2025-12-27 12:21:33

I often see a phenomenon—many people refer to cryptocurrencies like Bitcoin and Ethereum as "virtual currencies," but this terminology itself is problematic.

Virtual currencies usually refer to things like game coins or points, which can only be used within specific platforms and cannot be exchanged for fiat currency across borders. However, digital cryptocurrencies are entirely different. High-quality crypto assets like Bitcoin already possess global liquidity, with trading markets around the world. They can be directly exchanged for various national fiat currencies and used to purchase goods and services. This has become an internationally recognized hard currency.

The deeper issue with the word "virtual" is that it gives a sense of "fakeness or unreliability," which can mislead the public about the true value of cryptocurrencies. Meanwhile, global markets, central banks, and financial institutions are all using the term "cryptocurrency."

BTC0,28%

ETH0,36%

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MissingSats

· 15h ago

You're right, the term "virtual currency" is really misleading. Most people hear it and think of in-game coins, and they don't understand how strong the liquidity of BTC really is. Veteran crypto enthusiasts understand, but it's hard to explain to parents. In fact, we should have standardized on the term "cryptocurrency" a long time ago. The central authorities use this term, and public opinion should follow suit. My grandfather asked me if he could buy a game skin when I told him I bought Bitcoin... It's really frustrating. This issue is underestimated. Domestic media constantly mislabel "virtual currency," causing regulators to waver back and forth. People just like to use the wrong words; after all, "virtual" sounds unreliable. BTC can be exchanged for money and used for consumption, so how can it be called virtual... These people probably haven't actually used it.

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GasWrangler

· 15h ago

nah actually the terminology matters more than people think here. if you analyze the data on mempool activity and transaction settlement across chains, "virtual" is demonstrably false—these assets settle on immutable ledgers with cryptographic proof. game coins? they're literally just database entries lmao. mathematically superior architecture demands better language, tbh

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BearMarketBuilder

· 15h ago

That's right. The term "virtual currency" indeed tends to be misunderstood by beginners domestically, who immediately think of game coins, which are not the same at all. Real crypto assets have long gone mainstream and are traded worldwide, unlike game coins that can only be used on a single platform. After all these years, some people still can't grasp the concept, which shows that science popularization work has a long way to go. People's imagination about names is really limited; the words "virtual" directly ruin the image. It was about time to standardize the terminology so as to reverse the public's stereotypical impression. The key is that both the central bank and institutions have acknowledged it, so what are ordinary people hesitating for? This angle is good; starting with naming to solve cognitive issues is much more effective than tedious technical explanations. It's really a matter of communication power—good names themselves are the best endorsement.

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GateUser-5854de8b

· 15h ago

That's right, technical terms are indeed prone to misuse. But whether "hard currency" is a valid term also depends on market sentiment; with such high volatility, can it really be considered?

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ProveMyZK

· 15h ago

That's right, this wording issue should have been corrected long ago. It's already ridiculous to lump game coins and Bitcoin together.

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ConfusedWhale

· 15h ago

That's right, the term "virtual currency" really needs to be changed, as it easily allows traditional finance people to shift blame.

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