How To Name Your Crypto?

Dominik Olech
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Bitcoin is very recognizable, even outside the blockchain world, and is also an example of an excellent naming.

The right name is an excellent chance to reach broader publicity by expressing the idea of the brand in the very first contact with the customer. This makes naming an important part of designing the overall aesthetic of the product. This rule also applies to the cryptocurrency world.

A simple name for a simple project

For crypto enthusiasts, Bitcoin is the name of the leading decentralized coin. But for the people outside the industry, it is a synonym of the cryptocurrency. The Satoshi Nakamoto project has quickly spread around the world, reaching a much wider audience than many early critics of it might have thought. 

At first glance, Bitcoin doesn’t appear to have a very complicated name. It came from a simple combination of words “bit,” which refers to the basic unit of information in the digital world, and “coin,” that obviously goes for the function of the currency. Yet this simplicity has perfectly reflected the idea behind the newly designed currency – a digital, easy alternative to the complicated banking system. The name Bitcoin is short, easy to remember, and suitable for every language around the world. Those advantages undoubtedly helped the first cryptocurrency to spread.

Coin-mania

With the growing popularity of Bitcoin, and the cryptocurrency idea itself, the industry was flooded with the newly invented decentralized assets. Many of them bear similarities to their precursor, and the most visible inspirations were names. Starting with Litecoin, various developers used the same pattern to invent the name of their cryptocurrency, thus creating a trend to use the suffix “coin” in the decentralized assets naming.

The Bitcoin’s position was already well established when the coin-mania started, and for many people, this cryptocurrency was the example of well-designed blockchain realization in the fintech industry. No wonder that Satoshi’s work was an inspiration for many developers, but some of them just tried to copy the project with minimum effort, hoping to profit on the lasting trend.

As you may already guess, such a strategy wasn’t a successful one. Plenty of copy-pasted coins weren’t competitive enough against the well-established position of Bitcoin. If you want to find out for yourself, just check the less popular cryptocurrencies on sites like CoinMarketCap, where the “coin” suffix is quite common.

A “bit” of imagination

But not every developer willing to jump into the cryptocurrency industry followed the easy path. More ambitious entrepreneurs didn’t want to copy Bitcoin’s achievements but tried to develop more unique projects. To present their new vision for a broader audience, they needed to create a competitive aesthetic of their blockchain projects – and an interesting name was an important part of it.

This sparked the flame of creativity among crypto developers, who tried to propose the most attractive names of new currencies, which could express the overall vibe of the project. For instance, Ethereum name came from the idea of “aether” – a hypothetical material which was meant to fill the surrounding world and allow the light to travel, at least according to ancient philosophers. The mystic vibe of this term works well with the idea of the blockchain designed by Vitalik Buterin.

The name of the currency may also carry a message or agenda characteristic for this particular project. Probably the best example here is the Bitcoin Cash, where the reference to the means of payment both indicates Bitcoin problems (in the eyes of BCH developers) and presents the main value of the new currency.

A need for diversification 

But why is the naming so important in the cryptocurrency industry? Isn’t the technological capability of a given project more important than its name? Should we really care about it? After all, even the coolest cryptocurrency name may be related to the lack of an interesting offer – and the plenty of worthless “coins” is a good proof for this.

That’s why the attractive naming should always come in pair with a well-designed software background. The perfect name is only a part of this very complex system, and only when all the elements work together, it gives us a product that can both attract new users and keep them with it for a longer time.

And in the world of cryptocurrencies, where every new project differs mostly in small details, it is also the first means of reaching out to new customers. The name is the first thing which your potential user will see – it is wise to design it in the way which increases the chance for their interest. And with the growing competition on the market of blockchain projects, every measure that stands out from the crowd must be taken into account.

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