The Language Landmines of Blockchain Technology and Cryptocurrency

Abstract

This chapter highlights the dangers of linguistic inaccuracies and misunderstandings that permeate discussions on blockchain technology and non-fungible tokens (NFTs), impacting policy and legal outcomes. It identifies two critical issues hindering effective legislation: a lack of comprehension of blockchain technology’s technical nuances and a failure to appreciate the link between blockchain-related terminology and the intricacies of varying blockchain protocols. By borrowing frequently misused terms without questioning their technical accuracy, policy-makers may unwittingly stifle innovation and develop legal regimes that are ill-suited for their intended purpose. This chapter explores six specific language landmines prevalent in blockchain and NFT discussions, urging researchers, lawmakers, industry members, and other stakeholders to bridge the understanding gap. By addressing these linguistic pitfalls, the chapter advocates for informed and comprehensive policy-making that keeps pace with the evolving landscape of blockchain technology and its applications, including NFTs.