Stop using words "Bitcoin", "Crypto", "Blockchain" interchangeably.

[hatshepsut93]

I see that very often people here start talking about blockchain or crypto or Bitcoin only to later use one of the others as a synonym to the former. This is seriously wrong, because there a huge difference between them, and they most likely have different future.

First, Bitcoin and cryptocurrencies. Bitcoin is a cryptocurrency, but just because it is working so well, it doesn't meant that all other cryptocurrencies are as good as Bitcoin or even better than it. Cryptocurrency requires big proof of work, network and community to be secure, it needs talented developers who write quality code. Almost all altcoins lack those things, they only exist because of the hype.

Second, cryptocurrency and blockchain. People think that those things are the same, that all these tokens and coins with platform is the same blockchain technology that is being praised by corporations and governments. But in reality, they are talking about their own centralized, private blockchains, and they are unlikely to support decentralized, open platforms. Also, most of this blockchain technology either exists only in whitepapers or in early stages of development or just disappointing.

So, the main point here is that Bitcoin is not just a cryptocurrency or an application of blockchain technology, it's overall the best cryptocurrency and the best use case of blockchain (guess why? because blockchain was invented as a part of Bitcoin). Don't talk about them like they are the same thing.

[franky1]

overall i would agree.
when it comes to corporations private networks. they are beginning to use the term DLT (distributed ledger technology) so even corporations are in agreement to want to define their closed networks as something different to open networks(blockchains). but yes i still see some corporations closed networks still defining thier centralised networks as blockchains. but its good to see some corporations are making good definitions to separate themselves

blockchains and cryptocurrencies are different. because a blockchain is the format of the data and how it is distributing the database/ledger
cryptocurrency is the data inside the database/ledger being financial.
for instance a blockchain could be used idendity/medical records. so although it uses blockchain/DL technology the data is not a currency, so the data and the database/ledger have nothing to do with currency, thus should not be defined as cryptocurrency

also people are now starting to move to the bitcoin token units of 'bits' (100 sat) which will reduce the confusion between bitcoin protocol and bitcoin token unit of currency

but in a world of billions of people there will always be misundertandings of these words.
even now after hundreds of years when people hear the word "dollar" they still think there is only one dollar and that its related to america. they dont think about australia or canada or other countries unit of account of the same name. we just have to kep trying to educate people until the majority us the terms correctly

[classictee]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

[o_e_l_e_o]

even now after hundreds of years when people hear the word "dollar" they still think there is only one dollar and that its related to america. they dont think about australia or canada or other countries unit of account of the same name.

Not even that, but most people throughout the world have minimal knowledge about the fiat monetary system that they use every day, that they are paid their wages in, that they save in, trade in, pay their mortgages in, etc. A lot of people don't understand basic concepts like APR, compound interest and inflation. I not infrequently hear young people talking about how they are stopping their pension contributions because they "need the money now, and I'll contribute in my 40s when my salary is higher so it will be fine" - completely failing to understand how compound interest works. People talk about receiving a 2% pay rise when inflation is at 3% - that's not a rise, that's a 1% pay cut.

Although I completely agree with OP that we should be using these terms correctly, given that half the forum struggle to shill some worthless altcoin effectively, the confusion around these terms will continue indefinitely.

[sheenshane]

....
So, the main point here is that Bitcoin is not just a cryptocurrency or an application of blockchain technology, it's overall the best cryptocurrency and the best use case of blockchain (guess why? because blockchain was invented as a part of Bitcoin). Don't talk about them like they are the same thing.

I was awakened on this statement from being lack of knowledge regarding Bitcoin, yes, overall of the OP statement is true and very informative especially newbies and those felling newbie here. So, what is the best name that Bitcoin had?
Many people misunderstanding these both scenarios that the blockchain system was wrapped up together with it and with the same solution in Bitcoin. And since Bitcoin was the first application of blockchain, people often inadvertently used “Bitcoin” to mean blockchain. People have well known the name of Bitcoin as cryptocurrency and it might be inherent to the next generation which is not correct.

