Topic: Is "cryptocurrency" a good term? - page 4. (Read 1479 times)

I'd say the best word to describe them is "public blockchains", because it leaves a lot of space for covering all the potential decentralized projects that utilize Bitcoin and some other coins, and it also takes back the word "blockchain" from bankers and governments who try to create a narrative that blockchain is some revolutionary technology that will improve those banks and governments.


I've heard other people saying that, but couldn't find the etymology of the word "cryptocurrency" myself, could you please provide some link if you have one? I'm very interested to learn about it!

The term "cryptocurrency" has been widely used by people on the internet even before bitcoin became famous. It's just a simple internet slang, that's it.

Rethinking my first post, I'd say that crypto part is not that bad, because it sounds synonymous to "secure" and very different from electronic or digital currencies. But the currency part can be very misleading, because in my mind projects like Bitcoin can achieve much more than just being a medium for storing and transferring value - I'm sure that for next many years developers will be discovering lots of different way of interaction with Bitcoin's blockchain.

My thoughts is that cryptocurrency is bad and misleading title for general public. However during last years it was popularized enough to become permanent description in minds of people. Why do I think it is misleading? Because most people don't understand how cryptography is utilized in blockchains. Everyone I know think that "crypto" literally means anonymous,opaque,hidden money that impossible to trace or steal. When I explain that BTC is the most transparent money that was ever made, and cryptography is used mostly to create digital signatures and mathematical proofs people freak out (especially when I get to the point where I explain anyone can see balances of all wallets any time or trace all transactions that was ever made in bitcoin). To that little nasty "crypto" word brings a lot of unnecessary confusion for newcomers. I'd rather prefer digital money token, but it somewhat strips it from value.

I think the word "cryptocurrency" is a good term. Not only in english language is used such combination of the words "crypto" and "currency".

It certainly is a currency, there are only 4 types of property, commodity, collectible, cash generating asset, and currency.  Currencies are fungible and infinitly divisible.

But crypto is a bad term.  I perfer to call them Distributed Digital Currencies (DDC's) as I said in my recent new PoW whitepaper.

To me cryptocurrency is the best word to describe digital money.The word cryptocurrency describe the source of the currency and its medium of exchange.

I think it's a good term but it can be a scary term for non technical outsiders.

Yes, I agree with you. Recently, the term "crypto-currency" is applied to tokens, which are created on the basis of other crypto-currencies and are used more as an asset, rather than as a means of payment.

You certainly have a valid point there however I also think it does the job. Atleast to get people interested it does the job. Cryptocurrency consists of 2 words that are essential to captivate someone. One well know word and one lightly less. Practically everyone that has the potential to get involved in this ecosystem knows what the word currency is. Some people will probably also have a slight idea as to what cryptography is but I feel like for most people this will tickle their interest and they will do some research. And ultimately fall down the rabbit hole. We all know how it went from there.

For that extremely specific reason I feel like cryptocurrency is the right word. It might not perfectly describe what they actually are but does it need to bethat way? As long as they get interested and do research I'm cool with it. But if you would come up with an alternative I would gladly evaluate it.

From the word 'crypto or cryptography' is the art of writing or solving codes. Which is somehow correct because miners does solve some mathematical puzzle. And the word 'currency' well basically it is a money, notes, or coins that has a value. So a cryptocurrency or digital currency is being made because of it's characteristics. But if you are having a problem with this and making a big deal then you can tell everyone what to name on it but i don't think if they will listen, since it is what they already know what to call on it.

Well now its not at all possible to change the name or do anything about it. Neither I think it was possible at the start because it was Satoshi who has created it and kept the name what he liked it or what he had understood.

OP - You can always have your view which is nice, but now all those who are in this field are associated with the terms that were derived.

Words can be very confusing since they might contain different meanings. Complaining about the term cryptocurrency is not the problem, the problem is how you use it in the first place.

I think we need lots of new language to describe things in this space. Like if your main source of income is from crypto gains, mining, staking and ICO investing then what should you call your job description? Crypto-investor is just using language from the traditional investment world and adding crypto to it. We want a clean break from the old world and have words that describe the new tech opportunities precisely.

well, another day at twitter I saw cryptographers almost had a 'tilt' because people using "crypto" as "crypto currency"

It is.But its better to use a term that can easily to understand to the ordinary people.May a digital currency,it's slightly understandable.Digital means computer.Everyone now understand what computer can do.

CryptoCurrency seems to be the catchall word for everything related to blockchain; be it the blockchain, the currency, maybe a token or even a smart contract. If you are revering to just the currency then maybe it is a good term, what else would you make it? HashCoin?

very nice thought I must say. Even I was thinking about the very same thing. Considering that every new idea here in the blockchain world is said to be cryptocurrency. Why can't we merely bring up an idea and implement it into blockchain without issuing any fucking ICO and creating a separate trade able coin for it. Cryptocurrency just narrows everyone's thought that its related to currency and financial market whereas it really has nothing to do with real currency as of now.

I think the term 'cryptocurrency' does the job. There are two sections of people. In the world of people with knowledge on bitcoin and its function the term certainly means something like 'encrypted currency' which clearly points out to the use of computers and digitalized currency. But for a common man not very aware of the system in vogue, it simply amounts to a 'secret currency' which is suggestive of his or her need to avoid! But when people get used to the process of transacting through bitcoin etc then the term becomes more appealing.

There is however a drawback for this term. The very principle of the bitcoin transaction is based on decentralization and openness. In either of the above terms, we cannot deduce these two principles. The term encryption neither hints at openness nor decentralization. In fact it is something contrary to that. And the meaning of being 'a secret' does not do any good.

Since the term cryptocurrency cannot be changed and it is in the use almost since the beginning it is not possible to modify it. However, what can be done is we can introduce a synonym for the term which can simply be 'eCurrency'. The term 'Digital currency' can also be suggested. However, it may simply mean the existing currency used in computers. Which otherwise will mean as internet banking transactions and the like which already are most commonly used where the currency is simply a dollar only that the number or figure is transacted from one system to the other.

The term 'eCurrency' will make it more appealing for both the experts and the common public. And when the use of eCurrency dominates slowly the confusing cryptocurrency will fade away. The advantage with the term eCurrency is that it does not directly convey openness or decentralization. However it does not convey anything contrary either, unlike the term cryptocurrency. This eCurrency as an alternative perhaps be better tuned to the needs and in allying the apprehension caused with the name cryptocurrency.

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