Evolution of Terminology: Blockchain and Crypto
TL;DR
The language used to describe Bitcoin has undergone attempts at co-optation and redefinition over time, primarily driven by commercial and marketing incentives.
The “Blockchain not Bitcoin” Era (2015-2016)
- The term Blockchain was not invented by Satoshi Nakamoto; he used the term “Timechain.”
- Executives and corporations adopted the word “Blockchain” to distance themselves from Bitcoin’s anarchic reputation, claiming to create “private blockchains” or blockchains “for banks.”
- The narrative was that the underlying technology (blockchain) was brilliant, but the currency (Bitcoin) was dispensable.
The “Crypto” Era (2017-Present)
- Originally, “Crypto” was shorthand for Cryptography, used by the Cypherpunk community.
- With the boom of ICOs (Initial Coin Offerings), the term was hijacked to refer to the cryptocurrency industry (altcoins, tokens, DeFi platforms).