Is "cryptocurrency" a good term?

[hatshepsut93]

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?

[Jet Cash]

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.

[simongros]

I understand your concerns. But, on the contrary, i think it does do it justice for instance 'crypto' refers to the use of cryptography and without an intermediary and as such without an intermediary there is some cause to justify that it is decentralized. The term 'cryptocurrency' was conceived long before Bitcoin too.

[hatshepsut93]

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.

Well, we have things like Ethereum that call themselves decentralized platforms, but they are mentioned as cryptocurrencies on markets and in news, we have Initial Coin Offering, but they sell tokens. In Satoshi's whitepaper Bitcoin was described as "a peer to peer electronic cash system", the term cryptocurrency was introduced later, so I'd say quite possible that in the future Bitcoin will refereed as something that would better describe its propeties, especially if by that time we will have lots of different apps built on top of it that will make it much more than a currency or store of value.
As for blockchain, that adds even more confusion since people very rarely specify what kind of implementation do they mean - public and decentralized or private and centralized, so this also has to be addressed.

[santapants]

Pretty sure you're a decade late if you were hoping to change the terminology

[lionelho]

How about using the term concensus currency? BTW, I really don't care the term, as long as more and more people recognize it, then it's a symbol. Don't need to be a meaningful word.

[monkeydominicorobin]

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?

There are a lot of poorly defined terms in the history of mankind. Complaining about the term cryptocurrency is not the problem, the problem is how we decided to define it in the first place.

[psmachado]

Pretty sure you're a decade late if you were hoping to change the terminology

yes sir, this is the main fact! The term is what it is, and it is part of the history of Bitcoin, and maybee the history of world economy forever.

[jnano]

Names don't need to be descriptive. As long as they're unique enough and easy to remember they do the job.
Between "decentralized open applications platform" and "cryptocurrency" I'd choose the latter. It also sounds much cooler.

(Not really a Development & Technical topic...)

[haltingprobability]

QWERTY

</thread>

[imadmirer]

I think the term 'cryptocurrency' does the job. There are two sections of people. In the world of people with knowledge on bitcoin and its function the term certainly means something like 'encrypted currency' which clearly points out to the use of computers and digitalized currency. But for a common man not very aware of the system in vogue, it simply amounts to a 'secret currency' which is suggestive of his or her need to avoid! But when people get used to the process of transacting through bitcoin etc then the term becomes more appealing.

There is however a drawback for this term. The very principle of the bitcoin transaction is based on decentralization and openness. In either of the above terms, we cannot deduce these two principles. The term encryption neither hints at openness nor decentralization. In fact it is something contrary to that. And the meaning of being 'a secret' does not do any good.

Since the term cryptocurrency cannot be changed and it is in the use almost since the beginning it is not possible to modify it. However, what can be done is we can introduce a synonym for the term which can simply be 'eCurrency'. The term 'Digital currency' can also be suggested. However, it may simply mean the existing currency used in computers. Which otherwise will mean as internet banking transactions and the like which already are most commonly used where the currency is simply a dollar only that the number or figure is transacted from one system to the other.

The term 'eCurrency' will make it more appealing for both the experts and the common public. And when the use of eCurrency dominates slowly the confusing cryptocurrency will fade away. The advantage with the term eCurrency is that it does not directly convey openness or decentralization. However it does not convey anything contrary either, unlike the term cryptocurrency. This eCurrency as an alternative perhaps be better tuned to the needs and in allying the apprehension caused with the name cryptocurrency.

[brontosaurus]

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?

very nice thought I must say. Even I was thinking about the very same thing. Considering that every new idea here in the blockchain world is said to be cryptocurrency. Why can't we merely bring up an idea and implement it into blockchain without issuing any fucking ICO and creating a separate trade able coin for it. Cryptocurrency just narrows everyone's thought that its related to currency and financial market whereas it really has nothing to do with real currency as of now.

[phillipgibb]

CryptoCurrency seems to be the catchall word for everything related to blockchain; be it the blockchain, the currency, maybe a token or even a smart contract. If you are revering to just the currency then maybe it is a good term, what else would you make it? HashCoin?

[Coinsher]

It is.But its better to use a term that can easily to understand to the ordinary people.May a digital currency,it's slightly understandable.Digital means computer.Everyone now understand what computer can do.

[Andre_Goldman]

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?

well, another day at twitter I saw cryptographers almost had a 'tilt' because people using "crypto" as "crypto currency"

[Chaka321]

I think we need lots of new language to describe things in this space. Like if your main source of income is from crypto gains, mining, staking and ICO investing then what should you call your job description? Crypto-investor is just using language from the traditional investment world and adding crypto to it. We want a clean break from the old world and have words that describe the new tech opportunities precisely.

[MJG24]

Words can be very confusing since they might contain different meanings. Complaining about the term cryptocurrency is not the problem, the problem is how you use it in the first place.

[reliable]

Pretty sure you're a decade late if you were hoping to change the terminology

Well now its not at all possible to change the name or do anything about it. Neither I think it was possible at the start because it was Satoshi who has created it and kept the name what he liked it or what he had understood.

OP - You can always have your view which is nice, but now all those who are in this field are associated with the terms that were derived.

[Oceat]

From the word 'crypto or cryptography' is the art of writing or solving codes. Which is somehow correct because miners does solve some mathematical puzzle. And the word 'currency' well basically it is a money, notes, or coins that has a value. So a cryptocurrency or digital currency is being made because of it's characteristics. But if you are having a problem with this and making a big deal then you can tell everyone what to name on it but i don't think if they will listen, since it is what they already know what to call on it.

[J. Cooper]

You certainly have a valid point there however I also think it does the job. Atleast to get people interested it does the job. Cryptocurrency consists of 2 words that are essential to captivate someone. One well know word and one lightly less. Practically everyone that has the potential to get involved in this ecosystem knows what the word currency is. Some people will probably also have a slight idea as to what cryptography is but I feel like for most people this will tickle their interest and they will do some research. And ultimately fall down the rabbit hole. We all know how it went from there.

For that extremely specific reason I feel like cryptocurrency is the right word. It might not perfectly describe what they actually are but does it need to bethat way? As long as they get interested and do research I'm cool with it. But if you would come up with an alternative I would gladly evaluate it.