Confucius said: If the name is not right then speech will not be in order, and if speech is not in order then nothing will be accomplished.

In the world of currencies like BTC, only when the name is right is it possible for the public to really understand, to avoid ambiguity, and to bypass the traps.

Bitcoin is broadly called “digital currency” that makes use of computer technology and uses the numbers or bits in computer to represent money. The money is not physical, so digital currency has a similar name: “virtual currency”.

These two words seem very cool, but unfortunately, our money in our bank card also measures up to this definition. The money also relies on computer and is not physical. Bank card is not money, only serves as a carrier of our bank account.

Foreigners have another cool and popular word "cryptocurrency", but unfortunately, our money in bank card is also encrypted. If it is not, who dares to use it?

So, for all these names, they are not “right”.

So, what name should we use?

Let’s return to the essence: Why satoshi created BTC? What is the biggest problem bitcoin is to solve?

The answer is: to get rid of the undisciplined over-issuing of government money, create a currency that really belongs to the masses. Unfortunately, "RMB" has been occupied by the Chinese government, so we can use the name “democurrency”. It is not an imaginary concept, democracy is manifested in many aspects of currencies like BTC.

1. Democratic issuance. Government has the exclusive right to issue government money. The government can issue as much money as it wishes, without considering the harm it may cause to the public. The democurrency family already has thousands of coins with BTC as their lead. Anyone can issue democurrency with his own issuing mechanism. Once the issuing mechanism is determined, the total amount of money is fixed, no one can change it. New issue of Bitcoin is based on fair competition of hashing power, anyone who is willing to invest his or her hashing power can participate in the issue of Bitcoin.

2. Democratic usage. Government money is mandatory to use, but for democurrency, it is voluntary. You can choose whichever coin you like. The more the number of people who use the coin, the stronger it will develop, and vice versa.

3. Democratic circulation. Bitcoin is based on the internet and applies P2P mechanism. No government is able to stop the circulation of democurrency. Democurrency can easily transcend national borders without any exchange controls.

4. Democratic storage. Bitcoin is stored anonymously on the Internet or in computer in which the government can not intervene. But for government money that is stored in a bank, the government can freeze and levy taxes.

5. Democratic way of verifying the authenticity. Bitcoin is validated using the POW mechanism, one CPU one VOTE.

6. Democratic way of determining transaction fee. The transaction fee of government money is determined by bank oligopolies. International transfer fee is ridiculously high. On the contrary, the issuer of democurrency can determine the minimum transaction fee amount. The development team of Bitcoin recently announced that the transaction fee will drop 10 times. If 51% of the client accepts this proposal, this would be possible. An individual trader can also decide how much transaction fee he is willing to give.

7. Democratic way of determining exchange rate. BTC exchange rate is completely determined by free market transactions, while for most fiat currencies in the world, exchange rate is intervened by the government. In China, the exchange rate is completely fixed by the government.

In the future application of democurrencies, we’ll find more democratic features from which we will benefit.

With economic globalization and the popularity of the Internet, government, which has become a synonym for local separatist and local protectionism, will gradually weaken and fade into history. Democurrency, as a stimulus to economic globalization, will surely be recognized by more and more people and gradually replace the government money.