Topic: Is crypto-currencies is a right term to refer bitcoin and altcoins together ? (Read 215 times)
February 12, 2019, 09:47:36 AM
Bitcoin is managed by the digital currency system, without the block, Bitcoin can not be imagined, and through Bitcoin, it must be turned into a destabilizing family member.Cryptocarcation is the best word to represent Bitcoin and altCoins.People understand bitcoin and altcoins mainly because of cryptocarrency because there is a blockchain system.Although cryptocarcation is not what it originally meant
February 12, 2019, 08:19:44 AM
I am actually more disturbed by the "currency" part.
First to mention, tokens which are or to be made as securities - Distributed Ledger Technologies (DLT) - are not currencies. Stock or bond is not a currency. And many tokens or coins nowadays are securities actually. And there will be even more.
Secondly, utility coins are not currencies. Well, they are but just for internal use - to buy service on specific platform or similar. Thus, they are more like vouchers or coupons than currencies.
Currencies are only crypto coins or tokens that are or want to be a mean of payment. Bitcoin, Bitcoin Cash most representative (probably) Dash. Ethereum is not a currency, imho. Ether was never created for you to pay coffee or a car with.
First to mention, tokens which are or to be made as securities - Distributed Ledger Technologies (DLT) - are not currencies. Stock or bond is not a currency. And many tokens or coins nowadays are securities actually. And there will be even more.
Secondly, utility coins are not currencies. Well, they are but just for internal use - to buy service on specific platform or similar. Thus, they are more like vouchers or coupons than currencies.
Currencies are only crypto coins or tokens that are or want to be a mean of payment. Bitcoin, Bitcoin Cash most representative (probably) Dash. Ethereum is not a currency, imho. Ether was never created for you to pay coffee or a car with.
February 10, 2019, 09:55:04 AM
Cryptocurrency seems to be the perfect term to represent bitcoin and altcoins. Earlier it was virtual currencies and little by little things got changed. Now it's much more perfect than mentioning as virtual currency. Bitcoin. As in the Op everything is associated with blockchain. Upon that it is good to mention it as blockchain money, but being on cryptographic algorithm processing each and every activity happening through the blockchain makes cryptocurrency more apt than being called as blockchain currency.
February 10, 2019, 09:54:20 AM
Decentralized currency is better name if you ask me. Blockchain could transform into something more decentralized in the future, with different names.
The name decentralized currency may even help discourage developers from creating centralized coins and also help discourage major coin developers from temptatation of centralization.
The name decentralized currency may even help discourage developers from creating centralized coins and also help discourage major coin developers from temptatation of centralization.
This sounds good but I believe having a decentralized name imprinted on the currency will never discourage developer to centralized their intended cryptocurrency creation, though they will not fall under the decentralized currency category but nevertheless people will create their own token following their belief and ideas. And besides, cryptocurrency had already established its name as a currency that uses cryptography either it is centralized or decentralized.
February 10, 2019, 09:47:25 AM
people often refer to cryptocurrency instead of other names, because it is on the blockchain platform, while for digital money people also mention BTC and altcoin, but for digital money not only that, like web money, electronic wallets, egold and cryptocurency, basically everything is cryptography
February 10, 2019, 09:37:36 AM
As far as I am concerned cryptography is being used by human race for 1000s of years and it may got improved into more complex levels with modern computing era.
Cryptography provides security to bitcoins hence it is just layer of security thing and it is not the actual part of what we are considering as bitcoins, right ? If it is so, is it right way to have a term crypto-currencies ?
I agree it is a term to represent bitcoins and other coins as no other money system is being secured this way. Yes, cryptocurrencies is just a term to distinguish bitcoins and altcoins from paypal or skrill.
Then what could be a right way to represent bitcoins and its clones in general ?
Might be BLOCKCHAIN-MONEY or BLOCKCHAIN-CURRENCIES having exact representation of bitcoins and altcoins by conceptual way. Probably it may be a hard term for non-technical people (even crypto too). Smart-money or digital-cash are easy terms for anyone but not exactly representing bitcoin-family. If you have any suggestion, please do mention, we must have easy term for making it to main stream adoption yet it must have meaningful representation.
Cryptocurrency is a digital asset that uses cryptography. Basically, for securities... And i don't mind if they're using cryptocurrency as a representation for bitcoin and altcoins. And I think it's also a meaningful one Cryptography provides security to bitcoins hence it is just layer of security thing and it is not the actual part of what we are considering as bitcoins, right ? If it is so, is it right way to have a term crypto-currencies ?
I agree it is a term to represent bitcoins and other coins as no other money system is being secured this way. Yes, cryptocurrencies is just a term to distinguish bitcoins and altcoins from paypal or skrill.
Then what could be a right way to represent bitcoins and its clones in general ?
