What is right about Bitcoin? | Bitcointalksearch.org

promise444c5

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Quote from: Linklord on March 26, 2023, 09:42:00 PM

I am very confusing when people and media use different words to describe about Bitcoin.

They can use words like
Virtual currency
Digital currency
Cryptocurrency
Electronic cash

I am very confusing with words like "virtual currency" but I don't know what is a best word to use to say about Bitcoin.

In whitepaper, it is "A purely peer-to-peer version of electronic cash" but it is a long phrase.

https://bitcoin.org/bitcoin.pdf

Over the time people choose some words or phrases which is suitable for it but among others are the ones you've listed in which people embrace the most. However, over the time it becomes more appealing and popular and is being called with it

I can decide to name it Apex digital currency

It make sense right

YOSHIE

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Quote from: Linklord on March 26, 2023, 09:42:00 PM

I am very confusing when people and media use different words to describe about Bitcoin.

OP you, no need to be confused about how people pronounce the name Bitcoin as: virtual, crypto, digital and electronic, All these words have one aim, namely Bitcoin, even though the ways of saying them vary.

For this reason, you need to first understand the meaning of all these words, so that you don't get confused, even though they are easy to find on the internet.
Example:
* meaning Virtual currency

Quote

Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community.

* meaning Digital currency

Quote

A digital currency is a medium of exchange that is generated, stored and transferred electronically. Digital currencies are not typically associated with any country's government or represented in physical forms like the coins and notes of traditional currencies.

* meaning Cryptocurrencies

Quote

What is cryptocurrency? A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system.

* meaning Electronic money

Quote

Electronic money (e-money) is a digital alternative to cash. It allows users to make cashless payments with money stored on a card or a phone, or over the internet. EU rules on e-money aim to. facilitate the emergence of new, innovative and secure e-money services.

From this source, you can understand these words, why people use Bitcoin for different words, in essence: one Bitcoin.

So you don't need to be confused anymore when pronouncing the words you mentioned above, other examples in the real world are like people often mentioning the sky.
For example:

Quote

Here are some choices of words to describe the sky:
Space
Space
Cloudy
Bumantara
Horizon
Aerospace
Tawang
Nabastala

The words above literally have one goal, namely the sky, I hope you understand what is meant.

Promocodeudo

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Security, privacy, safe custody, and transparency are the major aspect of Bitcoin that I welcome solely, Every person wants privacy as far as money and investment is concerned, and although the primary reason for anyone to invest in Bitcoin is the profit, we can not remove all the aforementioned, when your investment is secured and accessible by you, that's when you can be rest assured that you own an investment, despite that it might depreciate or even appreciate as the case may be, frankly speaking, Bitcoin has made it impossible for government or institution to have control over it because of it decentralized nature, I think that alone is a good remark about bitcoin.

GeorgeJohn

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Cryptocurrency is a digital currency and it can equally be said its a virtual currency, while people describe Cryptocurrency as a digital currency, is that is a decentralized currency which is not centralized, when they use a virtual currency, that means is a currency that you can not touch or feel with your hands but you can see it digits and values, so since its decentralized currency probably it can not be touched or been manipulate by the government of any nation is it doesn't fall under category or under the control of government, so don't be bothered with those names been given by by bitcoin, just learn and understand and also embrace Cryptocurrency if you wishes.

Lida93

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Quote from: Linklord on March 26, 2023, 09:42:00 PM

I am very confusing when people and media use different words to describe about Bitcoin.

They can use words like
Virtual currency
Digital currency
Cryptocurrency
Electronic cash

I am very confusing with words like "virtual currency" but I don't know what is a best word to use to say about Bitcoin.

All the words you have listed are all fitting when explaining what is bitcoin.
The these words are connected together to mean same thing.
You can chose which you feel convenient with it will still be the best.

Read this for more clarification.
A quick introduction to Bitcoin.
LEARN ME A BITCOIN.

YUriy1991

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Quote from: michellee on September 10, 2023, 10:10:03 PM

Only people who don't know and haven't received information about Bitcoin will use other names. But that's ok because they will also know the truth after they learn it.

Yes. If I find market chatter influencing my Investment decisions too much, I stop following it. what is certain is that Bitcoin shocked the world the most important thing here How does Bitcoin trading work to know and conquer where we get some Bitcoins because Price movements are frequent and easy to change and you can see the swings easily.

michellee

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Quote from: Saint-loup on September 10, 2023, 01:58:31 PM

Quote from: michellee on September 10, 2023, 05:08:11 AM

You don't need to be confused if someone or the media describes Bitcoin. They may use words they think are easier for their followers to understand. You can use different words from them so that you can get a better understanding.