[Nanacoin]

I find this post very educative because most of us our confused with these terms- bitcoin, Crypto and blockchain. We use them anyhow.

[boakyei]

It is lack of a systematic education that has caused the this adoption of wrong use of these words interchangeably. As more people come to know these in the near future, this mistake will be avoided.

[colvis]

Well you have done a great observation in this.  Even in the articles writers it has become very obvious for them inter-changing the worlds putting crypto where bitcoin is meant to be.. But sometimes it is the easiest way to describe the crypto world is by making use of that three world.  There is no how u will make mention of one of it that someone will not know what u are talking about

[BrewMaster]

it is just another way of advertising altcoins.
last year they tried "we are better than bitcoin and will replace it soon" tactics to advertise and then pump them, but this year ever since bitcoin had a smaller drop while altcoins continued dumping for months they also changed their tactics to now implying "there is no difference between bitcoin and their shitcoins". pretty soon we may even hear them categorize bitcoin as an altcoin too!

[rabinot]

completely agree with the author. I believe that technology itself can safely exist without bitcoin and crypto currency in general

[franky1]

completely failing to understand how compound interest works.

but when interest is only 0.05%.. compounding it.. is a mega laugh.. its stil nothing
yet put the funds in a bank.
next year 1.0005
10 years  1.005011

10 year compound interest and they only get out $1.005 (banks would round down the sub-cent so its still only $1)
if you put $1 a year in. after 10 years youll have $10 plus.. wait for it.. 2 cents interest


so its still better to just buy and enjoy a loaf of bread now while you can afford it. instead of putting $1 into a bank and realising in 10 years you can only buy 75% of a loaf (inflation makes loaf $1.34)
as for those saying waiting for 40's for a bettr paid job.. well yea. $15k a year mcdonalds job. vs $40k career after training, promotions puts you in a better place than saving a bit of your mcdonalds wage per year

even if you stayed at mcdonalds and just took a inflation matching pay rise. in 10 years youll be at $20k
now if you know that bread at this year is one 15,000th of your salary.
and in 10 years at your inflated mcdonalds salary you divide that by one 15000th .. you have enough to buy a whole loaf. no gain no loss based on labour time vs loaf cost

which is why putting it in a bank doesnt earn you more. infact you can buy less by banking it. hense better to spend it.
after all if a mcdonalds job is $15k and you put in 10% salary ($1.5ky1... 1.545ky2...) even with interest it only amounts to mid $17k after 10 years with $44 interest,
you might aswell spend your 10% a year when you get it.
then challenge yourself to retain/get promotions to be in a $40k job by the age of 40. and tell yourself to just save 6 months of your $40k career salary when your older. which would be $20k
10% over 10 years is more than a whole year of your initial salary.. but only 6months of your future career salary...

plus ofcourse only getting $15k initially 10% is a big hit.. but when at $40k you can easily live your back to basics lifestile for 6 months(live with parents for 6 months) and put $20k aside

after all would you prefer to live 10 years with only $13.5ky1 13.9ky2.... or for just 6 months when your older living on only $20k


now to be more smart... invest it into something like bitcoin which year on year is better than 3%
2015 never dropped below $170
2016 never dropped below $350 (>200%)
2017 never dropped below $900 (>250%)
2018 never dropped below $5800 (>600%)

[franky1]

It is lack of a systematic education that has caused the this adoption of wrong use of these words interchangeably. As more people come to know these in the near future, this mistake will be avoided.

though i do not like people using bitcoin the protocol and bitcoin the currency in the same sentance. id prefer people to say btc in reference to the currency. (or near future, 'bits' and 'sats')

the other funny conversational buzzword pet hate is 'wallet'.
a crypto wallet does not hold funds. it holds the keys to sign transactions to move the funds.
we should use a analogy word like a 'keyring'
or if the conversation is about the function of making a transaction.. an analogy of a electronic cheque book

but thats just going down the rabbit hole of the misconception that bitcoin shouldn't be a 'coin' but be bitcheques and mining should be the cheque clearing house.

