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Board Beginners & Help
Re: What is right about Bitcoin?
by
Obari
on 05/09/2023, 18:11:13 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
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.

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