IMO: Governmemt issued Fiat currency is backed by a centralized authority who has an arbitrary power to act and implement at a whim without any input from the population. And effects these changes by the threat of force.
Cryptocurrency is backed by code, encryption, a public ledger, the network effect, the free market, and people's free choice. And if your lucky and find a place like hive, it is also backed by development and use case.
That why "fiat" is part of the phrases "fiat money" and "fiat currencies": Money forced on the people by the rulers.
Just as important regarding cryptocurrency, it's backed by trust. Even with all the pump-and-dumpers out there and all the rug pulls taking place, cryptocurrency has more trust than fiat currencies.
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