<p>The general term in widespread use today is <em>cryptocurrency</em>. This refers to a currency designed upon cryptographic principles (as Bitcoin is).</p>

<p>The term "fiat money" refers to the usual money issued by governments. The government declares "this is money" (even though the paper on which it is printed does not have value itself), and people use it as such. Wiktionary defines <a href="https://en.wiktionary.org/wiki/fiat" rel="nofollow">fiat</a> as:</p>

<blockquote>
  <ol>
  <li>An authoritative command or order to do something; an effectual decree.</li>
  </ol>
</blockquote>

CC BY-SA 3.0
2014-04-30T08:13:46.267Z
But as what i understand of it, cryptocurrency can have a centralized bank and have a reserve. Is that not true?
Oliver Nybroe
CC BY-SA 3.0
2014-04-30T08:59:27.407Z
Well, if you want to make sure you're understood on that point, you could call it a *decentralised cryptocurrency*. But all the interesting cryptocurrencies today are decentralised, so I don't think that's so important.
Greg Hewgill
CC BY-SA 3.0
2014-04-30T09:33:16.817Z
Ah thanks. It is kinda important for me, because I am writing a history task about digital currency
Oliver Nybroe
CC BY-SA 3.0
2014-04-29T22:32:53.863Z
2014-04-29T22:32:53.863Z
Greg Hewgill
<p>I have been reading about Bitcoin and the history of it. But I was not able to find a term that actually describes Bitcoin. <br>
I am looking for a term that is not only for Bitcoin but any digital currency like Bitcoin. <br>
The closest term I could find was Fiat money, but it is not correct, anyone here knows what the correct term is? Or does the term simply not exist yet?</p>

CC BY-SA 3.0
2014-04-30T00:47:15.733Z
Note that "**B**itcoin" refers to the payment network as a whole, while "**b**itcoin" refers to the unit of currency
hedgedandlevered
<currencies><terminology><history><politics>
The correct term for Bitcoin currency
Oliver Nybroe
# The correct term for Bitcoin currency

(Asked by: username_0 on 2014-04-29)

I have been reading about Bitcoin and the history of it. But I was not able to find a term that actually describes Bitcoin.   
I am looking for a term that is not only for Bitcoin but any digital currency like Bitcoin.   
The closest term I could find was Fiat money, but it is not correct, anyone here knows what the correct term is? Or does the term simply not exist yet?

**Tags:** currencies, terminology, history, politics

> **Comments:**
> **username_1**: Note that "**B**itcoin" refers to the payment network as a whole, while "**b**itcoin" refers to the unit of currency  

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## 1 answers

### Answer by username_2 on 2014-04-29. Score: 2

The general term in widespread use today is *cryptocurrency*. This refers to a currency designed upon cryptographic principles (as Bitcoin is).

The term "fiat money" refers to the usual money issued by governments. The government declares "this is money" (even though the paper on which it is printed does not have value itself), and people use it as such. Wiktionary defines [fiat](https://en.wiktionary.org/wiki/fiat) as:

> 1. An authoritative command or order to do something; an effectual decree.

> **Comments:**
> **username_0**: But as what i understand of it, cryptocurrency can have a centralized bank and have a reserve. Is that not true?  
> **username_2**: Well, if you want to make sure you're understood on that point, you could call it a *decentralised cryptocurrency*. But all the interesting cryptocurrencies today are decentralised, so I don't think that's so important.  
> **username_0**: Ah thanks. It is kinda important for me, because I am writing a history task about digital currency  

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