Although the term is frequently associated with acoustic guitar, it is correct to link ‘fingerstyle’ to the musical genre played with the fingers of the right hand — for example, classic fingerstyle, blues fingerstyle, fingerstyle jazz.
These are different musical genres, often interpreted with different guitars. In more technical-musical terms, fingerstyle, in addition to what said, can also refer to a guitar performance played in counterpoint. The counterpoint is performed by playing two different lines at the same time: the treble(melody line) and the bass(accompaniment line). This procedure allows the guitarist more complete and self-sufficient performances. Both lines play independently.
The term “fingerpicking” instead, indicates the technique originated on the acoustic guitar to play American music, mainly blues and country.
More precisely, it refers to “primitive fingerstyle techniques” that were introduced by the pioneers of blues and American folk.
Therefore this term refers to a specific musical genre.
To clarify further, we can say that a bluesman, pioneer of the blues, played fingerpicking, but for a guitarist of our days playing blues, to be more precise, we should say that he plays fingerstyle blues.