[hatshepsut93]

Mostly i agree

But this happens because people actually don't care about these technology or never do proper research. Blockchain is used as buzzword by various tech companies/ICO while another cryptocurrency compared themselves with Bitcoin and claim they're better without telling the trade-off.

It's true, and they are shooting themselves in the foot with their refusal to take a deeper dive into these technologies. They think that they understand crypto because they read some articles every day, but in reality they just blindly trust crypto authors who have only slightly better understanding of the field. Because of that, people invest in scams, poor projects, lose money in trading and instead of getting rich quick, they become poor quick. Tons of people have lost their sleep because they've jumped into crypto during the bubble, and they did so because they haven't done proper research, even if they think that they did.

[o_e_l_e_o]

as for those saying waiting for 40's for a bettr paid job.. well yea. $15k a year mcdonalds job. vs $40k career after training, promotions puts you in a better place than saving a bit of your mcdonalds wage per year

Well yes, it's obviously easier to save a percentage of your income when you have a larger income, but you are missing the point that by starting to save earlier, you can make exponential returns on your savings. Look at the following graph:



Investing less money in your 20s gives you a bigger pension at 65 than investing triple that amount in your 30s-60s as it has less time to grow. Everyone should be paying in to some sort of retirement plan as early possibly in your life.

[Crypto Girl]

completely failing to understand how compound interest works.

but when interest is only 0.05%.. compounding it.. is a mega laugh.. its stil nothing
yet put the funds in a bank.
next year 1.0005
10 years  1.005011

10 year compound interest and they only get out $1.005 (banks would round down the sub-cent so its still only $1)
if you put $1 a year in. after 10 years youll have $10 plus.. wait for it.. 2 cents interest


so its still better to just buy and enjoy a loaf of bread now while you can afford it. instead of putting $1 into a bank and realising in 10 years you can only buy 75% of a loaf (inflation makes loaf $1.34)

Yet we can't deny the fact that people still choose banks over bitcoin since it doesn't backed by anything plus volatility is inevitable. They just had a mindset that it's just fine to put their $10k in bank rather than be at risk in bitcoin, meanwhile little did they know that 10 years after their $10k will just have a value of $8k.

So all in all, same have the risk but people had already conditioned their mind in inflation, and this is unjustly.

as for those saying waiting for 40's for a bettr paid job.. well yea. $15k a year mcdonalds job. vs $40k career after training, promotions
now to be more smart... invest it into something like bitcoin which year on year is better than 3%
2015 never dropped below $170
2016 never dropped below $350 (>200%)
2017 never dropped below $900 (>250%)
2018 never dropped below $5800 (>600%)

These people should be waking up their asses and stop dreaming with their altcoins.

[salinaangel]

Bitcoin, Blockchain, Crypto each feature are different. So all of them should not be tied in one thread, and we should not be expressed these things in the same sense. So, we should be carefull about this.

[Salikha]

I don't understand how can people participate in discussions without knowing these basic terms. I hope every new comers will learn these things so that they can develop themselves here.

[EscapePlanETH]

You did a good job explaining the whole thing here. I have many newbies have confusions about these terms. And often they just use the terms anyways which can cause misunderstandings.

[franky1]

as for those saying waiting for 40's for a bettr paid job.. well yea. $15k a year mcdonalds job. vs $40k career after training, promotions puts you in a better place than saving a bit of your mcdonalds wage per year

Well yes, it's obviously easier to save a percentage of your income when you have a larger income, but you are missing the point that by starting to save earlier, you can make exponential returns on your savings. Look at the following graph:

https://i.imgur.com/NKwEpDX.jpg

Investing less money in your 20s gives you a bigger pension at 65 than investing triple that amount in your 30s-60s as it has less time to grow. Everyone should be paying in to some sort of retirement plan as early possibly in your life.

