How do cryptocurrencies differ from fiat currencies?

1. Fiat currencies are issued and backed by the government, while cryptocurrencies are not.

2. Fiat currencies are generally accepted as legal tender and are regulated by government authorities, while cryptocurrencies are usually decentralized and unregulated.

3. Fiat currency has a physical form, while cryptocurrencies exist solely as digital currencies.

4. Fiat currencies are managed by central banks, while cryptocurrencies operate on a distributed ledger technology such as blockchain.

5. Fiat currencies can be printed at will, while the production of cryptocurrencies is limited and predetermined.

6. Fiat currencies are centrally stored in banks, while cryptocurrencies are stored in digital wallets.

7. Fiat currencies can be subjected to inflation and deflation, while cryptocurrencies are generally immune to these factors.

8. Fiat currencies are subject to exchange rates, while cryptocurrencies are not.