Might be BLOCKCHAIN-MONEY or BLOCKCHAIN-CURRENCIES having exact representation of bitcoins and altcoins by conceptual way. Probably it may be a hard term for non-technical people (even crypto too). Smart-money or digital-cash are easy terms for anyone but not exactly representing bitcoin-family. If you have any suggestion, please do mention, we must have easy term for making it to main stream adoption yet it must have meaningful representation.
February 10, 2019, 06:21:33 AM
Over the years, numerous blockchain giants have taken over the world with their various blockchain operations successfully. Because something works however, does not mean that it cannot be improved.
February 10, 2019, 04:48:22 AM
Well, firstly, everyone has long been accustomed to the term cryptocurrency. Secondly, we can't call them digital money, as this term means not only cryptocurrency but also other means of payment (WebMoney, for example). And also, by the word "cryptography" is meant confidentiality, transparency and authentication - all those properties that are exactly inherent in bitcoin and altcoins.
When we say crypto currencies, it means that we are talking about the digital currencies which include both bitcoins and all the altcoins / tokens etc. This does not include the digital money like Webmoney / skrill etc.
February 10, 2019, 04:42:24 AM
Well, firstly, everyone has long been accustomed to the term cryptocurrency. Secondly, we can't call them digital money, as this term means not only cryptocurrency but also other means of payment (WebMoney, for example). And also, by the word "cryptography" is meant confidentiality, transparency and authentication - all those properties that are exactly inherent in bitcoin and altcoins.
February 10, 2019, 04:39:46 AM
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but I am not sure if cryptocurrency can exist without the blockchain
it can . if devs decides to port crypto into a physical note's ( bank note ) just like what we have on fiats , im pretty sure that it can live and work independently without the help of blockchain technology
It is possible to exist without the blockchain
As there are already a bunch of cryptocurrencies which are not following the blockchain paradigm (read, they don't have the blockchain as we understand it). But they are nevertheless called cryptocurrencies, and for a reason. Even without featuring the blockchain, they still make heavy use of cryptography. In this way, the word "cryptocurrency" seems to be the most appropriate and fitting term for what we understand by these currencies
I think it is a excellent representation of this technology and we should not change anything now that this term has gone global. 
It takes years for certain terminology to become the norm and widely accepted
It takes years for certain terminology to become the norm and widely acceptedAgreed
February 10, 2019, 04:22:36 AM
The name decentralized currency may even help discourage developers from creating centralized coins and also help discourage major coin developers from temptatation of centralization.
there is nothing wrong with centralization, that is part of the world and we currently are using a ton of centralized things in our lives (banks and fiat, Visa, Paypal,...). as long as they don't advertise their coins with a lie as a decentralized one, i can see successful centralized cryptocurrencies.
Centralization itself might look harmless but in the end everything depends on the person or the group which stays in the center. As long as that person or group makes fair choices, the system might survive for decades. We see it with the countries like Norway and Denmark.
See this article, it will help a lot.
https://www.visualcapitalist.com/visualizing-corruption-around-the-world/
Everything goes to shit when a corrupted person/group gets in charge. That's when we need a decentralized system and It is happening all around the world. Look at USA, even USA the world's most developed country, the tier 1, is on a spot between corrupted and clean. I'd say it getting worse there.
February 10, 2019, 04:12:22 AM
Well for one, even the blockchain technology has cryptography for its fundamentals, so technically blockchain is also under the umbrella term 'crypto.' Without the necessary cryptographic algorithms and functions, the blockchain wouldn't exist, so does bitcoin. Besides, people have known the term 'cryptocurrency' for too long and have commonly associated it with bitcoin and altcoins, so why do you feel that the said term isn't apt for bitcoin and other coins?
February 10, 2019, 01:44:10 AM
Crypto + Currency was combined for the simple reason, because it is a currency that are based on Cryptography. There has been other forms of digital currencies in the past, that was not based on Cryptography, so a distinction had to be made to define it properly and to distinguish it from those other types of tokens.
I think it is a excellent representation of this technology and we should not change anything now that this term has gone global. It takes years for certain terminology to become the norm and widely accepted. 
I think it is a excellent representation of this technology and we should not change anything now that this term has gone global.
It takes years for certain terminology to become the norm and widely accepted. 
February 09, 2019, 10:58:23 PM
The name decentralized currency may even help discourage developers from creating centralized coins and also help discourage major coin developers from temptatation of centralization.
there is nothing wrong with centralization, that is part of the world and we currently are using a ton of centralized things in our lives (banks and fiat, Visa, Paypal,...). as long as they don't advertise their coins with a lie as a decentralized one, i can see successful centralized cryptocurrencies.
