Cryptocurrencies are speculative instruments, their price predicated upon future prospects rather than current reality. As a consequence, many of them don’t qualify as outright currencies – at least not yet. While the likes of bitcoin, bitcoin cash, and ethereum can be freely spent on desktop and mobile, dozens more are barely usable outside of crypto exchanges, and in some cases have been that way for years.
Spendable Cryptocurrency: Coming Soon
As everyone knows, cryptocurrencies are traded speculatively. When you buy monero on an exchange, you’re paying a price that is based less on its usefulness today, and more on what it could be worth in the future, should mass adoption of cryptocurrency occur and privacy coins prosper. There’s nothing wrong with that: most assets are subject to a prolonged period of price discovery before the market settles on a value. That’s why dot coms that have yet to turn a profit can be valued in the billions. As Eric Wall put it in his recent trading column: