There is no ‘cryptocurrency’

Ok, I know what you’re going to say:

“But Suhail, everyone is talking about cryptocurrencies! How can you say they don’t exist?”

You’re right, all the media and many Tom’s, Dicks, and Helen’s are talking about cryptocurrencies. When they are in fact talking about crypto coins.

Let me clarify. The word “currency” is derived from Latin word “currens” meaning “in circulation” and in economics currency is defined as a system of money (monetary units) in common use and recognised as legal stores of value and form of payment (i.e. they cannot be refused as payment for debt) by a country.

Thus we have foreign exchange markets and can easily trade goods and services among nations. The global currency markets have an average daily trading volume of over $5 Trillion compared to the largest crypto coin, Bitcoin trading volume hitting a daily trading volume of $4 billion just last week as it broke through the $11,000 mark.

Now that we’re clear, let’s talk about crypto coins.

Crypto coins are similar to loyalty points and can indeed be a store of value. They can be exchanged for goods and services (in a limited capacity) and as the crypto-coin market matures and is recognised by governments, they could one day become a legitimate “currency.” Particular Bitcoin, which is the first and largest coin by market capitalisation. It is the gold standard of crypto coins.

Should we care about crypto coins? Is it too late to invest in crypto coins?

Yes, and No.

Crypto coins are here to stay and will become a legitimate asset class as regulators finally figure out how to protect consumers and standardise sale and trading of crypto coins.

As an investor, you have to be very selective and extremely careful investing in crypto coins. It is indeed risk capital and thinking like a long-term investor, not a speculator, is how I’m playing it.

I’ve been tracking the crypto-coin market more closely over past six months and have bought crypto coins and actually participated in my first Initial Coin Offering (ICO) last month.

Unfortunately, most people are treating crypto coins as poker chips and the crypto-coin market as a casino. Which it has become to a large degree. It is a bubble which could get a lot bigger before it either pops (devastation) or deflates in relatively non-destructive manner. We would be lucky if the latter occurred and if you were fortunate (or unfortunate) to have lived through the dot-com bubble from 1996 – 2000, will indeed see the similarities.

Look forward to sharing my journey and insights to help bridge the knowledge gap and help you cut through the noise with a series of articles and presentations over the coming weeks for the SiAlpha YouTube Channel. SiAlpha helps investors understand, evaluate, and invest in private and public technology companies worldwide.

I’ll be helping their subscribers understand crypto coins and blockchain in particular. As well as other emerging technologies such as AI and robotics which will reshape the world of business and finance over the next decade.

In the meantime, to learn about the types of crypto coins in the marketplace and their insane price movements, my team at the Financial Network have launched an impartial information and price quoting system at

So next time you hear anyone call Bitcoin a currency or talk about “cryptocurrencies.” Please stop and correct them, it’s crypto coins mate!

Comments, questions, and feedback most welcome.

Suhail Ahmad has over 20 years of experience in financial services and technology working in Canada, U.K. and the Middle East. In addition to his start-up adventures, Suhail is the Founder of the Financial Network, Partner at Exolta Capital, and Head of Technology Practice at Gateway professional services. Email [email protected]

There is no ‘cryptocurrency’