Ripple CEO: Cryptocurrencies Aren’t Currencies, They are Digital Assets
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Ripple CEO: Cryptocurrencies Aren’t Currencies, They are Digital Assets
In a surprising turn of events, Ripple CEO Brad Garlinghouse rejected the term "cryptocurrency" even for his own XRP token.
Read more: cryptovest.com
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Depends on if its a utility token, erc20 etc.
You got a point there.
It depends on what you ultimately think the use of the token will be. If the goal is to have it function like a currency, there you know what to call it. If it is an asset then it can be called something else. I think he is afraid of all of the scams and speculations happening right now giving the current titles bad names. What do you think?
I think it does make sense to differentiate classic currencies, vs modern cryptocurrency devices. While it is helpful to associate the idea of what crypto can be used for with a traditional concept that people are familiar with, that is only a limited use case. BitCoin is as close to a currency for most people, but cryptos that came after that are indeed more like protocols that are designed to facilitate a specific use case, yet still be able to function as crypto. So the idea of crypto is evolving, and has already moved beyond the use case of just a currency.
Since those individual cryptos have value outside of currency themselves, buying them and holding them because you believe they will appreciate, then indeed it is a digital asset. I own XRP, but I doubt I will ever use it for the intended use case it was designed for.
It is all about semantics this. Technically "cryptocurrency" is a misnomer since a currency is a system of money that is in common use and circulation, especially in countries. Many definitions also include a central exchange and a central bank.
I do not care if they call it a digital asset or a currency. The important thing is that it will be an instrument for payment and capitalization.