Do Not Call Cryptocurrency “Crypto” States the AP Style Book

By Maheen Hernandez May 30, 2019 Off
What is Cryptocurrency

The Associated Press rules have recently stated that “Crypto” can also mean “cryptocurrency.”  Traditionally crypto was related to cryptography; however, recently, it is continually used to refer to the crypto.  

The AP has now written about cryptocurrency thus: “A type of digital money that uses encryption technology to make it secure. Avoid using the shorthand crypto, which can be confused with cryptography. Cryptocurrency is not the same as virtual currency, which is used in virtual worlds such as online games.”

The AP Stylebook also provided some commentary concerning the best use cases for cryptocurrencies.  They have implied that though it is possible to trade Bitcoin and several other cryptocurrencies as they are spent, the owners of the accounts backing the transactions are not necessarily well known.  Therefore, cryptocurrency is considered to be a favored form of payment among those cryptocurrency criminals.  This also includes ransomware, where the malicious software will be locking a computer until the ransom is paid.

The AP style tip also stated, “Bitcoin is a digital currency. As a concept, Bitcoin is capitalized. The currency unit, bitcoin, is lowercase.”

The stylebook continues to add newer terms to its Lexicon.  Several of them have expressed their understanding of the current style norm regarding the cryptocurrency. Many of them have stated that “cryptocurrency – has become mainstream enough for the wonky Stylebook to give it a nod.”

The resilience of Bitcoin is creepy.  Analysts are just wondering if cryptocurrencies as a national currency will work.  Investors continue to be bullish in the Bitcoin.  The recovery of Bitcoin is nothing but remarkable.

The market capitalization of Bitcoin is more than $150 billion.  With this being the state, there is no wonder why Facebook would launch a cryptocurrency on its own.  Ever since Satoshi Nakamoto created Bitcoin as a form of an online “peer-to-peer electronic payment system,” the subject has continued to be controversial.

Since a Central Bank does not issue a cryptocurrency, it is not under the influence of anybody.   The mining process is a rigorous one and is an integral part of the supply mechanism of the Bitcoin.  The process ensures that the scarcity factor is sustained to improve on its purchasing power.

The current scenario is a silent battle between the central bank and the digital money.  Whether the digital money will win is ultimately in the hands of the government, which will eventually step into the process in the form of a regulator.