Why “currency” needs to be dropped from the word “cryptocurrency”
The term cryptocurrency is tarnishing a technology that is about to revolutionize the digital technology of the world. With the general public seeing the crypto or blockchain space as “just another digital currency, and not for what it is, not only does it tarnish the technology, but also creates a hurdle for blockchain technology to become mainstream.
In order for blockchain technology to take hold and become mainstream, we need to drop currency from “cryptocurrency”, for good. In many conversations i have with people about crypto, they are often quick to call crypto something that doesn’t have any value. “It’s just another digital currency!” Is what i hear often when speaking about anything other than bitcoin. Most people don’t realize that blockchains like Ethereum and Chainlink have uses that are primary to their function that don’t include being a currency. This misunderstanding and misrepresentation is what is holding the crypto space back. Making the shift and dropping “currency” will start to help people to understand that most blockchains are actually platforms or operating systems rather than currency or a store of value.
Is it too late? Has the damage already been done? Possibly, however, crypto is here to stay. The use cases for blockchain technology as a whole are exorbitant. Blockchain is really the second digital revolution of the digital age working to decentralize more and more aspects of our lives.
Right now, people are scared of crypto because they don’t know what it is, or as people in the crypto space call, FUD, or fear, uncertainty and doubt. This term is why most of the mainstream financial media are consistently painting the crypto space as a “volatile bubble.” When most of that media doesn’t understand how blockchain technology works and what types of technologies can be built on it to better the world, we will have slow growth.
To change this, remove “currency” from your crypto vocabulary and educate people on blockchain technology. This will only decrease FUD and grow the space to better technology as a whole.
