"Bitcoin is not cryptocurrency". Why? \ stacker news ~bitcoin

pull down to refresh

462 sats \ 22 comments \ @IamSINGLE 15 Feb bitcoin_beginners

I cannot emphasize the difference between bitcoin and crypto enough. Bitcoin is rooted in the real world via mining, node operators, and other infasctructure.

Bitcoin has no single point of failure or key person or institution. No matter how influential you think Michael Saylor or BlackRock are, they can disappear tomorrow and the bitcoin network will continue on, likely with higher bitcoin prices over time due to the concept of supply and demand if any bitcoin is lost in their disappearances. The same cannot be said about any other cryptocurrency.

Key people, organizations, and government regulations all play an outsized role in the success of the vast majority of all other cryptocurrencies.

While the writer was on the point until the last few words. At least this is what most of the so-called "real Bitcoiners" will complain. I see a lot of comments everywhere insisting "Bitcoin not crypto". But from my learning I know Bitcoin also uses cryptography and it's a digital currency. Thus the word "Cryptocurrency" is applied to all coins because all of them use cryptography.

I'm aware that others are fake digital currencies (shitcoins) and Bitcoin is only real but objections to call it a Cryptocurrency, why?

view all related items

30 sats \ 0 replies \ @TheMorningStar 16 Feb

If Bitcoin is a cryptocurrency or not, It's the best and real there. So, I suggest you avoid thinking too much and keep Stacking.

20 sats \ 4 replies \ @random_ 15 Feb

Simply because of the one shot principle.

"Absolute mathematical scarcity achieved by consensus in a sufficiently decentralized distributed network was a discovery rather than an invention. IT CANNOT BE ACHEIVED AGAIN since the very thing discovered was resistance to replicability itself."

-Knut Svanholm

Often imitated, never replicated. There is no second best. etc. etc.

20 sats \ 1 reply \ @IamSINGLE OP 15 Feb

Thanks. This is a great point. If something is unique, we shouldn't associate it with a group. Does listening "Bitcoin is a Cryptocurrency" irritates you?

17 sats \ 0 replies \ @random_ 15 Feb

Does listening "Bitcoin is a Cryptocurrency" irritates you?

Colloquially, it is.

But I agree with @justin_shocknet that it understates what Bitcoin is and reinforces affinity scams.

I only make the distinction clear to friends and family. It's not a crusade of mine.

9 sats \ 1 reply \ @nichro 15 Feb

the very thing discovered was resistance to replicability itself.

Very good thought

0 sats \ 0 replies \ @random_ 15 Feb

Maybe if I do enough goodthink, @k00b will unmute me.

10 sats \ 1 reply \ @justin_shocknet 15 Feb

It's probably a good point to never refer to Bitcoin as a Cryptocurrency, because that understates what it is and signals affinity with shitcoins that have co-opted that nomenclature.

What it is, and what nothing else has the ability to call itself, is numéraire.

When you tell people its numéraire, very few will ever have heard that term. If they have any curiosity at all (are thinkers) you'll have exposed them to a great unlock in understanding from which they'll never regress.

22 sats \ 0 replies \ @IamSINGLE OP 15 Feb

because that understates

Thanks, this makes sense to me. Also a very good example.

0 sats \ 0 replies \ @guts 15 Feb

For Satoshi it was

0 sats \ 0 replies \ @hasherstacker 15 Feb

0 sats \ 2 replies \ @ek 15 Feb

This is in your link:

The same cannot be said about any other cryptocurrency.

So your link is not objecting to calling bitcoin a cryptocurrency, because it literally calls bitcoin a cryptocurrency.

I see a lot of comments everywhere insisting "Bitcoin not crypto"

Didn't your link already explain why and what is meant with that phrase? It doesn't mean that bitcoin doesn't use cryptography, it means it's not like any other cryptocurrency.

21 sats \ 1 reply \ @IamSINGLE OP 15 Feb

My link isn't objecting but there are many who do. TBH, most of the articles where I see the word 'cryptocurrency', I too don't like them but this is just a generalised term.

Most of the stackers would not like 'cryptocurrency' as word.

20 sats \ 0 replies \ @IamSINGLE OP 15 Feb

So, my question is not on the distinction but it's about the association of "Cryptocurrency as word" with Bitcoin.

0 sats \ 8 replies \ @SwapMarket 15 Feb

Please be patient and watch this presentation. I hope it will become clear why Bitcoin is money while other "cryptos" are scams.

21 sats \ 6 replies \ @IamSINGLE OP 15 Feb

I already know they are scams. I'm just asking why can't we use the word "Cryptocurrency for Bitcoin".

0 sats \ 0 replies \ @SwapMarket 15 Feb

Bitcoin was the first cryptocurrency, this is a fact. What Bitcoin maxis argue about is "Bitcoin vs crypto". Because too many influencers shill crypto scams as something on par with Bitcoin.

0 sats \ 4 replies \ @NovaRift 15 Feb

I'm just asking why can't we use the word "Cryptocurrency for Bitcoin".

Maybe it's the word 'currency'; it means it's issued or backed by someone or something? Bitcoin is very different from these cryptocurrencies. You can call it CryptoMoney if you want to 🤣

30 sats \ 3 replies \ @IamSINGLE OP 15 Feb

Then, they are wrong (or narrow thinking), currency is something that can be used as MoE.

https://www.merriam-webster.com/dictionary/currency

0 sats \ 2 replies \ @NovaRift 15 Feb

How would you orange pill a nocoiner if you told them, 'Bitcoin is a cryptocurrency'? If they do their own research, they might end up looking into other alternative coins, thinking they are the same as Bitcoin. Don't they? That's why we need to distinguish Bitcoin from cryptocurrencies, which function more like corporations and are not truly decentralized or can even be hybrid types. Bitcoin is just the opposite of that, so you definitely need to clear things out.

20 sats \ 1 reply \ @IamSINGLE OP 15 Feb

So, we can say Bitcoin is money. But again they might end up comparing it with a lot of fuss. I'm not sure if you only tell someone "Bitcoin" and he doesn't come across the word "Cryptocurrency".

We can/should rather say "Bitcoin is the one and only Cryptocurrency." Can we?

view all 1 replies

0 sats \ 0 replies \ @ek 15 Feb

Did you read this?

I'm aware that others are fake digital currencies (shitcoins) and Bitcoin is only real but objections to call it a Cryptocurrency, why?