Stop calling Bitcoin 'virtual' or 'digital' currency.

[johnyj]

It's an alien currency used by non-solar system-born human 

[qwerty555]

It appears that virtual is already a legal definition of the currency as per the USA

Others may of course call it whatever they please but in a US Court it will probably be referred to as virtual

http://www.jdsupra.com/legalnews/financial-crimes-enforcement-network-iss-19502/

and “virtual currency,” which is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. The Guidance specifically addresses the regulatory treatment of “convertible virtual currency” and the “users,” “exchangers,” and “administrators” of convertible virtual currencies.

Dear Sam.

 I understand your point and agree that "virtual" implies something that is not real and actually it is very real.

The issue seems to be what the US decides is a currency as defined under their laws (which they change to suit themselves when they wish) and what others , particularly those in this community and hopefully the majority of the population eventually, decide to accept as currency .

If a group of people agree that this is a currency then it certainly is for them and they can use it as such whatever the law may say. Unfortunately they cannot call upon the laws of the USA to enforce anything should things go wrong. As long as they are aware and accept that then everything is fine.

When there are enough people using it the law will probably change to recognize it as a currency with all the protection that the law currently provides for the US dollar but it will be regulated. However, I thought that regulation is what the concept of bitcoin was trying to avoid and if that is the case then it will always be outside the law because anything (of size) they cant regulate they will surely make illegal. If it is destined to be outside the law then mass adoption in everyday commerce will probably be very difficult if not impossible.

I would suggest that some type of compromise will be needed in order to further the cause of mass adoption and would be happy to hear others opinions on this as it is critical to how fast and how big Bitcoin can grow.

[BlkGalager]

ok virtual jesus. get off your digital cross.

LOL!

[CtrlAltBernanke420]

I do not mind explaining it as a math based currency, then I call it a digital or virtual currency. Once they have some understanding of the math(I explain the search for prime numbers, most of their brains seem to jump back to 3rd grade, 3,5,7,11)

[letcore]

Bitcoin is a protocol for transferring and storing value using the Internet.
Unlike gold, it excels as a borderless currency as it can be transferred without friction, to anyone, in almost any amount and without going through a central point.

Bitcoin is digital like credit cards, debit cards, internet banking and compact discs.

Bitcoin is virtual like the brain's perception of the universe.

[Transisto]

Not following but a Ctrl-F "cryptoc..." tells me to yell out loud.

Bitcoin is a CryptoCurrency !!!,
That a naming convention used almost everywhere.

(Just a suggestion)

http://en.wikipedia.org/wiki/Cryptocurrency
http://en.wikipedia.org/wiki/Digital_currency
http://en.wikipedia.org/wiki/Virtual_economies

[The 4ner]

Not following but a Ctrl-F "cryptoc..." tells me to yell out loud.

Bitcoin is a CryptoCurrency !!!,
That a naming convention used almost everywhere.

(Just a suggestion)

http://en.wikipedia.org/wiki/Cryptocurrency
http://en.wikipedia.org/wiki/Digital_currency
http://en.wikipedia.org/wiki/Virtual_economies

Lol!

[BTConomist]

... cannot be controlled, seized, restricted or issued by some government, company, FED, central bank, or any other authority...

Hmm... Are you sure you understand what mining is all about?

[Dayne]

I prefer people not be intellectually lazy.

I will NOT stop referring to Bitcoin as 'virtual' or 'digital' because that is exactly what it is. If people can't wrap their little muppet heads around it, that isn't OUR problem.

Anyone who operates in the digital world immediately 'gets' this. The lumbering dinosaurs that don't will become extinct anyway, so why "dumb" it down?

I almost got where the OP was coming from until I read this and it reminded me that I despise idiocy.

[Jace]

... cannot be controlled, seized, restricted or issued by some government, company, FED, central bank, or any other authority...

Hmm... Are you sure you understand what mining is all about?

Yep. Mining is a construction to decentralize the issuing of new bitcoins and creating global consensus about what transactions took place.

[Jace]

yeah but Bitcoin IS digital currency

Yeah I know. So are the Euro and Dollar, and payment methods like PayPal, credit cards, or wire transfers. Yet we don't refer to them explicitly as 'digital' either. Because the being digital part, although true, is not important, and only draws away attention from what IS important and unique about Bitcoin.

