So, regarding advertising bitcoin...

[Rassah]

Continuion from this article

http://bitcoinmedia.com/algorithmic-money-bitcoin-needs-a-buzzword-and-own-lexicon/

where near the bottom I mention that Bitcoin should be promoted using old terms everyone knows, what is everyone's opinion on using this:

Bitcoin is social network money. It's like Facebook credits, without Facebook.

Though we know it's nothing like Facebook credits, using this concept that everyone understands may help people accept it. (similar to Blackberries sending full emails being called paging devices). Ironically, Facebook with their own centrally controlled fiat may help with adoption.

Thoughts?

[1713953467]

1713953467

[FlipPro]

I'm all for calling BTC E-Credits or Internet Credits.

I think it would only help adoption. "Bitcoin" leads people to believe that we are some sort of singular entity when nothing could be further away from the truth.

[evoorhees]

It's like Facebook credits, without Facebook.

I like this a lot. I also tell people it's like having a Swiss bank account without the counter-party risk of the Swiss bank.

[BitPay Business Solutions]

It's like Facebook credits, without Facebook.

I like this a lot. I also tell people it's like having a Swiss bank account without the counter-party risk of the Swiss bank.

Yes, you can now have as many Swiss bank accounts as you want, and access them anytime, anywhere.

[Boussac]

I aggree with your objective but I am afraid this is one of those times when the marketing department must consult with legal affairs.
Even if I ike your "facebook credits without facebook" line I would recommend to call bitcoin what it is i.e digital commodity money like "digital gold" instead.

When I send bitcoins to someone, its like sending her a little bit of gold powder over the internet (alluding to divisibility and limited quantity).

Otherwise we run in all sorts of regulatory constraints and objections.
Even the use of the word "currency" is both misleading and entails legal obligations.
if we stick to "digital gold", only the forex must comply with stringent licensing obligations.

Let's keep in mind that facebook has dozens of money transmitter licensing applications in progress. And that e-money is bank debt (unlike bitcoins).

[meanig]

I like the phrase the "Open Tender". Referring to all crypto-currencies as open tender might make people curious to learn more because the phrase is so close to something they already know.

[Rassah]

Boussac, I'm just looking for a common, everyday language version of explaining it. Something used in everyday language (Pass me a clenex, can you xerox this, I need to google some info) that won't be tied to any company promotions, but can make it easier for others to understand. I do understand your concerns though.

Regarding gold, there are four issues with it:
1) no one really uses it, so no one can relate to it
2) it sounds old, as money used centuries ago, and Bitcoin is supposed to be new
3) thanks to recent politics and late night scams by gold advertisers, gold has a slightly tarnished reputation as something that tries to overcharge you with fees, or as something used only by far-right conspiracy nuts
4) calling it "digital gold" inadvertently ties it to gold and gold prices. If gold really is in a bubble, and is about to crash (or will any time in the future), gold's loss of value and associated risk will get associated with Bitcoin. People might think since gold crashed, Bitcoin will too.

-----------
I don't even know what open tended means. Is that a mix of open source and legal tender?

[Gabi]

Just call them Bitcoin

Other definitions look misleading to me... except maybe digital gold.

But just calling it Bitcoin is better. It's not a swiss bank, it's not facebook and it's not "internet credit", it's Bitcoin

[acoindr]

Just call them Bitcoin

Other definitions look misleading to me... except maybe digital gold.

But just calling it Bitcoin is better. It's not a swiss bank, it's not facebook and it's not "internet credit", it's Bitcoin

I agree with this. People will soon learn what Bitcoin actually is. However, my vote is for describing it as "special Internet money, with qualities similar to gold".

If someone had instead described Bitcoin to me this way, I would probably have gotten involved a lot sooner. As it was I  missed the point entirely.

[markm]

Maybe recycle the "free as in freedom, not free as in beer" thing? It is free money and you can use free software to work with it.

-MarkM-

[Boussac]

Boussac, I'm just looking for a common, everyday language version of explaining it. Something used in everyday language (Pass me a clenex, can you xerox this, I need to google some info) that won't be tied to any company promotions, but can make it easier for others to understand. I do understand your concerns though.

Regarding gold, there are four issues with it:
1) no one really uses it, so no one can relate to it
2) it sounds old, as money used centuries ago, and Bitcoin is supposed to be new
3) thanks to recent politics and late night scams by gold advertisers, gold has a slightly tarnished reputation as something that tries to overcharge you with fees, or as something used only by far-right conspiracy nuts
4) calling it "digital gold" inadvertently ties it to gold and gold prices. If gold really is in a bubble, and is about to crash (or will any time in the future), gold's loss of value and associated risk will get associated with Bitcoin. People might think since gold crashed, Bitcoin will too.

I totally agree with your reservations regarding "digital gold".
The problem we are facing is that anything catchier relates to "currency" and opens up a big can of worms regarding regulations.
Perhaps, it's easier to start from a defining target user and adapt a presentation accordingly.

