RE: The Biggest Problem with Cryptocurrency is that it is Called Cryptocurrency
Very interesting points and you touch upon a few things that have been bothering me for awhile.
As you say, it is hard to view something as a currency that fluctuates so wildly day to day. Not to mention the distribution issue and of course that you're using currency in order to purchase it in the first place, so why not cut out the middle man?
You used the examples Steemit and Siacoin, and I think this is at the heart of the issue. Both of these coins represent value on different levels and therefore should be more accurately classed as cryptoassets.
However we might take another coin that represented not only value, but real world applications as well. In this scenario they may more rightly be called tokens.
All of this begs the question of course, is what is the ideal crypto to use as currency? Is it something like Lite coin or Doge, which actually concentrate on trying to act like a currency; or maybe something as yet unseen?
Who knows? But you raise some really interesting points, and what is clear we do need a rebranding and rethinking of how we view and present crypto to new players coming into the markets.
Excellent, thank you for the great feedback and questions @cryptogee. They make us want to write addenda or a part 2 right away. The classifications will surely unfold over time as there is no way we can keep calling 1300+ cryptocurrencies "currencies" when they perform vastly different operations, capture wildly different forms of value, and overall defy any form of stable medium. As for the best actual digital currency, I agree with you - who knows? Most financially oriented cryptos have promoted their "security" and "transferability" but maybe the way we exchange coin will be vastly different in the years to come. Most cryptos have diverged greatly from just being a digital monetary value and we expect their nature to evolve even more in the near future.
Lots to think about!
Lots to think about indeed! I look forward to part 2 :-)
Cg