February 09, 2019, 10:44:59 PM
' snip '
I think you nailed it right. We should not be confusing the blockchain with cryptocurrency though they can somehow be very much connected or even related. We know that blockchain can exist fine without cryptocurrency but I am not sure if cryptocurrency can exist without the blockchain. Anyway, this is just one of the many good facets we can discuss and that can enlighten and expand our horizon of understanding. The term 'cryptocurrency' is already accepted hence it can be difficult if we have to change it just for any minute ground we see.
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We should not be confusing the blockchain with cryptocurrency though they can somehow be very much connected or even related.
yes they are connected/related but it is obvious and all can easily tell the difference between a blockchain and a crypto . we must not use blockchain to refer crypto and we must not use crypto to refer blockchain because they are just inapropriate and sounds ugly .
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but I am not sure if cryptocurrency can exist without the blockchain.
it can . if devs decides to port crypto into a physical note's ( bank note ) just like what we have on fiats , im pretty sure that it can live and work independently without the help of blockchain technology .
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The term 'cryptocurrency' is already accepted hence it can be difficult if we have to change it just for any minute ground we see.
its not bad to use other term aside from the word cryptos . people can still understand that you are refering to btc , alts and tokens .
February 09, 2019, 10:33:54 PM
a cryptocurrency is a currency or payment system that is based on cryptography. so yeah, it is correct to use that term for both bitcoin and altcoins as long as the altcoin is also a "currency" although everything becomes a blur when it comes to altcoins since majority of them are purely pump and dumps so you can't consider them as "currencies".
using the term "blockchain" in it is false in my opinion because blockchain is only representing that "database" or the chain of blocks and is not necessarily used by "cryptocurrencies" it can be used for other purposes too. not to mention that cryptocurrencies don't have to be based on blockchain either. there are other technologies, for example AFAIK, DAG is not a blockchain but DAG coins are cryptocurrenices because they are using cryptography.
using the term "blockchain" in it is false in my opinion because blockchain is only representing that "database" or the chain of blocks and is not necessarily used by "cryptocurrencies" it can be used for other purposes too. not to mention that cryptocurrencies don't have to be based on blockchain either. there are other technologies, for example AFAIK, DAG is not a blockchain but DAG coins are cryptocurrenices because they are using cryptography.
I think you nailed it right. We should not be confusing the blockchain with cryptocurrency though they can somehow be very much connected or even related. We know that blockchain can exist fine without cryptocurrency but I am not sure if cryptocurrency can exist without the blockchain. Anyway, this is just one of the many good facets we can discuss and that can enlighten and expand our horizon of understanding. The term 'cryptocurrency' is already accepted hence it can be difficult if we have to change it just for any minute ground we see.
February 09, 2019, 05:51:15 PM
Cryptography is used everywhere nowadays for securing communications and keeping data safe, but in cryptocurrencies it used for way more, in them cryptography is also used to make the protocols decentralized, and Proof-of-Work is used to prevent attacks while synchronizing the network. So, it don't see any reasons why cryptocurrency is a bad term. The only problem is that people often use it to mean "Bitcoin and altcoins" in a context that has different implications for them. Like, saying "Bitcoin and altcoins will increase in price in the next 5 years" is only partially true, because a lot of altcoins will be dead in 5 years.
February 09, 2019, 04:05:57 PM
Decentralized currency is better name if you ask me. Blockchain could transform into something more decentralized in the future, with different names.
The name decentralized currency may even help discourage developers from creating centralized coins and also help discourage major coin developers from temptatation of centralization.
The name decentralized currency may even help discourage developers from creating centralized coins and also help discourage major coin developers from temptatation of centralization.
February 09, 2019, 10:16:41 AM
Why do you even care about this?
Cryptocurrency,blockchain money or digital coins,I don't care how should we call them.
We could call them decentralized money,if you want.Thiswould distinquish them from the centralized fiat money.
Cryptocurrency,blockchain money or digital coins,I don't care how should we call them.
We could call them decentralized money,if you want.Thiswould distinquish them from the centralized fiat money.
Cryptocurrency is already an established term
So when someone mentions it, everyone and his dog (and probably his grandma too) understand what is being meant by that. However, I can't really agree with your use of the term "decentralized money" as some cryptocurrencies are not decentralized at all (like private coin issued by some company behind it in a centralized manner). On the other hand and strictly speaking, you can't call fiat a centralized currency either as it is mostly created by banks in a pretty decentralized manner
All in all, you may not want to use that distinction when referring to cryptocurrencies in general as it only adds unnecessary complexity possibly leading to misunderstanding and confusion
February 09, 2019, 08:17:33 AM
Cryptography is the base theory for cryptocurrencies and when we talk about cryptocurrencies we can include both bitcoin and altcoins because all of them can be referred as digital currencies but most of the time today people tends to refer altcoins as cryptocurrencies and bitcoin as another currency and i think that is because of its popularity and the uniqueness but every one of them are digital currencies that uses a common blockchain technology
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