# Valuation models
Cryptocurrencies provide a medium of exchange.
They share some features of fiat currencies, some are different. They are scarce, tamper-free, fungible. Yet, unlike real currencies, they are not, and never have been tied to a real-world asset, except the amount of energy or other resources (amount of code written) needed to validate transactions or "mine" new coins. Is that sufficient to construct a valuation model?
* Relate the coin market cap to the total value of gold, or total volume of fiat currencies
* [Use Network Value to Transactions ratio](https://medium.com/cryptolab/https-medium-com-kalichkin-rethinking-nvt-ratio-2cf810df0ab0)
* All Things Crypto⏎
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