Most people are calling them currencies but the fact is there is a long way ahead for these assets to accumulate as currencies. There are some enterprises who accepts cryptocurrencies as a payment option but somehow the major trend in the actual markets are still in fiat. The market adaption is very slow and the major reason behind that is the volatility of the crypto assets.
The idea of a digital currency is great but when there are thousands of them out there with zero actual value or real life usage, things are getting shady. The first ever crypto asset is Bitcoin, and it used to have a currency value because it was used in the dark web, websites like Silk Road was accepting Bitcoin as a primary payment method. The problem is those sites were all about illegal products or services. Therefore they are shut down by legal authorities. Than centralized cryptocurrency exchanges came in and the majority of the 21 million Bitcoin is now accessible thru these channels for the public interest. Big co-operations and hedge funds are interested in these digital assets and invested big amounts of fiat on them. By the end of 2017, the public interest on these crypto assets reached a peak and big entities who foresee that started to short their funds and received huge amounts of money back in fiat. There will be volatility naturally because of the greed in human nature. Ironically, centralized government authorities will take action against it and will bring regulations into the crypto industry. Good thing, but this would bring some other problems too. We have a cryptocurrency called Ethereum and there are not hundreds but thousands of other cryptocurrencies attached to it with the ERC20 protocol. There are ICOs raised millions of dollars and not being traded in crypto exchanges, so no volume no gain for their investors. The problem with centralized exchanges is they are the ones who left as greedy natures and governments following them to the last obstacle against this fantastic idea, cryptocurrency. Centralized exchanges will receive bribes for coin listings and would become a central authority on so-called decentralized crypto projects. Of course, if the government wouldn’t do anything about it. I mean if the government officers are not bribed in cryptocurrency. Ahem! Yes, we still have a long way to go, in the meantime, cryptocurrencies will moon and bottom several times and rich will get richer and poor will become poorer as usual. Until people realize the real value behind the first cryptocurrency, the Bitcoin. Which will be the only currency that is used world-wide when there is a centralized united world government and a decentralized nation.
Till then we will keep buying cryptocurrencies when they dip and will be selling them at the top. Follow us and enjoy the ride in the chaos.