You are right to be suspicious, but there are a wide variety of cryptocurrencies, some of which are designed to be a medium of exchange between valuable goods a

You are right to be suspicious, but there are a wide variety of cryptocurrencies, some of which are designed to be a medium of exchange between valuable goods and services and some of which are designed for very different purposes. Not all are deflationary. Some are supposed to be the valuable good itself (as a proxy for some physical asset).