As soon as emphasis is put on the being digital or virtual part, the immediate response from Average Joe will be "so it's actually not real money" or "so it's like some kinda WoW-gold", and you wander off into some pointless discussion that's not about the independency of banks and monetary freedom that Bitcoin offers.

[Jace]

We don't need to spoon-feed sanitized and PR packaged Bitcoin to those who are unwilling or incapable of understanding what it is.
(...)
Maybe I just have too much faith in humanity...

I prefer people not be intellectually lazy.

That doesn't need to change; what needs to change are people's minds.

it reminded me that I despise idiocy.

Whether we like it or not, the majority of people are intellectually lazy, reluctant to change, unwilling or incapable of immediately grasping revolutionary ideas, and, well, to some extent, idiots.

But ultimately, for Bitcoin to become the great success we all hope for, we also depend on this majority.

Now we can all put our heads in the sand, not accept these facts and simply desire things to be different (which won't change jack shit and thus will keep lots of people from properly grasping Bitcoin). Or we can think about what way of explaining Bitcoin to the masses works best for getting more people interested in, understanding, and accepting Bitcoin as a viable alternative for fiat debt-based bank-controlled money.

[HDSolar]

To do this then we must address the larger issue in the room, acceptance.  Right now a minor number of individuals are using bitcoins and I would have to say that we are at a time where there is minimal growth of acceptance and or use of the coin.  The value of a bitcoin currently from what I am seeing is reflecting this with it stable and minor reductions in price over time as difficulty (which should correlate with availability of new coins) increases.  Just like the dollar the only value any of these instruments provide is in its ability to conduct transactions and the number of instruments required to do so. 

We saw with the run up that bitcoin was used to solve a regional issue and so the number of bitcoins on the street sank while the price increased, a basic supply and demand situation.  What I see us lacking at this time is increased demand.  Without that demand you cannot change minds because you lack the audience to do so.
Call this what you will but at the end of the day they are all instruments and the only value any of it brings is its ability to conduct transactions at the greatest value.  That is why so many countries use the US Dollar not because of the physical fact but all of the different values associated with the item.  Take for instance Burma and the fact the they not only trade in black market dollars but they even put a value on the physical quality of the actual paper note.  People use dollars, yen, pounds and other instruments in many ways and once you have that kind of influence then you can command the changing of minds.

So in conclusion if you want folks to think about bitcoins in some other light then we as a community must tackle acceptance with a greater passion or this entire venture will be a foot note in the history books.

[qwerty555]

I 100% agree that wide acceptance and usage is what is needed. Here is a thread to post ANY ideas that will help to achieve that no matter how outlandish. Including suggestions as to what organization/s may undertake this task.

 Promotion of Bitcoin to the Public . Give them something FREE

This thread is for ANY suggestions that can encourage the public to use bitcoins for everyday purchases. Some adventurous types may wish to try the ideas in their area.

I have given some thought on how to achieve greater awareness and USAGE of Bitcoin by the public. I remembered advice on launching a new magazine YOU MUST GIVE THEM SOMETHING FREE!!!

[BTConomist]

... cannot be controlled, seized, restricted or issued by some government, company, FED, central bank, or any other authority...

Hmm... Are you sure you understand what mining is all about?

Mining is a construction to decentralize the issuing of new bitcoins and creating global consensus about what transactions took place.

Then I guess you didn't yet notice the widespread consolidation that's been taking place in the bitcoin mining space?... Oh well.

[ashaw596]

Well.... Bitcoin is a digital/virtual/online/decentralized/p2p currency.

I think people can understand that. I think what really confuses people is the use of the word "mining" that overshadows the fact that the basis is of bitcoins is really a public Blockchain that works as a ledger of all transactions.

[stslimited]

semantics aside it is a stored value system

[QuantumKiwi]

Its a cryptocurrency, would be idiotically illogical to say its not a virtual currency lol.

Whats the currency built on? encryption = virtual.

[Pokerfan]

I try to introduce bitcoin as "decentralized virtual money". Emphasis on decentralized and what it means, how it could make the world a better place for average people.

If I get the slightiest notion that people don't like the concept of virtual, I view it as an opportunity to explain that USD, EUR are all virtual, too. So OK, maybe the won't fall in love with bitcoin, but at least distrust of fiat currencies is sown