When it comes to explaining Bitcoin to novice users, there are multiple ways to go about things. But some people will post a question hardly anyone has an answer to. Why is Bitcoin called “Bitcoin” these days? And if we could change the name what would be? Albeit there are silly questions to a lot of people, they go to show there is a lot of education left to be done.
When the concept of Bitcoin was created by Satoshi Nakamoto, the name ‘Bitcoin” was slapped on the project. Moving bits of data to transfer value around the world make Bitcoin a very suitable name. Some people may not like the sound of it, but it is what we are “stuck with” so to speak.
One Reddit user was arguing that we only call it Bitcoin because everyone using this particular blockchain agrees on doing so. While there is some truth to it, that is a very awkward way of putting things, to say the last. We also call Visa “visa” because it is a brand name, not because everyone agrees. Bitcoin is as much of a brand name as any other out there.
At the same time, Bitcoin may not be the most marketable name. That doesn’t mean anyone should be looking to change it, though, as the world has gotten used to this disruptive brand. Despite some negative connotations throughout the media, Bitcoin as a brand is gaining a lot more attention as of late.
Some companies active in the world of cryptocurrency and blockchain have pivoted away from using the term ‘Bitcoin” altogether. That has very little to do with the name itself, but they would rather not be associated with the negative aspect of this cryptocurrency. Whether or not that was a smart business decision, remains to be seen.
In the end, bitcoin will not be going anywhere, nor will its name. The fact that people want to know why this name was chosen is a positive sign, though. After all, it shows novice users have an interest in learning more about Bitcoin in general, rather than just seeing as a new form of money.
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