Some people even say Bitcoin is digital gold, which is normal. This is all about how people can understand Bitcoin. So you have to be able to understand it.

I knew the word Bitcoin earlier than cryptocurrency or altcoin. I don't know what altcoins are and I consider Litecoin, Dash, and XMR the same as Bitcoin. It's really funny if I remember it Grin

I'm not sure it's totally ok to name it like that in order to just point it out, because some stable coins are backed by gold and are real digital gold, so it can be confusing. In addition it can mislead laymen who can think it's an asset with the same stability as gold which is one of the smallest, while it's an highly volatile asset with one of the highest volatility among commodities and similar assets.

Yes, maybe that's ok. Maybe they think they already know gold well and use and own it. Gold is available offline while Bitcoin is online, and Bitcoin price now makes them think it is online gold.

But if people could study Bitcoin well, they would change their point of view and would not call Bitcoin digital gold. That's because they already know that Bitcoin is Bitcoin and not digital gold.

Only people who don't know and haven't received information about Bitcoin will use other names. But that's ok because they will also know the truth after they learn it.

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Quote from: Jon_Hodl on September 10, 2023, 03:12:35 AM

I would either call Bitcoin "digital cash" (my personal favorite) or "digital money".

Nothing wrong if you like it, calling Bitcoin as digital cash/currency/money is okay. As long as you don't call as real cash/currency, people won't complain. Grin

Quote from: Jon_Hodl on September 10, 2023, 03:12:35 AM

I don't like any term that uses the word "currency" because that is a fiat construct.

Why you don't like other terms? I think both currency and money are related to fiats as well. It is the usual term we used for fiats. But I think it is no problem to use for Bitcoin, too. Bitcoin is a digital currency that people use for online transactions. The function is almost the same as fiats, so it is okay if people assume Bitcoin as a currency, too.

Saint-loup

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Quote from: michellee on September 10, 2023, 05:08:11 AM

You don't need to be confused if someone or the media describes Bitcoin. They may use words they think are easier for their followers to understand. You can use different words from them so that you can get a better understanding.

Some people even say Bitcoin is digital gold, which is normal. This is all about how people can understand Bitcoin. So you have to be able to understand it.

I knew the word Bitcoin earlier than cryptocurrency or altcoin. I don't know what altcoins are and I consider Litecoin, Dash, and XMR the same as Bitcoin. It's really funny if I remember it Grin

I'm not sure it's totally ok to name it like that in order to just point it out, because some stable coins are backed by gold and are real digital gold, so it can be confusing. In addition it can mislead laymen who can think it's an asset with the same stability as gold which is one of the smallest, while it's an highly volatile asset with one of the highest volatility among commodities and similar assets.

michellee

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You don't need to be confused if someone or the media describes Bitcoin. They may use words they think are easier for their followers to understand. You can use different words from them so that you can get a better understanding.

Some people even say Bitcoin is digital gold, which is normal. This is all about how people can understand Bitcoin. So you have to be able to understand it.

I knew the word Bitcoin earlier than cryptocurrency or altcoin. I don't know what altcoins are and I consider Litecoin, Dash, and XMR the same as Bitcoin. It's really funny if I remember it Grin

Jon_Hodl

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I would either call Bitcoin "digital cash" (my personal favorite) or "digital money".

I don't like any term that uses the word "currency" because that is a fiat construct.

rachael9385

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The word crypto currency is more popular than the other names you mentioned (Virtual currency, digital currency and Electronic cash). The word currency is the most popular name people call it. Many people know Bitcoin as a crypto currency because it can be easily explained than the other ones.

Before I knew about Bitcoin, I knew it as a crypto currency, but when I started coming to this forum I started calling it the virtual currency, electronic cash and the digital currency. But all of them have the same meaning. Some of these things are what people get wrongly. That's why, before being involved in an investment, we should have good information about it so that we won't get confused, while when we come across things about the investment, investment strategy can be smooth when we know about it, mostly when we have good information about almost everything in the investment.

348Judah

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When it comes to social media, we are prone to receiving varieties of feeds about bitcoin and cryptocurrency, but whenever we come across such, we are not expected to take fast or drastic actions without taking some level of research on them to get verified that they are genuine, the internet is a very large environment where we can easily get contacted of any information misleading if we are unaware of the dangers that could comes in through it, everyone is saying what they feels is acceptable by them without considering if right or wrong, bitcoin will always remain the exact purpose for its creation and nothing will change, this alone is what is right that the people always want with bitcoin.

