People need to stop calling Bitcoin "a virtual currency"

[Biodom]

The Bitcoin Foundation and community as a whole needs to step up to educate regulators to STOP using the derogatory term "virtual currency" as EU banking authority described it.

Bitcoin, litecoin, etc are digital or cryptocurrencies.

Try making just ONE bitcoin yourself and see how "virtual" it is.
It is absolutely certainly requires much more work than minting or printing $1, and I am not even talking about making a $1 by some ledger adjustment at the FED.

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[Ron~Popeil]

The Bitcoin Foundation and community as a whole needs to step up to educate regulators to STOP using the derogatory term "virtual currency" as EU banking authority described it. Bitcoin (litecoin, etc) are digital or cryptocurrencies.

Try making just ONE bitcoin yourself and see how "virtual" it is.
It is absolutely certainly requires much more work than minting or printing $1, and I am not even talking about making a $1 by some ledger adjustment at the FED.

I have thought about this some myself. Calling it virtual makes it sound like it isn't real. I prefer crypto currency which sounds real and has much more of a coolness factor.

[E-valuta]

E-Currency. Ofcourse. E-mail and now E-currency. Digital Works as well but short Version is e-currency. Cryptocurrency sounds too scary for Public adoption, and geeky.. will never be used by the masses. Just as much as People digital mail crypted mail 

[Erdogan]

Virtual is the wrong word. Cryptomoney or cryptocurrency. It is about time that cryptography comes into the limelight.

[commandrix]

The problem with using the term "virtual currency" is that it could also be used to describe credit cards and the money people have in their Paypal accounts (which isn't us, right? RIGHT?!). I've been using "cryptocurrencies" and "altcoins" pretty regularly when I talk about it, because when I don't have time for a lengthy explanation, it's easier for me to say, "They're sorta like Bitcoin."

[bg002h]

September, 2013, Bitcoin Foundation to Federal Election Commission: "Bitcoins are often referred to as 'virtual currency.' The Bitcoin Foundation prefers the term 'digital currency.' "

https://bitcoinfoundation.org/blog/wp-content/uploads/2013/09/Bitcoin-Foundation-FEC-filing-CAF-Advisory-Opinion.pdf

Virtual currency is a term defined by FinCEN; it encompasses digital currencies, tokens, pre-paid gift cards, etc I suppose...

      …"virtual" currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. This guidance addresses "convertible" virtual currency. This type of virtual currency either has an equivalent value in real currency, or acts as a substitute for real currency…

http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

[Malin Keshar]

The biggest problem with the name virtual currency , for me, is that it suggests that BTC can only be used to internet and web based stuff and business, while we all know that it can be used to physical stores and in day-to-day trades.
Virtual is not an offense since the internet boom.

[btcton]

"Virtual" just reminds me of money in online games, mostly MMOs. It has the connotation that it is one-way (that is, you pay fiat for them but can't convert them back to fiat). They also make you think they can't be used for anything outside of a limited environment, which obviously isn't the case with bitcoin.

[ajareselde]

The biggest problem with the name virtual currency , for me, is that it suggests that BTC can only be used to internet and web based stuff and business, while we all know that it can be used to physical stores and in day-to-day trades.
Virtual is not an offense since the internet boom.

I believe OP tried to say that refering to bitcoin as a digital currency will somehow magicaly make it imune to bank/gouvernment bashes.
Virtual or not, it doesnt realy matter, what matters is the point of argument will allways be bitcoin, until regulation is implemented.

[cbeast]

People need to stop caring about Bitcoin as a currency, virtual or otherwise. It is far more valuable as a protocol.

[MrBea]

I think most people dont understand the difference between digital and virtual.
https://www.google.com/url?sa=t&source=web&rct=j&ei=FG64U5z4HsiOqgby6YDIDA&url=http://m.youtube.com/watch%3Fv%3DRnTQhIRcrno&cd=1&ved=0CBwQtwIwAA&usg=AFQjCNED5Ot0BG5NerrZT5X7XBzAr4vO9A&sig2=olwbfAWn1Yd6AlH410AJMw

[roslinpl]

September, 2013, Bitcoin Foundation to Federal Election Commission: "Bitcoins are often referred to as 'virtual currency.' The Bitcoin Foundation prefers the term 'digital currency.' "

https://bitcoinfoundation.org/blog/wp-content/uploads/2013/09/Bitcoin-Foundation-FEC-filing-CAF-Advisory-Opinion.pdf

Virtual currency is a term defined by FinCEN; it encompasses digital currencies, tokens, pre-paid gift cards, etc I suppose...

      …"virtual" currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. This guidance addresses "convertible" virtual currency. This type of virtual currency either has an equivalent value in real currency, or acts as a substitute for real currency…

http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

This seems like an answer to the problem.