READ SMALL PRINT: "this example assumes 7% returns"
LOL.. bank account offering 7% interest.. pfft

dare you to open excel and do a chart with REAL interest rates.
ill give you a hint at 0.05% interest Chris would invest $200k and get $200,390 bank balance after 40 years
imagine above is chris was on $15k a year for 40 years and put in a 3rd($5k)

then imagine he had inflation rate increasing payrise of 3% a year. but didnt start paying a 3rd of salary for first 20 years
at the 20th year his salary would be $27k so if he the put in a 3rd of salary. he would have a balance of over $240k

compounding bank interest is only good if the interest is better than inflation.. but with banks you wont get inflation beating interest rates. so you wont be better off banking your money

anyway we are going off topic

we need to educate people better and stop jumping on the unrelated 'memes'
EG since when did remote hosting have anything to do with evaporated water in the sky (the cloud)

[Sact]

That is done by people who doesn't have the basic knowledge about these things. I think people should be prepared before entering this world otherwise they can take wrong decisions.

[Hablinfuld]

This is really nice realization and this issues need to addressed by the people. Most of the people understand the market of crypto currency as bitcoin and they think that all other crypto currencies are like bitcoin but bitcoin is different from other and it is the best of all.

[enellf]

So far what you have said is true. Also this post is going to be useful to those who struggle with these terms and have problems in understanding them.

[jseverson]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

The main point OP was trying to make is that blockchain is not synonymous with Bitcoin and other cryptocurrencies. I'm not sure where your confusion comes from because all he really said is that Bitcoin is cryptocurrency, and that it's the best among all of them.

[bitvalak]

I see that very often people here start talking about blockchain or crypto or Bitcoin only to later use one of the others as a synonym to the former. This is seriously wrong, because there a huge difference between them, and they most likely have different future.

First, Bitcoin and cryptocurrencies. Bitcoin is a cryptocurrency, but just because it is working so well, it doesn't meant that all other cryptocurrencies are as good as Bitcoin or even better than it. Cryptocurrency requires big proof of work, network and community to be secure, it needs talented developers who write quality code. Almost all altcoins lack those things, they only exist because of the hype.

Second, cryptocurrency and blockchain. People think that those things are the same, that all these tokens and coins with platform is the same blockchain technology that is being praised by corporations and governments. But in reality, they are talking about their own centralized, private blockchains, and they are unlikely to support decentralized, open platforms. Also, most of this blockchain technology either exists only in whitepapers or in early stages of development or just disappointing.

So, the main point here is that Bitcoin is not just a cryptocurrency or an application of blockchain technology, it's overall the best cryptocurrency and the best use case of blockchain (guess why? because blockchain was invented as a part of Bitcoin). Don't talk about them like they are the same thing.

right, sometimes there is still a lot of wrong understanding about Bitcoin, Cryptocurrency, and Blockchain. Not all altcoins use Blockchain, but all altcoins adopt blockchain systems. Where blockchain is part of bitcoin itself.

[hatshepsut93]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

The main point OP was trying to make is that blockchain is not synonymous with Bitcoin and other cryptocurrencies. I'm not sure where your confusion comes from because all he really said is that Bitcoin is cryptocurrency, and that it's the best among all of them.

Yep, I've created this thread because I often see newbies making comments like "Bitcoin will succeed because blockchain technology will succeed" or "cryptocurrency will go up because Bitcoin will go up", and sometimes they just use those terms interchangeably, they start talking about Bitcoin and then start saying "crypto" or "blockchain" as if they were the same thing.
I'm arguing that Bitcoin, cryptocurrency and blockchain are independent from each other, they can all have different future, and Bitcoin is even more different from both blockchain and cryptocurrencies, because it's not vaporware.

[zubrr51]

I agree, Bitcoin was the first tool that introduced the concept of blockchain to the masses and after it began the development of other crypto-currencies.

[Pursuer]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

The main point OP was trying to make is that blockchain is not synonymous with Bitcoin and other cryptocurrencies. I'm not sure where your confusion comes from because all he really said is that Bitcoin is cryptocurrency, and that it's the best among all of them.

