Stratobitz (OP)
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Because the term "Cryptocurrency" certainly wasn't coined by Satoshi Nakamoto... Personally I was surprised. I had read the Bitcoin whitepaper before, and referred to it a number of times. But after I went back and looked. I was surprised the word "Cryptocurrency" is nowhere to be found in the whitepaper penned by the unknown Satoshi Nakamoto...
Maybe it's just me, but I feel there's a rather pejorative connotation about the term "Cryptocurrency". So much so in fact, that when I tell people about the work I do, my current development work and current coin project, or I bring up my involvement with blockchain technology, the mining operation I built and ran, the coding I do, and so forth; I nearly always refer to it as Blockchain Technology, or Digital Currency Technology.
I may be biased, [/i]coming from a background in marketing, advertising, and media development; but I think part of "Bitcoin's", mass adoption resistance dilemma-- as well as all other "Crypto-currencies", is the fact that the community and it's user base; refer to these coins, or tokens, as: 'Crypto-currencies'; or A 'Crypto-currency'.
To be matter of fact, I think it's easy to assume most of us here would like to see wider adoption of Bitcoin and other digital currencies. Wider adoption would increase demand, of a limited supply of coins. As demand increase, and supply limited, both coins in current circulation and the fact that only a limited and decaying number of coins will be generated moving forward; would cause the value to rise. It would be a simple supply vs demand outcome.
While I've been a believer in Bitcoin since I first got involved in this Wild Crypto West back in 2013; there were times I had my doubts Bitcoin would be able to hold it's ground. It received a tremendous amount of negative press, (and continues to take it's fair share), and the press was and still is nearly entirely biased against it's very existence- rarely reporting on all time highs, or achievements and milestones, rather, how "Crypto-currencies and Bitcoins" are the cause and source of funding for of all of the worlds problems.
Purchasing Drugs, Funding Terrorism, I need not go on never has involved cash of course, at least according to recent media reports. And so I wonder has the media has done any research as far as how much of an economic share of the overall trade volume, or currency exchange for the purchasing of illicit drugs, or engagement in other illegal activities is? This of course compared to say; the use of Cash. Or Bank Wire.
I doubt there are any accurate statistics. But I have a feeling the crypto-currency counterpart of sending money anonymously online to buy drugs or fund terrorism is a rather thin slice of the "purchasing illegal substances" pie. Or even moreso, funding terrorism, Because; let's face it- there aren't a whole lot of Bitcoin ATMs in the hills of Afghanistan where they can easilly convert those tokens to spendable cash.
Years ago the media slammed drugs themselves, and drug users, as supporting terrorist funding. That these radical groups were in fact cultivating drugs to raise money for their causes. And I am sure they were, and still are.
But all that aside. My point is; I believe that the word Crypto, simply has a negative inference that it carries along with it.
It simply sounds... nefarious.
If CryptoKnight was a Marvel Character he would certainly be a Villain would he not? One who hides in the shadows, and can move about undetected planning his next evil attack.
While not linguistically related; Crypto to me also sounds a bit burial... as in an underground cemetery hidden beneath a castle where bodies lie in wait. It sounds grim.
Now consider this; Bitcoin, along with it's unknown creator, or creators; Satoshi Nakamoto; never once uses the word "crypto-currency" in his Bitcoin Whitepaper, instead he details out this new payment method as a "Peer to Peer Electronic Cash System".
References to other Works at the end of the Document aside; the use of the term "crypto" appears only once; in the last paragraph of the first page:
What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted
third party. Transactions that are computationally impractical to reverse would protect sellers
from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.
That single instance is the only time Nakamoto uses the word in an unrelated form.
Nakamoto reinforces that Bitcoin is an "Electronic Payment System". The Bitcoin itself is defined as an "Electronic Coin". Repeatedly he uses terms like "Electronic Payments", with payments being "Digitally Signed".
Even in Section 10: Privacy: Nakamoto never once uses the word term crypto in conjunction with another term or noun. He rather outlines his model for privacy in terms of Public Keys, Private Keys, a person's Identity, and Trusted Third Parties.
I think any marketing expert would likely agree that an "Electronic Payment System" or a "Digital Currency" is far more marketable, and likely would be more widely accepted. And more importantly the use of a less "secretive" term; would likely lead to an increased and faster adoption rate.
To the neophyte who knows nothing about blockchain technologies and what they could potentially offer the global economic system, or in fact reshape it for the better of society; 'Crypto' may sound a bit untrustworthy. As if it in and of itself, has something to hide.
And that is something most people don't want to admit to. That they have skeletons in the closet.
That they need to adopt, have, and utilize a payment system that offers anonymity. That they support it... because they need their activities, where they spend their money, and what they spend it on, to be forever hidden in the shadows of the crypto-graphic world. It would raise eyebrows... no doubt.
Perhaps it's time we start to think about how the word 'Crypto-currency' sounds, from a marketing and mass adoption standpoint; in comparison to what Nakamoto had himself originally proposed:
An Electronic Cash System.
Or perhaps A Digital Currency System.
Strato
3/1/2018
NOTE: I originally posted this in Economics (Sorry for the cross-post Mod's can remove it if need be). Really the wrong forum for this discussion, hopefully it sparks some discussion here.
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