what is bitcoin status

[bitcoinwonders010]

i've been reading online but what is bitcoin status or any sort of online currency.

is it

Virtual Currency
Cryptocurrency
Digital currency


if you were to class all currencies online which one would be best

[Kluge]

All of the above + digital/virtual/crypto commodity depending on who you talk to. People seem to generally refer to it as cryptocurrency (to differentiate it from, say, Google Wallet, WoW Gold, or PPUSD) while governments seem more keen on calling it virtual currency (which is much more broad).

ETA: Wait. You have 3k posts.

[shorena]

• all of the above

Its a Virtual Currency in contrast to physical currencies such as fiat, because bitcoin does not exist physically. There are coins yes, but they only keep a private key not the bitcoins. So thr coins are more like a safe.
Its a Cryptocurrency because it heavily uses crypto to ensure its usefullness and safety.
Its a Digital currency because its data are safed digital and not analog.

[bitcoinwonders010]

assuming that governments class it as virtual currency then that would be the best thing to call it right. i came to know it as crypto currencies but newbies tend to describe it as a virtual currencies.

i think to describe all online currencies virtual currencies would be the best right.

[OnkelPaul]

ETA: Wait. You have 3k posts.

Accounts can be sold. Dunno if it's the case here but it would be an explanation.

Onkel Paul

[DannyHamilton]

i've been reading online but what is bitcoin status or any sort of online currency.

is it

Virtual Currency
Cryptocurrency
Digital currency


if you were to class all currencies online which one would be best

I've been reading online, but what is steak or any sort of edible cow muscle?

Is it:

• Food? (A very vague term, like "Virtual currency", that can apply to many things that are not edible cow muscle, or bitcoin)
• Beef? (A rather specific term, like "Crypto Currency", that narrows the concept down to a small set of products)
• Meat? (A slightly vague term, like "Digital Currency", that generalizes and include a larger set of products)

If you were to class all edible cow muscle, which one would be best?

Seems like a silly question, doesn't it?

Is there a reason that it can't be all three?  Is there a reason that different words can't be used in different situations?

[Kluge]

assuming that governments class it as virtual currency then that would be the best thing to call it right. i came to know it as crypto currencies but newbies tend to describe it as a virtual currencies.

i think to describe all online currencies virtual currencies would be the best right.

It's so broad and vague of a term, it has little utility. Generally, any currency you can send online is a virtual currency. USD and other national currencies could be called virtual currencies under certain circumstances, where virtual currency (digital data) is used to represent actual money which may or may not physically exist.

The European Banking Association defines virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically." Every authority which has tried to define "virtual currency" has come up with something quite different from others so far. Using the actual meaning of "virtual," any currency which doesn't physically exist could be called virtual currency -- to separate BTC from USD and other national fiat currencies, it would have to be called virtual-exclusive currency, I'd think.

[bitcoinwonders010]

ETA: Wait. You have 3k posts.

Accounts can be sold. Dunno if it's the case here but it would be an explanation.

Onkel Paul

Exactly what i was thinking, 3k post and he should know this by now.

this is a discussion where i wanted to gather other's opinion. government call it virtual most of us call it crypto and others call it digital. its not about if i knew it or not but wanted to see what other's would class it as. couldn't find one answer but virtual looks good

[bitcoinwonders010]

assuming that governments class it as virtual currency then that would be the best thing to call it right. i came to know it as crypto currencies but newbies tend to describe it as a virtual currencies.

i think to describe all online currencies virtual currencies would be the best right.

It's so broad and vague of a term, it has little utility. Generally, any currency you can send online is a virtual currency. USD and other national currencies could be called virtual currencies under certain circumstances, where virtual currency (digital data) is used to represent actual money which may or may not physically exist.

The European Banking Association defines virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically." Every authority which has tried to define "virtual currency" has come up with something quite different from others so far. Using the actual meaning of "virtual," any currency which doesn't physically exist could be called virtual currency -- to separate BTC from USD and other national fiat currencies, it would have to be called virtual-exclusive currency, I'd think.

appreciate your response.

[ChuckBuck]

Cryptocurrency sounds the coolest, but as the other have been saying they're all the above.