Post
Topic
Board Beginners & Help
Re: What is right about Bitcoin?
by
Asuspawer09
on 28/03/2023, 17:41:40 UTC
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

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.