Post
Topic
Board Bitcoin Discussion
Re: 'Cryptocurrency' a misnomer for Bitcoin?
by
squatter
on 08/12/2019, 20:50:13 UTC
I've been annoyed by the application of the term 'cryptocurrency' to Bitcoin.

There is a distinct difference between Currency and Money and these terms are not interchangeable:

Currencies do not have intrinsic value (i.e. fiat paper money, promissory notes) and by extension, are poor stores of value.

Money on the other hand has intrinsic value (i.e. gold and silver coins), a gold coin from ancient Eygpt still retains the same purchasing power today.

All-in-all I think it is incorrect to call Bitcoin 'cryptocurrency', it should be 'cyptomoney'.

Currency just implies medium of exchange, general acceptance. Money constitutes a larger umbrella term covering mediums of exchange, units of account, and stores of value. Bitcoin is (or at least could be) all three, so money is a better description for it. I agree with you there.

You have to admit though, "cryptocurrency" has a certain ring to it that "cryptomoney" doesn't. The term "cryptocurrency" probably caught on because it's euphonious. It rolls off the tongue.