Yep, I've created this thread because I often see newbies making comments like "Bitcoin will succeed because blockchain technology will succeed" or "cryptocurrency will go up because Bitcoin will go up", and sometimes they just use those terms interchangeably, they start talking about Bitcoin and then start saying "crypto" or "blockchain" as if they were the same thing.
I'm arguing that Bitcoin, cryptocurrency and blockchain are independent from each other, they can all have different future, and Bitcoin is even more different from both blockchain and cryptocurrencies, because it's not vaporware.

it is not always newbies though. I have seen multiple times that the news sites start talking about bitcoin in their title then continue it with purely speculating about altcoins. or for instance they are clearly talking about bitcoin in their article but they use the word "crypto" or "crypto market" for it as if it is general and what happens to bitcoin will happen to the rest of them!

[squatter]

Yep, I've created this thread because I often see newbies making comments like "Bitcoin will succeed because blockchain technology will succeed" or "cryptocurrency will go up because Bitcoin will go up", and sometimes they just use those terms interchangeably, they start talking about Bitcoin and then start saying "crypto" or "blockchain" as if they were the same thing.
I'm arguing that Bitcoin, cryptocurrency and blockchain are independent from each other, they can all have different future, and Bitcoin is even more different from both blockchain and cryptocurrencies, because it's not vaporware.

it is not always newbies though. I have seen multiple times that the news sites start talking about bitcoin in their title then continue it with purely speculating about altcoins. or for instance they are clearly talking about bitcoin in their article but they use the word "crypto" or "crypto market" for it as if it is general and what happens to bitcoin will happen to the rest of them!

News sites are completely clueless. In fact, they're newbies themselves -- and that goes for both cryptocurrency media and the mainstream. I've found that both are totally pathetic, nearly across the board.

I saw someone make a cogent point recently about a particular phenomenon with news stories. When you're knowledgeable about a subject e.g. Bitcoin, you notice when journalists are constantly screwing up explanations regarding BTC, blockchain technology, ICOs, etc. But then you turn the page and take everything else they say at face value. But really, most everything journalists say is bullshit -- they are newbies about virtually everything they report on, and yet they're always attempting to dumb down things they don't even understand. That's their job.

[pehuk]

Actually many people are in the wrong concept about these issues as they think all these three as one. This is due to the ignorance of the market but now many people know the differences and in future such problem will be reduced more.

[Cryptogid]

You are very correct, especially the newbies,they don't and can hardly differentiates these words,cryptocurrency,block chain,and bitcoin.I will just explain it short and simple terms,bitcoin is one of the digital cryptocurrency,while block chain is a technology, Crypto is a concealed, secret.then cryptocurrency is all types of digital currency..

[IamKnowledge]

People used Bitcoin, blockchain and crypto interchangeably because they did not know the diffrerences between those words. Now that they know, I think they would put a stop to it.

[xena2]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

I'll explain for him.
Cryptocurrency is a digital Currency. (Ex. (Litecoin, Ethereum , Bitcoin etc.)are all Cryptocurrency
Bitcoin as he said is a cryptocurrency and Bitcoin is the first and leading cryptocurrency today. In regarding with blockchain, it is a network where these cryptos are processed digitally and encrypted.
Correct me if I'm wrong.This is my own understanding.

[InformerKin]

This just shows how uneducated about the whole subject are peole entering the market with their money. Education and research should always come first before money.

[realcrypto]

To simplify this three terminologies to a lay man. Cryptocurrency is made up of different types of money  like dollar,  pounds and Euro if we want to compare it to our fiat that we are familiar with while bitcoin is the first and one of the most prominent amoung them and blockchain is like a house where the sending, receiving and confirmation takes place.

[o_e_l_e_o]

READ SMALL PRINT: "this example assumes 7% returns"
LOL.. bank account offering 7% interest.. pfft

dare you to open excel and do a chart with REAL interest rates.
ill give you a hint at 0.05% interest Chris would invest $200k and get $200,390 bank balance after 40 years

Firstly, $200,000*(1.0005^40) = $204,039, so your maths is wrong.

