There’s a common misconception about cryptocurrencies that goes something like this: Blockchain is a revolutionary new way of sharing information and is clearly a valuable and transformative technology—but cryptocurrencies are just a fad, the latest bubble from tulips to tech stocks. So, why care about cryptocurrencies at all? In truth, the two are inseparable.
The tokens that make up cryptocurrencies—from Bitcoin to Ether to Monero—are the means by which one participates in public blockchain protocols. This is not optional. It’s a fundamental feature of the technology. If a public blockchain protocol is valuable, then the tokens through which one participates in it accrue value. (Note: The rules are different for private blockchains—learn more here—but most of the conversation right now is about the public variety.)
Cryptocurrency is a misnomer. Almost none of the hundreds of cryptocurrencies function anything like currencies. To invest in cryptocurrencies is not to engage in foreign exchange trading. Instead, think of cryptocurrencies as digital assets tied to the value of a particular blockchain protocol. Admittedly, one reason for this misconception is that Bitcoin was originally billed as a currency, but in the intervening years since the creation of Bitcoin, a variety of digital assets have emerged and even Bitcoin itself is now best thought of as a store of value rather than a more traditional currency.
Source: singularityhub.com
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