What is the concept that a dollar in hand today is worth more than a dollar received in the future called?

Could you please clarify the concept that is referred to when we say "a dollar in hand today is worth more than a dollar received in the future"? Is it related to the idea of present value versus future value? Or is it perhaps tied to the concept of time preference, where individuals tend to prefer current consumption over future consumption? Additionally, how does this concept play a role in financial decision-making and investing, especially in the realm of cryptocurrency and finance?