Comment by ButlerianJihad

I am sorry to burst your "bubble", as it were, but cryptocurrencies are not, in fact, currencies.

Speaking in terms of U.S. regulation and legislation, crypto is variously regulated as a "commodity" or as a "security" and therefore, cannot be formally considered a currency. The name, "cryptocurrency" is a marketing ploy, which cleverly seeks to dilute the meaning of the term, which is a term of art, and is still reserved, in legal circles, for things which are, in fact, currencies, and function as currencies, and are regulated as currencies, which crypto… is not.

It was rather painful to me in particular, because a few weeks ago, I registered and attended a municipal education session on fraud. And this session was co-hosted by an actual representative of the Arizona Corporation Commission - Securities Division. I can prove that because my prize for the session was an authentic, imprinted, ACC/SD pizza slicer! Anyway, as soon as she mentioned crypto and asserted it is a class of "currency" I tried to call her out, and I asked more than once, and being reluctant to turn the session into a referendum on her legal knowledge, I finally let her win. It was embarrassing.

Anyway, no, cryptocurrency has never been a currency. Not in the USA. Other nations may deem it as such, but I kind of doubt it so far. Please do not conflate real currency with crypto. They are distinct things that are easily distinguished. The consumer should not be deluded into thinking otherwise.