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I woould like people to start using the word 'currencies' because they are not. Following Investopedia 'Currency is a generally accepted form of money, includi

I woould like people to start using the word 'currencies' because they are not. Following Investopedia 'Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade.' crypto is not generally accepted form of money; not issued by a government; circulated within economy - somehow yes. So they don't fulfill all the requirements.

komali2 9y ago
I feel like the first two aspects - "generally accepted, issued by a government" are unnecessary. If someone will take it as a medium for exchange, then that's currency to me. I always thought of it as "otherwise value-less representation of value." All the currency I can think of fits this definition - including gold! Gold is only really valuable recently for circuits and the like.
- average_person 9y ago
  Point taken. However, another important aspect is that currencies around the wolrd fulfill the same functions whereas when it comes to crypto - each token will represent anything that the creator intended it to be PLUS what the community uses it for (e.g. store of value). And each token will have a different 'design', different functions - from being tokens to enter the platform (e.g. Ethereuem itself) to tokens representing fractual ownership in assets (e.g. Maecenas art tokens or our RAT tokens representing a rat mascot, more about it here: https://medium.com/@katdum/what-did-i-learn-from-tokenizing-a-rat-mascot-1099734c56e4 https://medium.com/@katdum/what-did-i-learn-from-tokenizing-...). So there will be coins that will be fulfilling the descirption of a currency (apart from the government requirement) but there will be only a few ones compared to the vast amount of tokens with different functions.

komali2 9y ago

I feel like the first two aspects - "generally accepted, issued by a government" are unnecessary. If someone will take it as a medium for exchange, then that's currency to me. I always thought of it as "otherwise value-less representation of value." All the currency I can think of fits this definition - including gold! Gold is only really valuable recently for circuits and the like.

average_person 9y ago
Point taken. However, another important aspect is that currencies around the wolrd fulfill the same functions whereas when it comes to crypto - each token will represent anything that the creator intended it to be PLUS what the community uses it for (e.g. store of value). And each token will have a different 'design', different functions - from being tokens to enter the platform (e.g. Ethereuem itself) to tokens representing fractual ownership in assets (e.g. Maecenas art tokens or our RAT tokens representing a rat mascot, more about it here: https://medium.com/@katdum/what-did-i-learn-from-tokenizing-a-rat-mascot-1099734c56e4 https://medium.com/@katdum/what-did-i-learn-from-tokenizing-...). So there will be coins that will be fulfilling the descirption of a currency (apart from the government requirement) but there will be only a few ones compared to the vast amount of tokens with different functions.