Thread by @IdeasInAJiffy

Cryptocurrencies are software not currencies.

More people would understand the space if it was called "Cryptosoftware". The association with money/currencies make it hard for people to open their eyes and understand what crypto is really about.

A brief simplified thread:

1/ Most projects can be very generically split into 2 groups.

1. Infrastructure Projects
2. Applications (dApps - Decentralised Applications)

Applications are built on top of infrastructure projects, similar to how apps are built and deployed into the appstore/play store.

2/ Infrastructure projects

Also known as blockchains, are the backbone of the entire space. Projects such as $Eth, $Ada, $Sol, $Dot/ $KSM fall into this category. Each chain can be viewed as a country, having their own governance/rules/pros & cons that suit different needs.

3/ Applications

Tons of categories (just like normal apps) but these are the main few:

1. DeFi
2. NFTs
3. Gaming
4. Storage
5. Music
6. Community tokens - Sports tokens

These aren't new services, all already existing in today's world just built on & powered by blockchains.

4/ If you're still confused by the naming of certain categories such as DeFi and NFTs, here's real world parallels to help clear things up.

1. DeFi = Fintech
2. NFTs = Digitalization of assets

5/ While cryptocurrencies can be used for payments and hence be like a currency - PayPal crypto merchant payments, Dallas Mavs accepting Doge, Places in the Philippines accepting SLP, it’s only a small piece of the puzzle.

6/ The main driving force behind this is wide spread adoption and popularity. Anything can be used as money, people used to use seashells to pay for items. Adoption comes from utility and use case, which for most projects extend far beyond acting as a digital seashells.

7/ I won't go into too much depth in this thread on the technicalities and details about everything mentioned so far. Feel free to read up more on your own or tune in for future threads where I expand on the various topics.