Secondly, if your bank account is only offering 0.05%, you are getting ripped off big time. You can easily find accounts of 2-4% at the moment.

Thirdly, pension savings are not that same as bank accounts. The average pension fund last year returned 10%: https://www.yourmoney.com/retirement/average-pension-fund-returned-10-2017/

[franky1]

READ SMALL PRINT: "this example assumes 7% returns"
LOL.. bank account offering 7% interest.. pfft

dare you to open excel and do a chart with REAL interest rates.
ill give you a hint at 0.05% interest Chris would invest $200k and get $200,390 bank balance after 40 years

Firstly, $200,000*(1.0005^40) = $204,039, so your maths is wrong.

Secondly, if your bank account is only offering 0.05%, you are getting ripped off big time. You can easily find accounts of 2-4% at the moment.

Thirdly, pension savings are not that same as bank accounts. The average pension fund last year returned 10%: https://www.yourmoney.com/retirement/average-pension-fund-returned-10-2017/

firstly this topic is about bitcoin terminology.. i tried to just mention bank interest and then bring the topic back inline..
secondly its not invest $200k and hold $200k.. its invest $5k every year..
EG year one $5k interest = $2.50
your math is year one $200k, interest $100
so your math is trying to assume $100 * 40 =$4k extra)
thats not interest of actual deposits and balances. and its not compounding that interest either..

and thirdly the guy that meandered about how he thought people not saving was stupid because they dont understand compounding.. he never mentioned retirement. he just said 'save'.

anyway
fiat saving/investing/retirement. is stupid.
put $5k into any fiat investment. and after fiats hypr inflation that will happen once the FIAT government bond bubble bursts and they are demanded to repay the contract rather than the minimal payments.. hypr inflation will make the $5k only buy a loaf of bread for the whole $5k (research zimbabwe dollar)

thats why im sticking with crypto. to hedge the fiat debt/hyperinflation events of the future
lastly. end VALUE of pension can be less than you put in. (use the "how many loaves of bread will that buy me" whn thinking of the future of FIAT savings/retirement plans)

[croptodic]

The real thing is that Bitcoin is not just a currency, it is the first and the largest cryptocurrency that based on blockchain system. And should not think that these are same things.

[Soeracyone]

It is a common mistake made by users. They mix up the terms bitcoin crypto currency and Blockchain. These three are fully different to each other. Crypto currency is a form of currency which digitally based, bitcoin is a form of Crypto currency aand Blockchain is a platform where all transactions of Crypto currency is recorded.

[o_e_l_e_o]

anyway
fiat saving/investing/retirement. is stupid.
put $5k into any fiat investment. and after fiats hypr inflation that will happen once the FIAT government bond bubble bursts and they are demanded to repay the contract rather than the minimal payments.. hypr inflation will make the $5k only buy a loaf of bread for the whole $5k (research zimbabwe dollar)

thats why im sticking with crypto. to hedge the fiat debt/hyperinflation events of the future
lastly. end VALUE of pension can be less than you put in. (use the "how many loaves of bread will that buy me" whn thinking of the future of FIAT savings/retirement plans)

I don't disagree that fiat is inflationary, and as you say, your value can be less than you put in, but with 40 years of compound interest it can also be a lot more than you put in. It is wise to spread your wealth over various markets - I wouldn't suggest anyone puts all their savings in fiat, just as I wouldn't suggest anyone puts all their savings in crypto.

[Impulseboy]

I agree with everything that you said. Do you think that perhaps the mixed up was due to lack of knowledge about the crypto world?

[mktpromp]

Yes it is true, most people think these issues from a same perspective. But each of them are different. Where Bitcoin is the first blockchain technology application. It is not right to think that Bitcoin, crypto and blockchain are same.

[eternalgloom]

Look I usually get annoyed by that too, but you just have to take into account that some people just don't know enough about it to use those terms correctly.
I usually don't bother correcting people when they use one of those terms wrong in a conversation. It just makes you an annoying person to them, if you do it repeatedly.

