What is Cryptocurrency & Why the Term Doesn’t Apply to Most Coins & Tokens Today
The term cryptocurrency has been used since the advent of Bitcoin. But times have changed and the terms we use must change too.
Today, across the crypto industry, from experienced institutional investors and fund managers to those just getting started in the market, there is widespread confusion and misunderstanding.
The primary cause of this confusion is a combination of incorrect terminology and the rapid evolution of cryptos over the last decade or so.
The term cryptocurrency has proliferated rapidly ever since the inception of Bitcoin, which as a platform primarily used as a means of exchange and storage of value, was a fundamentally correct use of this term.
However, as the market has expanded and new coins and tokens have entered the scene, the term has retained significantly less relevance. This is because the vast majority of coins and tokens today are in fact not currencies at all.
Thousands of “cryptocurrencies” that exist today are misrepresented under this umbrella term. The fact is that they’re not currencies. You can’t use the vast majority to make payments, they don’t effectively store value, and they’re not a unit of account either.
Read this article to learn more: https://blockchainreview.io/what-is-cryptocurrency-altcoin-token-bitcoin-ethereum/
Topic: What is Cryptocurrency and why the term doesn't apply to most tokens today (Read 110 times)
July 02, 2018, 09:33:50 PM
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