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Author Topic: Virtual currency, Cryptocurrency, how about "network currency"?  (Read 1676 times)
TradeFortress 🏕
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March 20, 2013, 04:48:56 AM
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Virtual currency makes Bitcoin sound inferior. People think digital currency are their bank accounts. Decentralized currency will confuse many people. Cryptocurrency has a "shady" connection to Joe Public. How about the term 'network currency' which brings in the point that it is maintained by the network?

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March 20, 2013, 04:50:26 AM
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Virtual currency makes Bitcoin sound inferior. People think digital currency are their bank accounts. Decentralized currency will confuse many people. Cryptocurrency even more. How about the term 'network currency' which brings in the point that it is maintained by the network?

What's wrong with Cryptocurrency? After all, it's cryptology which backs it.

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March 20, 2013, 05:16:24 AM
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Great suggestion.
Makes much more sense.
It has a down to earth feeling.

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March 20, 2013, 07:03:21 AM
 #4

I like "network currency"

What's wrong with Cryptocurrency? After all, it's cryptology which backs it.

Joe Average doesn't associate "crypto" with cryptography.

He associates it with "shady", "secretive", "underground", "cryptic" etc.

I think that's why the term was removed from bitcoin.org

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March 20, 2013, 10:43:25 AM
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What's wrong with Cryptocurrency? After all, it's cryptology which backs it.

Cryptocurrency describes Bitcoin pretty accurately but it's a negative term to the average person. Like peer to peer / P2P also makes people associate it with torrenting / piracy, which regardless of how you feel about it, shouldn't be bitcoin's first impression.

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March 20, 2013, 10:50:31 AM
 #6

What's wrong with Cryptocurrency? After all, it's cryptology which backs it.

Cryptocurrency describes Bitcoin pretty accurately but it's a negative term to the average person. Like peer to peer / P2P also makes people associate it with torrenting / piracy, which regardless of how you feel about it, shouldn't be bitcoin's first impression.

just call it gold

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March 20, 2013, 11:12:53 AM
 #7

Virtual currency makes Bitcoin sound inferior. People think digital currency are their bank accounts. Decentralized currency will confuse many people. Cryptocurrency has a "shady" connection to Joe Public. How about the term 'network currency' which brings in the point that it is maintained by the network?

+1 rational proposal

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March 20, 2013, 11:15:24 AM
 #8

Virtual currency makes Bitcoin sound inferior. People think digital currency are their bank accounts. Decentralized currency will confuse many people. Cryptocurrency has a "shady" connection to Joe Public. How about the term 'network currency' which brings in the point that it is maintained by the network?

+1 rational proposal

+1

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TradeFortress 🏕
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March 20, 2013, 11:19:06 AM
 #9

What's wrong with Cryptocurrency? After all, it's cryptology which backs it.

Cryptocurrency describes Bitcoin pretty accurately but it's a negative term to the average person. Like peer to peer / P2P also makes people associate it with torrenting / piracy, which regardless of how you feel about it, shouldn't be bitcoin's first impression.

just call it gold
Bitcoin share a few characteristics with gold but it's not a good idea to call it gold..

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March 20, 2013, 11:35:46 AM
 #10

What's wrong with Cryptocurrency? After all, it's cryptology which backs it.

Cryptocurrency describes Bitcoin pretty accurately but it's a negative term to the average person. Like peer to peer / P2P also makes people associate it with torrenting / piracy, which regardless of how you feel about it, shouldn't be bitcoin's first impression.

just call it gold
Bitcoin share a few characteristics with gold but it's not a good idea to call it gold..

you call it bitcoin first

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March 20, 2013, 11:41:17 AM
 #11

In a couple of years, Bitcoin will be described as Bitcoin. Like podcast or gold.

You don't describe gold to people as physical money, right? They just know what the gold is. The same will be with Bitcoin. Every other digital currency will be compared to it: "LTC was like Bitcoin, but with different rules" or "WoW money was not like Bitcoin, it was a controlled point system before it was replaced by Bitcoin for in-game transactions"

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March 20, 2013, 02:03:59 PM
 #12

"Network currency" is good.

However, I'm thinking the most favorable angle to take is to call it an "emergent Internet commodity" or "network commodity." That might keep regulators more bamboozled for longer.
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March 20, 2013, 02:29:18 PM
 #13

"Network Currency" is quite good.

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March 20, 2013, 02:59:56 PM
 #14

All of the above work, if you cant wrap your head around the fact that their the same thing you probably shouldnt be using Bitcoin.
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March 20, 2013, 03:14:25 PM
 #15

All of the above work, if you cant wrap your head around the fact that their the same thing you probably shouldnt be using Bitcoin.
I foresee use and acceptance by people who can't wrap their head around how to balance a checkbook.  Whether that's a good thing is a matter for debate, but trying to keep the muggles out by using arcane terminology isn't good for anyone.

The person who taught me more than I ever wanted to know about sales told me that the radio station that everyone listens to is "WII-FM": "What's In It For Me".  If you want to be heard, broadcast on that frequency.

And looking at the matter semantically, cryptography is used in Bitcoin's implementation, but the implementation details don't really concern anyone but us nerds.  What makes Bitcoin special is its ability to traverse the Internet in realtime, peer-to-peer, without restriction.  So "network currency" is a much more apt description than "cryptocurrency".  And probably gives people a much better idea of why it'd be useful to them.

TLDR:
+1 for "network currency".

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March 20, 2013, 11:39:52 PM
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In a few years, there will still be people who haven't heard of bitcoin.

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March 21, 2013, 01:04:28 AM
 #17

I like the sentiments of OP ... though 'network currency' can sound like 'networking marketing .... pyramid, etc.

"Internet Currency" could be more appropriate, useful and correct , since it operates on layer 4 and above, not on the network hardware anyway (yet?)

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March 21, 2013, 06:32:25 AM
 #18

I think 'peer-to-peer currency' is more specific and descriptive.
TradeFortress 🏕
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March 21, 2013, 06:32:37 AM
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I like the sentiments of OP ... though 'network currency' can sound like 'networking marketing .... pyramid, etc.

"Internet Currency" could be more appropriate, useful and correct , since it operates on layer 4 and above, not on the network hardware anyway (yet?)
Internet currency is a good term too! (through internet = internetwork)

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March 21, 2013, 06:48:58 AM
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I like the sentiments of OP ... though 'network currency' can sound like 'networking marketing .... pyramid, etc.

"Internet Currency" could be more appropriate, useful and correct , since it operates on layer 4 and above, not on the network hardware anyway (yet?)

Bingo! I was wondering if this point was going to brought up, for if it hadn't I was going to pen something similar.

Amway, et al., were considered MLMs, until it was remarketed as Network Marketing. Insurance companies are base on the same principle.

There's probably a large demographic that has a negative cognition toward the term network, although I do see the beauty in its usage.

One main problem I see with the term "Internet Currency" is the number of syllables it has. Perhaps, if it were shorten to something like "Netcy" it may have a chance.
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