The Gradual Death of Cryptocurrency
Cryptocurrency is in the process of being killed or more specifically, the term "cryptocurrency" is. According to Tim Enneking, writing for CoinDesk, its time to retire the term "cryptocurrency" and instead describe the entire cryptocurrency sector as "crypto assets". It just makes more sense.
He elaborates by saying:
"Related to this shift is the fact that, when bitcoin was effectively the only game in town, aficionados touted it as a "dollar replacement", or at least a supplement – but the target was clearly displacing, to one degree or another, fiat currencies. Now, however, with the emphasis on blockchain, ethereum contracts, Ripple bank transfers, etc, etc, cryptocurrencies are becoming more a transaction enabler than the transaction itself. Their use as currencies, per se, is clearly decreasing."
Why does it even matter what we call it? Because according to Enneking, "perception is reality".
He continues saying that, "If we want to attract more investors and users to the crypto universe, then we need those investors to quickly and easily understand what the space offers. Mislabeling (or, at least, too narrowly labeling) the space doesn't help. The name also inevitably affects how those of us already in the space view it, and ourselves, as well."
So here we are talking about the death of cryptocurrencies...but from a much different angle than the mainstream skeptics would. What we are talking about here is the broadening of the term itself.
Crypto assets works better probably because lets face it: cryptocurrencies are rapidly shifting away from simply being a medium of exchange.
Sources:
http://www.coindesk.com/killing-cryptocurrency-time-retire-term/
Photo Sources:
https://theleadersbrand.com/2016/01/12/sales-enablement-perception-vs-reality/
http://www.mirror.co.uk/news/world-news/halloween-horror-grim-reaper-breaks-4548634
I do agree that the entire sector is moving towards this direction, as clearly evident with the new types of cryptocurrencies that serve as fuel for a service instead of strictly money. A key example of this is Ethereum and it's derivative assets. While Ethereum has a money value and the second highest market cap, its focus lies in the smart contracts and fuel for exchanges. Even discounting Ethereum, it is becoming evident that the top assets listed on coinmarketcap.com are increasingly becoming mediums of exchange or fuel for a specific service offered by their founders. For example: Bitshares aiming to offer "stack of financial services including exchange and banking on a blockchain"(Bitshares.org) or Steem being the token for a decentralized social media platform. That is just my two cents and only time will tell.
Agreed agreed agreed. Plus the "killer app" that is based on blockchain and will in theory bring it to the masses probably won't be a currency per se, or at least not 100% a currency.
Thanks for reading!
Exactly. Thinking about it, I still find it interesting that the public space is more familiar with blockchain and cryptocurrency technology as just Bitcoin. As we all know, there is a lot more to it than just Bitcoin, but I think that the complexities of the truth would be overwhelming for those outside the system, and create confusion. While that is to be expected as there is always insider information only known by those who put considerable effort of research into something, I hope for a day where the basis of blockchain technology is public knowledge.
YES! I find this idea really fascinating as well. I'm always trying to keep a keen eye on what the mainstream believe about in regards to crypto. I'll be doing a short video on this and will probably post it tomorrow morning! Would love for you to check it out.
Solid analysis here.
Thanks! Glad you enjoyed it.
i did
Let's call it 'digital assets' then.
That'd be good too.