Cryptocurrency is an interesting and exciting concept with the power to fundamentally alter global finance for the better. However, while cryptocurrency is based on sound, democratic principles, it remains a practical and technological work in progress. For the foreseeable future, the near-monopoly of nation-states on the production of currency and monetary policy appears secure.
In the meantime, those who use cryptocurrency (and those who are intrigued by the promise of cryptocurrency) need to remain ever-mindful of the practical limitations of the concept. Any claims that a particular cryptocurrency confers complete anonymity or immunity from legal accountability are worthy of deep scepticism, as are the claims that individual cryptocurrencies represent foolproof investment opportunities or inflation hedges. At the end of the day, often gold is lauded as the ultimate inflation hedge. But it is still subject to wild volatility, more than many first-world fiat currencies.
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