Modern cryptocurrencies are outside national jurisdiction and legal frameworks, which generally have pros and cons. They are also different from other types of currencies, such as fiat currencies, that are controlled or manipulated through central banks.
Central banks employ monetary policy tools such as interest rates and the buying and selling of government securities to manage inflation and employment. One of the most significant concepts inherent to decentralization, which is also inherent in many cryptocurrencies, also removes these tools.
The impact of replacing the tools that central banks employ in their entirety has yet to be comprehensively scrutinized and assessed. The shift could have improper consequences for economic and financial situations or introduce the world into fully stable conditions.
It is already possible to exchange cryptocurrencies for using exchanges or by directly dealing with other users in cryptocurrencies. Cryptocurrency is still waiting to gain adoption in areas that are clearly in urgent need of change.
On the other hand, there are more use cases, adoptions, knowledge, and implementation of blockchain. Based on its applications, it could also offer value to cryptocurrency as a medium of exchange.