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35 thoughts on “Bitcoin ≠ “cryptocurrency””

  1. This is a braindead take and it’s ridiculous to see people agreeing with it in the comments.

    Bitcoin **is** a cryptocurrency – the very first one. It uses cryptographic mechanisms to create digital immutability, and has the sole purpose of acting as a medium of exchange and store of value.

    The points made by whoever this is assigns characteristics to **his** definition of “cryptocurrency” in a way to further his point that Bitcoin is not as such, and those characteristics are entirely arbitrary.

    It’s not a cryptocurrency because it doesn’t have a marketing team? What the hell does that mean?

    As if Bitcoin hasn’t been dominated by visions of short term gain like other cryptocurrencies. If it wasn’t, it wouldn’t have had the most volatile swings in pricing of basically every single asset ever created.

    This is the dumbest narrative ever spouted by Bitcoin maximalists and it’s shocking to me that it’s gaining traction. By far the most ridiculous way to distinguish itself from other cryptocurrencies.

    At its simplest, this argument is “Bitcoin is not a cryptocurrency because every *other* cryptocurrency is not Bitcoin.”

  2. Blockchains predate bitcoin. Many parts of bitcoin predate bitcoin.

    Shillers and shitcoiners play semantic games by stating facts about Bitcoin and then projecting it on to their “project” or cryptocurrencies in general. And people afraid of losing their grip on power go the other way by tying shitcoin Ponzi schemes to bitcoin. So yes, there’s a real need to separate Bitcoin from all others.

    We live in a world with no attention span and an overload of shiny objects. “Bitcoin is not crypto” is a good first pass to cut through that. I like “Bitcoin is money” too.

    Bitcoin is math. To be sure, it’s a set of man made formulas, but it’s still just math. All others are, at best, securities. Most are ponzis.

    Shitcoin defenders get so riled by “Bitcoin isn’t cryptocurrency,” but I’ve never seen an argument for labeling ALL shitcoins as “currency.” Who uses any of them as currency?

  3. Bitcoin is a currency, it uses cryptography, therefore it’s a cryptocurrency. There is no harm in that term. Just because there are things similar to Bitcoin that aren’t Bitcoin and have a bad rep doesn’t mean Bitcoin is somehow a whole separate class of entity.

  4. And water is wet.

    Both get the point across, but by definition both statements are not true at all, the opposite is true. By definition water cannot be wet, and by definition Bitcoin is the very first modern digital cryptocurrency.

    Yes, you just want to state that other crypto is not at all “just like Bitcoin”, which is fine. And you just want to say everything that has water on it is wet, water makes stuff wet… I get where you’re coming from, but the way you phrase it is completely wrong.

  5. According to wiki…

    Currency is a system of money in use by people or nation.
    Cryptocurrency is a decentralized digital currency.

    These are simply categories. Shitcoin is a category too.

    Is Bitcoin used as a system of money by people in a decentralized way? Yes.

    Is it a shitcoin? No

    In fact, wiki defines ask cryptocurrencies other than Bitcoin as alternative cryptocurrencies (aka shitcoin). Also, the term cryptocurrency seems to have been invented to categorize the key features of Bitcoin that are being copied in altcoins. It was barely used until around 2010.

    This video seems to be a marketing drive to differentiate Bitcoin from shitcoins (in fact, at the end of the video he switches from using the term cryptocurrency to shitcoin as though they are synonymous.)

    Cryptocurrency is too broad of a term to attack since it describes the fundamental technology. There will be University degrees for cryptocurrency.

    I’d suggest branding attacks on alt-coins or shitcoins.


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