Often, I present bitcoin as a free software technology and compare it to email (avoiding the "currency" paradigm).
Proprietary internet payment means today function as follows: if I send you money through paypal you must be a paypal user or become a paypal user just to receive the money. As if a hotmail user sends an email to a gmail user, gmail user would have to register to hotmail just to receive that one email: that would be pretty ludicrous.
With bitcoin, internet payment fuctions really like email: use whatever bitcoin service and your recipient is free to use just any bitcoin service to receive your transaction. Benefits: a bit more freedom and much lower fees.

[evoorhees]

Boussac, I'm just looking for a common, everyday language version of explaining it. Something used in everyday language (Pass me a clenex, can you xerox this, I need to google some info) that won't be tied to any company promotions, but can make it easier for others to understand. I do understand your concerns though.

Regarding gold, there are four issues with it:
1) no one really uses it, so no one can relate to it
2) it sounds old, as money used centuries ago, and Bitcoin is supposed to be new
3) thanks to recent politics and late night scams by gold advertisers, gold has a slightly tarnished reputation as something that tries to overcharge you with fees, or as something used only by far-right conspiracy nuts
4) calling it "digital gold" inadvertently ties it to gold and gold prices. If gold really is in a bubble, and is about to crash (or will any time in the future), gold's loss of value and associated risk will get associated with Bitcoin. People might think since gold crashed, Bitcoin will too.

I totally agree with your reservations regarding "digital gold".
The problem we are facing is that anything catchier relates to "currency" and opens up a big can of worms regarding regulations.

I also totally agree with those comments re: gold Rassah, well said! Boussac, I think in this context "regulations" are not a concern. We're discussing good language to use in casual conversation with people to educate them about Bitcoin. It doesn't matter if we use language which would be contentious in a legal or corporate setting. When I tell my mom that Bitcoin is a digital currency, or "similar to Facebook credits" she's not going to call up the SEC or the USPTO

Always speak to your audience. When discussing Bitcoin with normals, use things they know - Facebook Credits is perfect. When discussing with lawyers or corporate types, use language that makes them comfortable (Mt.Gox shouldn't call Bitcoin a "currency", if they can help it). When talking to a gold bug, use the term "digital gold." When talking to a libertarian, use "free market money." When talking to a socialist, use "egalitarian money" or "an anti-bank currency". When talking to an economist, use terms like "scarce commodity." When talking to IT types, use "open source currency", etc.

Bitcoin is attractive in different ways to different people. It has many facets; many virtues. Our challenge is to always know which virtue is appropriate for the audience in front of us, and use language that is cohesive with that virtue.

[Phinnaeus Gage]

Perhaps we can agree on that all algorithmic money be referred to as algorcy, a term not currently highly used according to Google. As the search results increase, that'll be a good bellwether as to what the state is of all algorithmic money if/when Bitcoin clones come online.

~Bruno~

[phelix]

who knows fb credits?

algorcy sounds awkward.


crypto currency
gold 2.0

I still like "digital gold" best. also it is a good term to explain the concept. "imagine bitcoin as digital gold".

[apetersson]

Bitcoin is a fine word.

it is debt-free money. (so no credit)
it is like gold - so its like a gold COIN
it works digitally and over the internet - BIT

when i describe it very briefly i tell people: its like gold that you can send anywhere over the internet instantly to anybody for free.

typically they want to know more and ask back and get a 15-30 minute introduction.

[Killdozer]

Digital money
"Digital cash" somehow sounds more vague and more difficult to understand to me.

[Phinnaeus Gage]

who knows fb credits?

algorcy sounds awkward.

crypto currency
gold 2.0

I still like "digital gold" best. also it is a good term to explain the concept. "imagine bitcoin as digital gold".

So does Lynyrd Skynyrd. Image if the band opted for a more conventional spelling, they could have easily sold twice are many records.

That said, how about ~ Cryptocy?

~Bruno~

[acoindr]

I've refined my choice of words, and I did this before seeing the new comments between this one and my last one:

digital Internet gold

This just makes sense to me, especially when I imagined thoughts invoked by each word:

digital - this gives the impression of technology

Internet - gives an impression of strength and credibility. Pretty much "Internet" anything carries weight nowadays.

gold - everyone associates this with something of precious value, even if they are not aware of gold's non-inflationary monetary qualities.

[Nefario]

When speaking at a bankers conference in London on Tuesday just gone, I described bitcoin as cash for the internet, kept in wallets, and once given, hard to get back.

They seemed to understand.

[phelix]

who knows fb credits?

algorcy sounds awkward.

crypto currency
gold 2.0

I still like "digital gold" best. also it is a good term to explain the concept. "imagine bitcoin as digital gold".

So does Lynyrd Skynyrd. Image if the band opted for a more conventional spelling, they could have easily sold twice are many records.

That said, how about ~ Cryptocy?

~Bruno~

i have not listened to much of ls. but I like the name, it sounds cool.

cryptocy sounds a little better for me.

crypto gold?

about "internet": bitcoin is not limited to the internet. ok it is not limited to being digital either. damn.