JunaidAzizi

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Quote from: Linklord on March 26, 2023, 09:42:00 PM

1 Virtual currency
2 Digital currency
3 Cryptocurrency
4 Electronic cash

I was suffering from the same issue bro but then I came to know that the meanings of all these words are the same but slightly different from each other. I am explaining these words in one line as of my knowledge.
1 The currency that occurs only in digital form
2 It is a border term that includes all the terms.
3 The currency that uses cryptography
4 and is designed to be used as an alternative to physical cash.
In terms of bitcoin if you talk about bitcoin in general then I think digital cryptocurrency is good and if you talk about the specific feature of bitcoin then Electronic cash or cryptocurrency is best.
But my opinion is that if you use any terms it does affect the bitcoin so it's upon you to what term you use more.

Obari

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Quote from: Linklord on March 26, 2023, 09:42:00 PM

I am very confusing when people and media use different words to describe about Bitcoin.

They can use words like
Virtual currency
Digital currency
Cryptocurrency
Electronic cash

I am very confusing with words like "virtual currency" but I don't know what is a best word to use to say about Bitcoin.

In whitepaper, it is "A purely peer-to-peer version of electronic cash" but it is a long phrase.

https://bitcoin.org/bitcoin.pdf

Whatever you choose to call bitcoin from the above mentioned list is very correct and just as it is listed in the white paper, it is an electronic cash and in general, it falls under the class of cryptocurrencies which are all digital assets and virtual currencies.
I also think the case usage is dependent on the case scenario for instance when describing bitcoin to a first timer, it is best to tell them that bitcoin is simply either a digital currency or an electronic money rather than just telling them that bitcoin is cryptocurrency which might seem complicated for them.

Quote from: sha420hashcollision on March 28, 2023, 01:02:45 PM

Calling them (alts) cryptocurrencies is fine but calling them decentralized is lying

I guess you must have tasted the bitter side of bitcoin but they are decentralized and sometimes m, I also have to think they're not actually decentralized and every transaction can still be monitored even for people running exchanges

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All of those terms are accurate in my own opinion but for one, I believe that the electronic cash does not work in my opinion, because in simple terms cash would be referring to physical substance be in note or coin and Bitcoin is not physical, so it would be fine to say electronic Money.

As crypto-currency can also be called digital currency there can be many road to the market so far it's correct and fits in well.

Fuso.hp

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Unlike paper money, Bitcoin has no physical form. Bitcoin is a digital cryptocurrency. Bitcoin is very valuable digital currency but you can never measure the weight of this currency. No matter how much btc you have in your account, you will never receive those btcs in real form. Although there is no real existence, this digital currency has gained a lot of popularity worldwide. A lot of people are now investing in Bitcoin. There is no real existence, there is no possibility of theft if you have enough security in your account and there are not so many rules like keeping money in the bank, that's why this digital currency is very popular. Just like if you put money in a bank, there is a possibility of losing money due to bank failure, but this is not the case with Bitcoin, that's why Bitcoin is so popular.

Pingrapole

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Bitcoin is digital virtual currency. It can be called smart currency because it can be used in all kinds of successful ways to live in secret ways.It is a cashless electronic currency.It currently used in all social media and will be used smarter in coming days.It is secret in terms of words, but its use is open.We goldsmiths of this coin in real life, change it to whatever suits are it.Calling it magic coin would not be less in fact it can be called by many names.The last currency that can be used in the modern world in a modern or compatible sense is digital currency or Bitcoin.

Patrol69

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When journalists publish negative news about Bitcoin, they sometimes call Bitcoin by different names. But in real sense we can call Bitcoin as digital currency or crypto currency. Bitcoin cannot be fully termed a crypto currency as the term crypto currency refers to other coins of crypto currency. That is, we can call Bitcoin as a digital currency. Bitcoin is only a digital currency now but I believe Bitcoin will be a global currency someday. If Bitcoin is converted into a global currency then we can call Bitcoin as a global digital currency.

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Quote from: Linklord on March 26, 2023, 09:42:00 PM

I am very confusing when people and media use different words to describe about Bitcoin.

They can use words like
Virtual currency
Digital currency
Cryptocurrency
Electronic cash

I am very confusing with words like "virtual currency" but I don't know what is a best word to use to say about Bitcoin.

In whitepaper, it is "A purely peer-to-peer version of electronic cash" but it is a long phrase.

https://bitcoin.org/bitcoin.pdf

Additionally, all of the names you give to bitcoin are accurate. These are just a few of the names you can give bitcoin.

Topic: What is right about Bitcoin? (Read 442 times)