When journalists do it, I would take a little bit more offense though, there's just no excuse for insufficient research before publishing an article.

So, sure, educate people, but don't do it in a way that you're constantly correcting regular people who just have a basic interest in crypto.
Being a know-it-all usually isn't appreciated too much and you'll put the whole crypto community in a bad light.

[tegarp90]

I see that very often people here start talking about blockchain or crypto or Bitcoin only to later use one of the others as a synonym to the former. This is seriously wrong, because there a huge difference between them, and they most likely have different future.

First, Bitcoin and cryptocurrencies. Bitcoin is a cryptocurrency, but just because it is working so well, it doesn't meant that all other cryptocurrencies are as good as Bitcoin or even better than it. Cryptocurrency requires big proof of work, network and community to be secure, it needs talented developers who write quality code. Almost all altcoins lack those things, they only exist because of the hype.

Second, cryptocurrency and blockchain. People think that those things are the same, that all these tokens and coins with platform is the same blockchain technology that is being praised by corporations and governments. But in reality, they are talking about their own centralized, private blockchains, and they are unlikely to support decentralized, open platforms. Also, most of this blockchain technology either exists only in whitepapers or in early stages of development or just disappointing.

So, the main point here is that Bitcoin is not just a cryptocurrency or an application of blockchain technology, it's overall the best cryptocurrency and the best use case of blockchain (guess why? because blockchain was invented as a part of Bitcoin). Don't talk about them like they are the same thing.

Yeah you're right.
Also bitcoin is the core of cryptocurrency and blockchain, i think when people leave bitcoin, there will be no more cryptocurrency stand.

[franky1]

Look I usually get annoyed by that too, but you just have to take into account that some people just don't know enough about it to use those terms correctly.
I usually don't bother correcting people when they use one of those terms wrong in a conversation. It just makes you an annoying person to them, if you do it repeatedly.

When journalists do it, I would take a little bit more offense though, there's just no excuse for insufficient research before publishing an article.

So, sure, educate people, but don't do it in a way that you're constantly correcting regular people who just have a basic interest in crypto.
Being a know-it-all usually isn't appreciated too much and you'll put the whole crypto community in a bad light.

there are hundreds of thousands of people on this forum just acting like sheep, repeating what others say and kissing ass..
im just being.. frank. (its why i chose my pseudonym)

as for correcting people. i only make harsher corrections to those at hero/legend levels who should know better. as for newbies i do restrain myself and act as a teacher by just giving the facts

im happy to mention the bad side of developers paid by bankers who are trying to ruin bitcoin.
im happy to have people attack and try to defame my pseudonym (it doesnt hurt /defame my real identity).
but people need to know the harsh truths so they can make better decisions by understanding the reality. rather than the poorly buzzworded utopian dreams

[Nayborksta]

As long as Bitcoin is a Crypto and is based on a Blockchain we should not mix Bitcoin with Blockchain as they are 2 different things. Bitcoin is just a coin and Blockchain is a way to store the information about transactions made with Bitcoin.

[kryptqnick]

I see that very often people here start talking about blockchain or crypto or Bitcoin only to later use one of the others as a synonym to the former. This is seriously wrong, because there a huge difference between them, and they most likely have different future.

First, Bitcoin and cryptocurrencies. Bitcoin is a cryptocurrency, but just because it is working so well, it doesn't meant that all other cryptocurrencies are as good as Bitcoin or even better than it. Cryptocurrency requires big proof of work, network and community to be secure, it needs talented developers who write quality code. Almost all altcoins lack those things, they only exist because of the hype.

Second, cryptocurrency and blockchain. People think that those things are the same, that all these tokens and coins with platform is the same blockchain technology that is being praised by corporations and governments. But in reality, they are talking about their own centralized, private blockchains, and they are unlikely to support decentralized, open platforms. Also, most of this blockchain technology either exists only in whitepapers or in early stages of development or just disappointing.

So, the main point here is that Bitcoin is not just a cryptocurrency or an application of blockchain technology, it's overall the best cryptocurrency and the best use case of blockchain (guess why? because blockchain was invented as a part of Bitcoin). Don't talk about them like they are the same thing.

