Have you ever found yourself stuck among words used in a contest but with a different meaning?
This brief roundup, will look at all those terms that are misused; or even confused.
We who are familiar with the subject, must use the terms correctly so that people understand in a few simple words.

OPERATIONAL DEFINITION

That is why I titled the article, "The Operational Definition."
But what is an operational definition?
An operational definition defines, uniquely and universally, how to measure a quantity.
Now, we are not talking about quantities in crypto, however, we can draw a parallel.
By being familiar with the operational definitions of each term, we know perfectly well how the basics of the crypto environment work, and we can convey it without problems and misunderstandings to other people.
In this regard, let's start with the first confusion that often occurs:

DIGITAL MONEY and CRYPTOCURRENCIES

Digital currency represents any fiat currency that is exchanged by wire transfer, debit or credit card, and is subject to all regulations of legal tender currencies.

Cryptocurrency is yes digital because’ it exists only through the execution of a precise computer algorithm, but it possesses 5 pillars that digital (or fiat) currency does not have

1. It is accessible to everyone;

2. It is censorship-resistant

3. It is public

4. It has no borders

5. It is neutral.

Easier? Don’t you think?
No technical terminology and we still managed to make the idea of why a cryptocurrency CANNOT be confused with a digital currency well. My GrandMa always said:

If really own the concept, simple words will follow

To increase accuracy we might add a few words about the blockchain being a distributed ledger that is accessible to everyone, so everyone can consult it; highlighting the timestamp.

This is to point out that Central Bank Digital Currencies (CBDCs) can NEVER be cryptocurrencies as they are centralized, they are usually issued on Private Blockchains or simple DLTs.

Second inaccuracy that is used, especially in the media, is the difference between

COIN and TOKEN

Both are cryptocurrencies, so they are not the same thing?

NO!

A coin is a cryptocurrency in its own right and also has a dedicated blockchain.

Classic example is Bitcoin which has its own dedicated blockchain; as for altcoins we can refer to Algorand, which has its own cryptocurrency and proprietary blockchain.

TOKEN, is a cryptocurrency that does not have a proprietary blockchain, but uses another blockchain. As an example we can bring the LPT (Livepeer) token that is created on the Ethereum blockchain, in fact it is an ERC-20 token.

Another peculiarity of tokens consists in their creation: they are originated by a set of lines of code, called smart contracts, which define all their characteristics, including the total amount.

As you can see with extreme simplicity we are able to understand well the difference between a coin and a token.

Clearly we are not able to create it, but not because we do not know what needs to be done, but we do not know the commands to write the smart contract!

Third inaccuracy used is between

WALLET — ACCOUNT EXCHANGE

Let’s be honest: it is easy to get confused because both have a public address, however, the difference is immense: who has the private keys.

In the hardware wallet or online that is, the private keys are communicated directly to the user during creation; in the exchange, the wallet is created by third parties and they are the ones who potentially know the private keys.

Private keys are very important because they represent a code that gives you the ability to retrieve your wallet on any device; therefore, they are very important and care must be taken in their safekeeping.

Now you are clear about the meaning of the expression “Not your keys, Not your crypto”!

These are the inaccuracies I often hear in various contexts, obviously of common life.

Have you heard any others?

Write them down in the comments!