The term "Fiat" refers to fiat currencies, i.e. they are the traditional currencies issued by governments and have no intrinsic value, being accepted as a medium of exchange based on the issuer-central trust and the laws that underpin it. Some of the most common Fiat currencies include the US Dollar (USD), Euro (EUR), Japanese Yen (JPY), Pound Sterling (GBP) and many others.
Cryptocurrencies, on the other hand, are decentralized and use blockchain technology to validate and record transactions without the need for a central authority. While Fiat money is regulated by governments and traditional financial institutions, cryptocurrencies operate in a decentralized environment and are often seen as alternatives to the traditional financial system.
The value of cryptocurrencies is often compared to that of Fiat currencies, and it is important to note that cryptocurrencies can be traded in pairs with Fiat currencies on many exchanges. Also, Fiat currencies are often used to buy cryptocurrencies on exchange platforms.