What the difference between fiat money and gold standard?

Fiat money is currency that has value because a government maintains it and people have faith in its worth, rather than being backed by a physical commodity. In contrast, the gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold, meaning it can be exchanged for a specific amount of gold. This ties the money supply to gold reserves, limiting how much money can be printed. Ultimately, fiat money relies on trust in the issuing authority, while the gold standard is based on tangible assets.