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Author Topic: Is "cryptocurrency" a good term?  (Read 1226 times)
stryker
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December 13, 2017, 02:03:13 AM
 #21

Recently I've started thinking that the word "cryptocurrency" does a pretty poor job at describing what it's all about. The "crypto" part does not describe the main properties - decentralization and openness, cryptography is simply a tool for achieving them, and doesn't necessarily bring those properties. "Currency" is a pretty narrow economic term, which refers to money in active circulation, but in our case we have digital units that can have many use cases and most notably they allow building applications on top of them. The "currency" part is also used by opponents to claim that they are in fact inherently worthless by pointing out their high volatility and lack of scalability - two factors that indeed make them almost unusable for daily transactions for average user at the moment.

Thoughts?
Yes, I agree with you. Recently, the term "crypto-currency" is applied to tokens, which are created on the basis of other crypto-currencies and are used more as an asset, rather than as a means of payment.

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shensu
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December 13, 2017, 02:32:11 AM
 #22

I think it's a good term but it can be a scary term for non technical outsiders.
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December 13, 2017, 04:37:57 AM
 #23

Recently I've started thinking that the word "cryptocurrency" does a pretty poor job at describing what it's all about. The "crypto" part does not describe the main properties - decentralization and openness, cryptography is simply a tool for achieving them, and doesn't necessarily bring those properties. "Currency" is a pretty narrow economic term, which refers to money in active circulation, but in our case we have digital units that can have many use cases and most notably they allow building applications on top of them. The "currency" part is also used by opponents to claim that they are in fact inherently worthless by pointing out their high volatility and lack of scalability - two factors that indeed make them almost unusable for daily transactions for average user at the moment.

Thoughts?

To me cryptocurrency is the best word to describe digital money.The word cryptocurrency describe the source of the currency and its medium of exchange.
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December 13, 2017, 05:02:29 AM
 #24

It certainly is a currency, there are only 4 types of property, commodity, collectible, cash generating asset, and currency.  Currencies are fungible and infinitly divisible.

But crypto is a bad term.  I perfer to call them Distributed Digital Currencies (DDC's) as I said in my recent new PoW whitepaper.

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December 13, 2017, 05:29:56 AM
 #25

Recently I've started thinking that the word "cryptocurrency" does a pretty poor job at describing what it's all about.
I think the word "cryptocurrency" is a good term. Not only in english language is used such combination of the words "crypto" and "currency". Wink
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December 13, 2017, 06:51:57 AM
 #26

Recently I've started thinking that the word "cryptocurrency" does a pretty poor job at describing what it's all about. The "crypto" part does not describe the main properties - decentralization and openness, cryptography is simply a tool for achieving them, and doesn't necessarily bring those properties. "Currency" is a pretty narrow economic term, which refers to money in active circulation, but in our case we have digital units that can have many use cases and most notably they allow building applications on top of them. The "currency" part is also used by opponents to claim that they are in fact inherently worthless by pointing out their high volatility and lack of scalability - two factors that indeed make them almost unusable for daily transactions for average user at the moment.

Thoughts?

My thoughts is that cryptocurrency is bad and misleading title for general public. However during last years it was popularized enough to become permanent description in minds of people. Why do I think it is misleading? Because most people don't understand how cryptography is utilized in blockchains. Everyone I know think that "crypto" literally means anonymous,opaque,hidden money that impossible to trace or steal. When I explain that BTC is the most transparent money that was ever made, and cryptography is used mostly to create digital signatures and mathematical proofs people freak out (especially when I get to the point where I explain anyone can see balances of all wallets any time or trace all transactions that was ever made in bitcoin). To that little nasty "crypto" word brings a lot of unnecessary confusion for newcomers. I'd rather prefer digital money token, but it somewhat strips it from value.
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December 17, 2017, 03:38:18 AM
 #27

It certainly is a currency, there are only 4 types of property, commodity, collectible, cash generating asset, and currency.  Currencies are fungible and infinitly divisible.

But crypto is a bad term.  I perfer to call them Distributed Digital Currencies (DDC's) as I said in my recent new PoW whitepaper.

Rethinking my first post, I'd say that crypto part is not that bad, because it sounds synonymous to "secure" and very different from electronic or digital currencies. But the currency part can be very misleading, because in my mind projects like Bitcoin can achieve much more than just being a medium for storing and transferring value - I'm sure that for next many years developers will be discovering lots of different way of interaction with Bitcoin's blockchain.

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December 17, 2017, 07:39:40 PM
 #28

The term "cryptocurrency" has been widely used by people on the internet even before bitcoin became famous. It's just a simple internet slang, that's it.
hatshepsut93
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December 17, 2017, 08:23:48 PM
 #29

Interesting dissection :-)
Do you have any proposal in mind?

