Research: Every Third Cryptocurrency Is Unspendable

March 8, 2018

Cryptocurrencies are indeed speculative assets, and it is no secret. For example, when you buy Monero, you pay a potential price, rather that a price that directly reflects the today's utility of XMR. Actually, it is not a bad thing, as prices of the vast majority of assets usually become fair with time, after the long period of discovering them on the market.

A software engineer and cryptocurrency trader Eric Wall has wrote in his column at Bitcoin.com:

"I’d like to suggest that the investment information you are looking for is not anywhere to be found in the charts. Rather, it’s in one’s ability to understand and visualize the future of this market."

Still, some crypto holders sooner or later would want to do something else with their tokens, rather than just hold them. But that might be harder that one thinks. Bitcoin.com has performed a research to determine how many cryptocurrencies are spendable.

The research was simple: how many cryptocurrencies from the top 100 can be freely sent to Android, iOS and PC? And for 30% of them it was not that simple, as they failed this test. Of course, that does not mean that they will remain like that forever. In fact, many of them are relatively new and are still being developed. However, there are other tokens, such as Verge, Syscoin, and Bytecoin. These cryptocurrencies have been existing for a long time, but their developers has yet to create an iOS wallet for them. Some of them do not even have an Android one. IOTA's iOS wallet, which had been postponed for several months, might soon be finally released. However, its effectiveness, stability, and safety have yet to be determined and tested.

The average age of altcoins from the top 100 is two years and one month. 53% of them still do not have a working iOS wallet, and many of the remaining ones do not have an Android wallet and/or a PC one. Of course, for some of them the existence of a mobile wallet is not the main purpose, let alone the fact that many of them were not developed as currencies and never wanted to be one. However, if they want to be usable and spendable, they need a reliable mobile or desktop wallet. Otherwise, they will remain unspendable.

The crypto revolution will remain only in the dreams of enthusiasts as long as users are forced to download beta-wallets from GitHub to spend some of the cryptocurrencies. But when they become spendable, portable, and utility, then there would be a chance that they may change the financial system.

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