Cryptos should also be distinguished from tokens, since the latter are dependent and created for no or limited usage. I'd also add a think about cryptocurrencies and blockchain. Some cryptos are not even based on blockchain, so surely these things should be considered separately. DAG is also quite an interesting crypto technology which is used by Byteball and IOTA. Moreover, blockchain is potentially a way to store any data, monetization isn't even necessary. A good use case examples are blockchain voting and ticket selling perspectives. And that's why I disagree that btc is the best use case. Many things are initially created not for what they become famous for. I can't think of an example from real life, but in Silicon Valley the compressing mechanism was created for sending songs, while that became a base for decentralized internet.

[noictib]

I see that very often people here start talking about blockchain or crypto or Bitcoin only to later use one of the others as a synonym to the former. This is seriously wrong, because there a huge difference between them, and they most likely have different future.

First, Bitcoin and cryptocurrencies. Bitcoin is a cryptocurrency, but just because it is working so well, it doesn't meant that all other cryptocurrencies are as good as Bitcoin or even better than it. Cryptocurrency requires big proof of work, network and community to be secure, it needs talented developers who write quality code. Almost all altcoins lack those things, they only exist because of the hype.

Second, cryptocurrency and blockchain. People think that those things are the same, that all these tokens and coins with platform is the same blockchain technology that is being praised by corporations and governments. But in reality, they are talking about their own centralized, private blockchains, and they are unlikely to support decentralized, open platforms. Also, most of this blockchain technology either exists only in whitepapers or in early stages of development or just disappointing.

So, the main point here is that Bitcoin is not just a cryptocurrency or an application of blockchain technology, it's overall the best cryptocurrency and the best use case of blockchain (guess why? because blockchain was invented as a part of Bitcoin). Don't talk about them like they are the same thing.

Here you fact that why bitcoin is first to became a part of Blockchain technology , since here I am fully agree with the things that what the OP says but here I would like to explain that why this is only bitcoin that becames a part of Blockchain technology first .
First of all here it is a matter of development , one of the developer made a better barrier of security so that no one can enter in that circle and that results into a better secure website and with the same concept he made a algorithm where even it was not possible for himself to enter in the algorithm but he made a outside key to handle the program of the algorithm ( that is known as private key ) .
Since he just tried to show his talent that Fiat currency can be made much perfect than what they are in actual but due to not acceptance they gave name to Thier work and with that they got better suooiby few rich people and after that they made publicity of the Blockchain technology with bitcoin term and that results into use for different different types of the things .
And after that many developers came and made copy paste and few different algorithm also to make earnings , so first bitcoin was made to show talent but here now all another news coins are made just to make earnings only .

[darkangel11]

I get annoyed by people who are putting blockchain above all, simply because it can be adapted and used for different things. Bitcoin haters usually talk about blockchain technology being revolutionary, and bitcoin just being a failed project, a cryptocurrency that was supposed to eliminate fiat money and will never make it.
I agree with OP, blockchain was made for bitcoin, not the other way round.

[Cryptogid]

You are very correct, especially the newbies,they don't and can hardly differentiates these words,cryptocurrency,block chain,and bitcoin.I will just explain it short and simple terms,bitcoin is one of the digital cryptocurrency,while block chain is a technology, Crypto is a concealed, secret.then cryptocurrency is all types of digital currency..

[Rituvohra01]

I think  if the people have lack of knowledge about bitcoin they use it wrongly  because the technology can exist properly without bitcoin and cryptocurrency.

[97bj91]

I agree to what you said about the misuse of these three terms. I think it's because of the lack of understanding of these terms and its relationship from each other. Sometimes, Bitcoin is the only known currency because of its popularity and because of that, people tend to relate the term cryptocurrency to bitcoin only without considering the long list of altcoins. Also, for the blockchain tech, they do not know how the technology itself works. SO, overall, we really have to educate everyone about these so no one will be left behind.