Post
Topic
Board Nigeria (Naija)
Merits 1 from 1 user
Re: Balancing Financial security and Bitcoin Accumulation
by
Tungbulu
on 07/08/2025, 12:12:37 UTC
⭐ Merited by JayJuanGee (1)
The true fact is that bitcoin and other crypto coin are all called or classified as cryptocurrency however they are not the same they are totally different from each other
For the sake of newbies, it's better not to use the term crypto currency to address Bitcoin as this can often turn out to be misleading and pass the wrong idea about Bitcoin. I feel it'll be more appropriate to call it a digital asset instead of crypto currency as digital asset best describes the nature of Bitcoin and not crypto currency. Using the term crypto currency will only make people see or compare Bitcoin to all of them shitcoins, which is not only an insult to Bitcoin but also the biggest misconception an investor or anyone would have about Bitcoin. So it's best to completely avoid the using the term crypto currency when talking about Bitcoin.
It is very wrong to refer to Bitcoin as cryptocurrency; doing this means that Bitcoin and shitcoins are considered the same. When cryptocurrency is mentioned, the mind goes to altcoins. It is preferable to let Bitcoin be referred to as Bitcoin. In cryptocurrency, you will come across fake projects and other low-quality coins, and Bitcoin, being what it is, should not be grouped among these shitcoins, which are not even reliable. Many cryptocurrencies are considered to be gambling, but Bitcoin is digital money. One of the qualities of money is reliability and value, which is commonly known as shitcoins losing value over time.
You make a valid point about the terminology used to refer to Bitcoin. Yeah, while Bitcoin is technically known to be a crypto asset, the term crypto currency often carries a pretty much broader connotation that kinda encompasses a very wide range of digital assets, which of course includes variety of those with questionable values and/or legitimacy. And even if it's true that certain scenarios might compel us to using such terminologies to better communicate our messages to people, especially people who often uses those terms, It is still crucial to avoid using those terms more often so as not to end up passing the wrong message or coming off from a wrong perspective to other people.

Given the unique status of Bitcoin as a pioneering and most adopted digital asset, it's only reasonable to completely set it aside and distinguish it from other crypto currencies. The reliability, security and value proposition of Bitcoin completely sets it apart from every other digital assets which are very highly speculative and/or even fraudulent.
Specifically using the term Bitcoin, rather than lumping it in with the broader  category of crypto currencies can do a much better job to clarify discussions and avoid further confusions in the most possible ways.