Topic: What is right about Bitcoin? - page 2. (Read 447 times)

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

You can add virtual gold, digital gold, and BTC to the list. All of it is just the same, and it all works to describe bitcoin, it doesn't really matter a lot what are you going to name bitcoin since its all correct but I would pick the Digital currency or Virtual Currency since it was made as a currency that you could use virtually or online. A way to make a transaction online or on the internet.

I think the cryptocurrency name is a little broad because cryptocurrency could also refer to other alternative cryptocurrency like ETH, XRP,, and BNB, etc. The way I look at it is, Bitcoin is a cryptocurrency, and all the altcoins as well, so they are all cryptocurrencies. I mean if you compared it to Ethereum that have a different purpose it might become a digital currency as well since you could send it to someone or use it as a payment I suppose but it wasn't its main purpose. I guess people just easily assume its Bitcoin because a lot of people only know about bitcoin and doesn't really know anything about the other cryptocurrencies other there.

Haha, Magic internet money. Undoubtedly, I like this wording, which I will add to my vocabulary of funny phrases.

For me, it is not so important what word to call bitcoin. Virtual, digital or cryptocurrency. I think the fundamental factor is what opportunities this currency allows you to get. But I, perhaps, after LoyceV, will now call Bitcoin magic internet money. 

This is simply inaccurate there are a majority of coins that call themselves Cryptocurrency, decentralized, 'use blockchain', etc... And literally one of them is proven to actually be decentralized and that is Bitcoin.

The 2nd on the market is a pre-mined, government & big bank affiliated, centralized operation and you can estimate that pretty much everything lower on the market than that has a slew of similar issues.

It is legitimately financially dangerous to suggest otherwise.

bitcoin is a digital cryptocurrency. but playing subliminal mindgames the word virtual can subliminally signal a subtle descriptor of fantasy, illusion, not part of the real world

where as digital can be seen/used in the real world

i personally prefer digital cryptocurrency as the buzzword and p2p money as the descriptor of said buzzword

All of this applies because there are a lot of words to describe Bitcoin because there are so many users coining new words that best describe Bitcoin, I am more comfortable using Cryptocurrency although virtual currency in a real sense is the one that best describes Bitcoin, in layman language the word virtual currency can easily understand by new users, that is based in my experience on how I introduce Bitcoin to my friends and people I recommend Bitcoin.

Bitcoin has been regarded by many in different ways and while the others have supplied different answers, I understand your confusion as a newbie. It's your understanding of BTC that can make you give it whatever name that seems fine. Some people regard it as "freedom money",  others see it as a better, preferred option to fiat. So you don't need to harbour confusion, as referring to Electronic cash or virtual currency won't be out of place, especially as it suits your "A purely peer-to-peer version of electronic cash" phrase.

Have you taken time by yourself in making research on what bitcoin actually means, quite alright tou could get different definition or interpretation from people and online sources but you can have this conviction that the most talked about one is likely to be accurate in defining what bitcoin is, and i will advise you begin the search from knowing what is cryptocurrency first and the examples of cryptocurrencies we have.

All of those, actually it's not a problem anymore on how people address bitcoin as long as it's not all about the "dark net money". If you get to hear and read those negative terms that have been used about bitcoin before, those terms are way much better than it was.
It all sums up with the same definition and you don't have to stress yourself from it as all of those are totally fine and acceptable and way easier to understand no need to be technical depth and use of technical jargons.

Maybe if you heard or read it somewhere or anywhere as long as you knew the meaning then its fine. Those are the same when you search for the description and since bitcoin is become famous different people often used other term they are often used to it. So dont be confuse anymore. There is no test on something, if thats been used for an exam maybe it will be based on the closest to the whitepaper term used of course.

Don't be confused with all these  words, they all mean the same thing. Cryptocurrency, digital cash e.t.c like you mentioned. Bitcoin can be called these names depends on what you choose to call it but they are similar in meaning as mentioned by forum members above. What I have come to understand is that bitcoin is different from the other cryptocurrency because of its decentralised system but they all fall under this same category.

This one is the most inaccurate and misleading term to describe a decentralized currency aimed at fixing some major shortcomings of the traditional financial system. While virtuality and particularly a virtual world can well be a good-looking extension of reality, it can't exist on its own without software and people actually "living" inside its environment. Decisions made and actions taken inside a virtual environment can't affect the state of the physical world, which means they only matter for the concrete instance of virtual reality. Virtual currency is also a part of the said virtual system; all economic activities involving virtual currency simply cannot improve the state of the real economy, let alone this currency has no way of becoming a globally-accepted means of payment. People who understand what this term really means can use it to attack bitcoin because virtuality is often associated with frivolousness, childish behavior, and pipe dreams. In their opinion, people who will use such a virtual currency are certainly not capable of making serious decisions, including those regarding the management of the economy.

All those words are more or less synonyms of each other, with only slight difference in meaning and they all work fine when describing Bitcoin. Cryptocurrency is more fitting cause it distinguises it to be a covert or encrypted means of transacting unlike Fiat which can be virtual or digital

You would shorten it to a "P2P electronic cash."

maybe you're just confuse due to so many banking wallets popping out everywhere specially now that you can easily access internet, and we couldn't blame you for that.

bitcoin can be called like those you've mentioned above but understanding bitcoin is much more complex.

virtual, digital, electronic are all synonyms of each other

crypto currency is a form of electronic/digital/virtual currency that uses cryptography to give it an extra layer of security

Yes boss, is the language crack to widen the spread and values of bitcoin but all works in the same direction as said. People can describe it according to what works for them because it expands another aspects of bitcoin as a new technologies to draw more attentions.

Like Facebook, Instagram, tik tok and all. They sounds different but most likely to perform similar functions

What is virtual currency? According to Wikipedia:


Which means bitcoin is a virtual currency.

Bitcoin, altcoins, CBDCs, traditional fiat that are transferred electronically with the use of bank apps, master card, visa card transfer and the likes are all digital currencies because they can be transferred digitally or electronically. But those, like bitcoin are virtual currencies. Which means that CBDCs and others which are centralized and controlled by the government are not virtual currencies but they fall under digital currency category.

Cryptocurrencies are virtual currencies. Virtual currencies are cryptocurrencies.

Digital currency are electronic cash.

According to my explanation, I believe you have known now that bitcoin is an electronic cash, cryptocurrency, virtual currency and also a digital currency.

Magic internet money

On a more serious note: all of the terms you mentioned work just fine. There's more than one way to describe Bitcoin.

(Probably not technical support btw)
That's really a matter of perspective. At this point we know a few things for certain:

1. It is Currency, people trade it for other currencies all the time

2. Digital Cash was coined by people like David Chaum before bitcoin and was used to describe many implementations of currency that utilzed cryptography. In Chaums case it was focused on blind signatures mainly (But suffered from centralization).

3. It is both 'Virtual' and 'Electronic' because it occupies cyber space not physical space per-say (but it does rely on physical constraints mainly for security: https://bitcoin.sipa.be/)

Ultimately naming something is just a bi-product of such a thing existing. The details for bitcoin are utterly complex but are generally considered to be sound (https://thesaurus.plus/related/solid/sound hence 'sound money' as it is also called sometimes).

However many people try to affinity scam the truly decentralized nature of Bitcoin and sell you on some other coin that they own a ton of so they can dump at the next opportunity. Don't fall for that. Ethereum for example had a HUGE pre mine which still causes its price to suffer tremendously. Not to mention shares were sold before the launch of the chain (happens on tons of PoS chain too) which is so sketchy and does not represent even cryptographic computational certainty, it just looks like digital fraud to people who are not insiders like me.

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