A Cryptocurrency is value token in a distributed network. It aims to avoid centralised control, in the way money is controlled. So does this means it is not like Forex. Forex tends to move in complex ways on the chart, reflecting to some extent the many things affecting (or attempting to) control it. To a significant extent a currency is not controllable. But whatever extent it is, cryptocurrencies do not currently have these constraints. So they can soar, unrestrained and crash, unrestrained.
However if they are like a currency let loose, are they also like a commodity at its birth (which for commodities in general was a long time ago). For they do have this commodity like feature: they reflect a utility, that is they are tokens on a network which has a use for them, to exchange value as defined in the network. But unlike other commodities, they are also unrestrained here, as their function is not as defined as these long existing products.
Commodities have been here and used for a long, long time, and they are well defined in their use and function, and also can be controlled, to some extent, by this clarity of function. But what the actual function of a cryptocurrency or its real potential is perhaps unknown, even with the most well established.
Cryptocurrencies are very young, and as commodities, they are of the technological kind, which as a functional base which is not that clear cut. Except for this, unlike uncertainties with other commodities, about their use and potential for future use, the digital nature of cryptocurrencies makes them very clearly defined about their use and potential. But unlike other other commodities, what this is, is wide open and unknown, like all digital technology.