I'd say the best word to describe them is "public blockchains", because it leaves a lot of space for covering all the potential decentralized projects that utilize Bitcoin and some other coins, and it also takes back the word "blockchain" from bankers and governments who try to create a narrative that blockchain is some revolutionary technology that will improve those banks and governments.

The term "cryptocurrency" has been widely used by people on the internet even before bitcoin became famous. It's just a simple internet slang, that's it.

I've heard other people saying that, but couldn't find the etymology of the word "cryptocurrency" myself, could you please provide some link if you have one? I'm very interested to learn about it!

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December 18, 2017, 11:40:12 AM
 #30

It isn't necessary that every term has literal meaning, especially in technical world. When term has been largely accepted by people then it isn't required that it should fully represent the real meaning of the thing.
So far cryptocurrencies world is already widespread and over 50M people invested in it in last 9 years whereas several hundred millions aware of it. What we are discussing should had some relevance in initial years of Bitcoin and cryptocurrencies but now it is far too late. The term "Cryptocurrency" is even listed in Oxford Dictionary 2017 version.

I think it's a good term but it can be a scary term for non technical outsiders.


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December 18, 2017, 12:00:46 PM
 #31

Same idea I have I think cryptocurrency from the term used should be like our fiat that are used as mode of payment in virtual world but due to the price volatility people had seen the opportunity and now it's more than an investment other than currency.
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December 19, 2017, 11:51:49 AM
 #32

Hello
My mother-in-law never heard of Bitcoin let alone "cryptocurrency" .
in many countries, "mobile money" was easy to understand when mobile operators created the service. Internet has now allowed the creation of "digital money" ... My guess , "digital money" will be better understood by the mass.

Crypto lacks fundamental properties of money. So I'd avoid word money at all.
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December 19, 2017, 06:53:19 PM
 #33

I don't think you will be able to change it, it has now entered into the language of the internet. It's like "blockchain", blockchain is now a specific subset of the original concept of chained blocks, and it contains many extra features.

I agree! These terms have been around for a long time and this is how everyone knows it now. It is slowly getting more popular, and the more popular it gets that harder it will be to ever change these terms.

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December 20, 2017, 06:09:07 AM
 #34

I don't think you will be able to change it, it has now entered into the language of the internet. It's like "blockchain", blockchain is now a specific subset of the original concept of chained blocks, and it contains many extra features.

I agree! These terms have been around for a long time and this is how everyone knows it now. It is slowly getting more popular, and the more popular it gets that harder it will be to ever change these terms.

Btw some are still trying - for example Russian Ministry of communications asked to call it "digital tokens" instead of cryptocurrency in all official statements/papers.
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December 20, 2017, 02:26:02 PM
 #35

The Cryptocurrency world is huge and keeps growing and growing every single day, one way to understand it, is to learn the basic words and topics it talks about on the internet, some terms are difficult to understand but others are product of knowledge of people who work within this market niche, in this article we are going to learn some basic glossary  about the cryptocurrency digital world.
In addition to that, I can't see any reason or any alternative term for cryptocurrency I think it is fit enough for that. At first, I am having a hard time in thinking what crypto means until such time when my friend told me to invest in crypto and was confused about this so I invest time even for about 2-3 hours a day.

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December 20, 2017, 07:10:09 PM
 #36

Cryptocurrency, or just crypto, is a world know word now, like 'OK'; it describes the digital token and coinspace very well, and as was described ealier in thread, has become the standard world when describing the technical movements of all.
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December 20, 2017, 07:26:52 PM
 #37

A cryptocurrency the digital currency this term The term is yet digg it in the alphabet crypotoworld and behind the matters of names, the most important is its considerable role which totally different to traditional name of money and  cut up with the international banking system, which seems like an antidemocratic relic responsible for multiple major financial catastrophes over the past few years.
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December 20, 2017, 09:35:04 PM
 #38

In my opinion it's too late to ask, it's already taken a foothold and is commonplace now.  Even my Mom asked me if I had heard of cryptocurrency.  She had forgot that I've been in the game since 2014 and have been mining since 2016.....  It's a common #hashtag on Twitter and on other social media sites.  It's here to stay I believe.
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January 23, 2018, 07:00:04 PM
 #39

Не надо пытаться что то изменить, если это плотно вошло в обиход, люди привыкли к термину "криптовалюта", так может и не надо ничего менять.
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January 23, 2018, 07:35:07 PM
 #40

I think the term is very hard for new comers to understand, and the term blockchain would be even harder.

But the word sticks in your mind, "Cryptooo" so I think it's a good term to be used.
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