Well I must tell that I was saying about the Bitcoin that it is a "virtual currency" as some people understand this term better than "digital currency" when you want to explain what Bitcoin is.

But nowadays I used to say "cryptocurrency" - is a 'digital currency' really the best choice as Foundation prefers that one or is it just a matter of what we like to say better.

I think both terms seems good.

Crypto currency
Digital currency   - in both cases name include a deep meaning of what it really is.

Maybe we should **join them together and say  Digital crypto currency


What do you think about it?

Regards.


**Edited : I wrote "split" instead of "join"

[bg002h]

September, 2013, Bitcoin Foundation to Federal Election Commission: "Bitcoins are often referred to as 'virtual currency.' The Bitcoin Foundation prefers the term 'digital currency.' "

https://bitcoinfoundation.org/blog/wp-content/uploads/2013/09/Bitcoin-Foundation-FEC-filing-CAF-Advisory-Opinion.pdf

Virtual currency is a term defined by FinCEN; it encompasses digital currencies, tokens, pre-paid gift cards, etc I suppose...

      …"virtual" currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. This guidance addresses "convertible" virtual currency. This type of virtual currency either has an equivalent value in real currency, or acts as a substitute for real currency…

http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

This seems like an answer to the problem.

Well I must tell that I was saying about the Bitcoin that it is a "virtual currency" as some people understand this term better than "digital currency" when you want to explain what Bitcoin is.

But nowadays I used to say "cryptocurrency" - is a 'digital currency' really the best choice as Foundation prefers that one or is it just a matter of what we like to say better.

I think both terms seems good.

Crypto currency
Digital currency   - in both cases name include a deep meaning of what it really is.

Maybe we should split them together and say  Digital crypto currency


What do you think about it?

Regards.

I agree and use the terms crypto and digital similarly.

There are dozens of turn of the century crypto / non-crypto digital currencies. (If you want to learn a bitbabout the history, check out my history lectures here: https://www.udemy.com/bitcoin-or-how-i-learned-to-stop-worrying-and-love-crypto/ )

[roslinpl]

I agree and use the terms crypto and digital similarly.

There are dozens of turn of the century crypto / non-crypto digital currencies. (If you want to learn a bitbabout the history, check out my history lectures here: https://www.udemy.com/bitcoin-or-how-i-learned-to-stop-worrying-and-love-crypto/ )

Thanks for the link.
This seems very interesting.
There is quite a lot to listen and learn for listeners -  good job.

+10 for doing those 6 sections. (I see you are just about to record SECTION 5: Bitcoin Wallets - that will be very interesting I need to ask you a question about those records - PM sent)

I will listen to some of them for sure.

Regards.

[ShakyhandsBTCer]

I think that arguing about if it is appropriate to say that Bitcoin is a "virtual currency" is a lot like arguing what the definition of "is" is.

It is considered virtual because it only "exists" on the internet (blockchain) and cannot be touched. The term currency is used loosely to mean that it can be used to purchase things. 

[bg002h]

I agree and use the terms crypto and digital similarly.

There are dozens of turn of the century crypto / non-crypto digital currencies. (If you want to learn a bitbabout the history, check out my history lectures here: https://www.udemy.com/bitcoin-or-how-i-learned-to-stop-worrying-and-love-crypto/ )

Thanks for the link.
This seems very interesting.
There is quite a lot to listen and learn for listeners -  good job.

+10 for doing those 6 sections. (I see you are just about to record SECTION 5: Bitcoin Wallets - that will be very interesting I need to ask you a question about those records - PM sent)

I will listen to some of them for sure.

Regards.

I can only take credit for a few of the lectures. The lion's share of the work belongs to Charles Hoskinson.

[Justin00]

hmmm never really thought about this.
I guess 'virtual' is more kinda in-game  perhaps... like warcraft or whatever people play these days..

were as 'digital' is more.. well.. not virtual.. and just digital and lives.. errhmm online ?  hmm kinda like the virtual in game money, but more real :p

[thresher]

Really 

What is next?
"I have a dream that ltc, dogecoin, and darkcoin, can all be called crypto coins, and not alt coins." 

[btcxyzzz]

You're right, it's not just derogatory, it's wrong too. There's absolutly nothing virtual about cryptocurrencies. E-Currency is good term, and even Internet money is ok. But I think maybe the best describing term is cryptocurrency.

[EternalWingsofGod]

Virtual is the wrong word. Cryptomoney or cryptocurrency. It is about time that cryptography comes into the limelight.

Yes, crytocurrency or digital currency is correct term
The term virtual is not very accurate compared to those two.