Cryptocurrency Downturn to Continue

I am a big fan of cryptocurrencies and the potential they have to change society for the better. The growth of alternative monetary instruments can give people better currencies to use that hold their value better and can be exchanged more efficiently than current national monies. There should emerge a few private currencies that achieve these goals and best the current monetary vanguards such as the US dollar, the Euro, Japanese Yen, British Pound and Swiss Franc.

At the moment though I have very little of my wealth in cryptocurrencies. The largest holding I have is in Steem but this only amounts to $250 US and I keep this as a portion of the money I have earned posting on Steemit. I once had $15,000 US in ether and I have held a few thousand in Bitcoin and Vechain but early this year I sold all my cryptocurrencies to invest the funds in the stock market and in other assets.

The reason I have sold all my cryptocurrencies as I am not confident in the current available cryptocurrencies to be able to achieve the goals of being a better store of value and be an efficient instrument for exchange than the US dollar and so I expect the value of the current cryptocurrencies to continue falling in the medium and long term. My views may change if some currencies emerge that provide some underlying benefits to society but having researched these currencies over the past few years I have been disappointed that most have not achieved my goals.

Bitcoin has the best shot at the moment of achieving these goals of being a better store of value and efficient currency but the volatility in its price and the severely high cost and lengthy wait times to transact have led to it failing at both. The result has been that growth in its usage has not been maintained and thus we haven't seen it being used in society. This could change but Bitcoin needs to reform its structure which without leadership from the community is unlikely to happen. I suspect that it will take a new cryptocurrency to be created that is structured to achieve these goals effectively in order to be able to break the control national currencies have on the monetary systems in the world. I think it can be done and so I will continue watching the cryptocurrency world to hopefully identify this coin in its infancy. A currency that gains widespread use will likely increase in value initially as its popularity and demand increases and so substantial wealth will be earned for early investors in it. It will be nice to own a lot of the future money of the world for obvious reasons. Good luck finding that gem crytocurrency investors, it will come in time.