cryptocurrency

Why Crypto is called cryptocurrency

There are three main things humankind has used in trade and they are money, currency and bartering. Many people today assume money and currency are words that can be used interchangeably, but that is not the case. I would now like to go over, what the three words mean to better understand, what Cryptocurrency really is.

There is a reason why Cyrpto is known as Cryptocurrency. The reason being, Crypto is a form of Currency and is not money. The word Currency comes from the word Current. A current’s definition is “generally accepted, used, practiced, or prevalent at the moment. Used as a medium of exchange.” An example of currency in ancient times were seashells, which people gave for goods and services. Although, they once were worth a lot and were valuable at that time, they are worthless now.

The one major difference between currency and money that many are not conscious of, is the store of value. Currency is not a store of value, in fact, it can even go to zero because of extreme circumstances. It is also volatile because it has no intrinsic value. Money, on the other hand, is a store of value. Gold (which is money) has always been a consistent store of value. 

It is important to note that gold treasure, which was buried a thousand years ago and unearthed today is still worth something. While, Chinese paper currency has probably disintegrated in that amount of time! Now, let us go over the bartering system.

The definition of Bartering is this “Barter is an act of trading goods or services between two or more parties without the use of money —or a monetary medium, such as a credit card.” A good example of this, is a person trading grains for apples. Now, that we have gone over what the words mean, we will see what category Cryptocurrency falls under.

By its very name, Cryptocurrency is a currency. It is not backed by anything and has zero value by itself. In simplifying the subject, Cryptocurrency is a digit on a computer screen of how many “you” have. People exchange these numbers on a screen for goods and services. Cryptocurrency is only worth something, due to people wanting it. In a way Cryptocurrency is a lot like the seashells the ancients wanted. Though, seashells were tangible and Cryptocurrency is made out of this air. People want it today, but it is worthless tomorrow.

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Categories: cryptocurrency

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