Should the term “Cryptocurrency” be rebranded?
The term “Cryptocurrency” has meant a lot to very different people who know it as time goes by. Back then it usually would mean a breakthrough innovation in our financial system but now people know it as a speculation and volatile asset. It paints an ugly picture of how the word has evolved and how it continues to be closely associated with the wrong parts of the DeFI Space. So how does the word Cryptocurrency come about? What does it signify and should it be rebranded after all the chaos that happens in the DeFI Space?
Cryptocurrency: A breakthrough technology taken for granted
Just like any other term we frequently encounter in the DeFI Space, you might think that the origins of the term “Cryptocurrency” came from the introduction of bitcoin but it’s not. The term combines the prefix ‘crypto-‘ from the Greek ‘kryptos’ meaning ‘hidden or secret’ and the word ‘currency’ from the Latin ‘currere’ meaning ‘to run’. The word currency has been used since 1699 to describe the flow of money from people but it has only been associated with the word “Crypto” somewhere in the 1980s.
The term “Cryptocurrency” as we know it today came in 1983 when American cryptographer David Chaum came up with an idea of a cryptographic electronic payment system called ecash. This payment system was then implemented to form Digicash in 1995 which is an early form of electronic payments. This system will then be the backbone of our electronic payments such as with online banking and payment portals such as Paypal.
This main idea invented by David Chaum and refined by Nick Szabo will also be the origins of Bitcoin with its whitepaper introduced in 2009. Bitcoin is possibly the first coin/token to be associated with the term “Cryptocurrency” and possibly over the years become the most well-known of its kind. The term “Cryptocurrency” represents the original vision of Bitcoin which is to create a transparent payment system, secured with “Cryptography” at its core and could rival the traditional financial system.
Even Though many other coins/tokens came with different systems of cryptography to secure their network, the original vision still stays the same. Cryptocurrency is a currency that is supported by Blockchain Network and run by nodes/validators to help secure the transaction going on in the network. This was true in the early days of the cryptocurrency boom but as with many technological advancements that have taken place, there will always be “bad actors” seeking to exploit the loophole.
Over the years as Bitcoin and Ethereum start to gain momentum and their value continues to climb, there are more shitcoins often referred to as memecoins that also come along. From the rise of Dogecoin to the current boom of Pepecoin, all of these coins were invented with no specific purpose from its creators and instead just focus on hype as its value driver. Unlike Ethereum which presents a significant advancement from its predecessor, this coin does not have all of that and will die down in value as soon as the hype is over.
These problems were further compounded with the rise of Rug Pulls and Scams done by the creators of some of this project with the recent example being the Squid Game Token. This paired with the volatility of the Cryptocurrency brings an awful image toward its powerful opponents who constantly seek to denounce the crypto. The 3 Major collapses happening in 2022 constantly associate the recovering Cryptocurrency with the terms such as “Scams”, “Volatile” and “Speculation”.
Most people don’t make the distinction between the technological breakthrough it brings with the bad events surrounding space and they might not be wrong. For a while now, the cryptocurrency space has acted as a unit separate from its traditional counterparts and has refused any forms of oversight. It only started to realize lately that regulation is desperately needed to ensure that only the right people/projects are allowed into the space.
At the moment cryptocurrency is a technology that is taken for granted, it can be bigger than the internet and has massive adoption by many people but is plagued by the wrong perception of the outside world. It has a growing user base which would encompass almost 50% of the world soon but the majority of users see it as a method to make your investments go to the moon in a short time.
The perception of using this technology as a “As Speculation” is what the space as a whole needs to recover from. Cryptocurrency should be used as a tool to build a better financial system that uses the concept of Blockchain and Cryptography to protect its user. It should be represented as an advancement in our technology just like Artificial Intelligence is now represented so fondly and adapted by the global world seamlessly.
Right now the cryptocurrency space needs to realign itself with the original vision of bitcoin and move forward with it. We have seen some form of this in Stablecoin and Utility coins which represent purely an efficient and lightning speed payment system that can be seamlessly utilized and adopted by everyone. Meanwhile, although there is still a lot of misuse going on in this space, we need to go back and remember what the term “Cryptocurrency” truly represents!
Should it be “Rebranded” to another term?
The question of whether the term “Cryptocurrency” should be transitioned to another one is a difficult one to answer. There are the early adopters of Cryptocurrency who believe that the term represents the next evolution of our fiat currency while there are others who see it as a speculative asset. Regulators view the term “Cryptocurrency” as a volatile and unsafe asset that needs to be given oversight and guidelines to operate efficiently.
Right now the sentiments around the term “Cryptocurrency” are not great, especially due to all the things that happen throughout the pandemic era from 2020–2022. The major cryptocurrency such as Bitcoin and Ethereum have shown recovery as of late but the majority still does not have the trust yet to dip back their toes in this growing space. Most of the people that are going back are mostly with a view of speculation like the recent boom of Pepecoin which is not great.
Is Rebranding needed? Yes, in a lot of ways most of the wrong associations that occur with the term “Cryptocurrency” will not fade away in people’s minds. A Rebranding will give a fresh idea to the common users of a change happening in space and a new identity to a technology that has so far only shown very little of its potential. This also comes with a caveat that the stakeholders within the space also change their actions to a new vision for Cryptocurrency.
What does a new vision for Cryptocurrency should look like? A space where the technology is used to its maximum potential and provides value to its users. An idea where cryptocurrency can provide stability in terms of value just like its traditional counterparts while also offering efficient and seamless global payments through its blockchain technology. The race is on for all of us to bring the “Prestige” back to the term “Cryptocurrency” so it can be remembered for what it is supposed to be in the years to come!
We in Nagaya Technologies Pte. Ltd is excited about the developments within the cryptocurrency space. We believe that innovations should be able to provide sustainable and scalable value to all its users. This is why we decided to create the world’s first hybrid cryptocurrency called Nagaya which has a gold backup and subsidiary projects to provide value sustainability over time. For more information regarding the latest updates on Nagaya and our whitepaper, you can visit us at nagaya.io
Or you can talk to us at t.me/nagayaofficial
