Changing the Name Game

http://www.coindesk.com/killing-cryptocurrency-time-retire-term/
As a company, we have officially stopped using the term "Cryptocurrency". This term, while extremely effective in targeting what bitcoin and other coins are, has too much baggage to continue using it. In the growing and sometimes risky legal battles that are daily being waged for and against new digital assets, companies have to be careful how they define what they do.

First off, in the United States, where Blockchain Genie is based, bitcoin and other altcoins are not legally a currency at all. This is probably a good thing too. If it were a recognized currency, the regulations would be so tight they would be able to pinch a Satoshi and get a Bit. Instead, the current landscape is dreadfully confused and intensely unregulated. This unregulated nature of BTC is what makes it so special.

As an asset, not a currency, Bitcoin is far more valuable. Until recently, there are very few assets that can so readily be monitored and accessed such as Bitcoin and others. Precious metals have far less profit increases, which might be to their favor if holding, but if looking for profits, bitcoin has yielded far more gains than precious metals ever could. Baseball cards, comics, cars, houses, none of these assets provide the volatile market that makes up Bitcoin and altcoins.

Names matter. If we continue to call BTC and others "Cryptocurrency" I think we are going to continue to see a separation and detachment from the rest of the investing world. We will see less businesses start up, as financial businesses have so many more fees and regulations, whereas a company simply trading coins for services and products, might simply be acting more as a conduit or pawnshop, then as a bank or financial institution.

Blockchain Genie LLC does NOT sell bitcoin. Doing this, while no current laws accurately address the market issues, leaves companies open to money laundering charges and crippling legal fees. Referring to these coins as currency is certainly fun, but carries risks.

In the land of laws, currency must be officially recognized, due to the amount of control governments want to have over the money its people use. Thus bitcoin as a currency, with its inherent decentralization, is going to be difficult for a government like the USA to control and possibly manipulate. Expect a fight.

Going forward, we will be searching for new names to describe this 21st century phenomena of digital commodities, and will certainly be open to suggestions.