The financial sector has changed to the point of no return. Back in 2009, the very first digital currency, Bitcoin, came into the scene. Thanks to its novel technology, it didn’t take long until the market value of Bitcoin blew up, gaining even more attention from people all over the world. Bitcoin led to the creation of thousands of cryptos, projects, and social movements.
Now it’s without a doubt that cryptocurrencies have a bright future ahead of them. There are even discussions pointing out the potential of crypto in replacing fiat currencies, and many platforms like Bitcoin Profit app aim to help traders connect with a broker in order to tame that wild potential.
That said, we should not forget about some cryptocurrency failures and the questions they raised.
Cryptocurrencies That Failed
There are thousands of cryptocurrencies out there, but it has been recorded that around 1,900 projects have failed. While that simply shows how fierce the competition is in the cryptocurrency market, at the same time, such stories inspire industries to innovate on their technologies and stay ahead of the competition.
While mistakes are part of the game, let’s should focus on the worst cryptos that have failed us as users. From brutal scams to joke coins, here are three digital currencies that have failed badly:
OneCoin
OneCoin was launched back in 2014; it was one of the first crypto frauds that set foot in the investment market. The founder of the technology, Ruja Ignatova, or the self-named CryptoQueen, used to host events to attract investors into buying the asset, claiming that OneCoin was going to become the real Bitcoin killer. However, it didn’t take long until millions of investors were deceived into what turned out to be a Ponzi scheme worth more than 4 billion dollars.
BoringCoin
BoringCoin, launched back in 2014, was introduced with the promise of no hype, drama or pumps and dumps – nothing that could impede BoringCoin’s popularity. However, similar to over 90% of the joke or meme coins that had come out, BoringCoin did not survive the year – it was considered a dead coin due to its lack of purpose.
BitConnect
The third one on our list is BitConnect or BCC. BitConnect is one of the most notorious coins in the history of crypto. It was one of the best-performing coins in 2016, only to turn into… nothing. Note that the marketing for BitConnect was quite aggressive, promising investors returns of up to 1% per day, along with other incentives and bonuses, which were bogus.
Why Did Cryptos Fail?
When cryptocurrency issues are discussed, the main headlines are typically around the success of alternative coins. Oftentimes, we come across news or price predictions about the most profitable digital currencies in the market.
Despite crypto’s bright and illustrious future, there are also the ones that stick to the shadows and barely survive the cryptocurrency market’s high volatility rate. Note that, in general, cryptocurrencies that barely survive are those that fail due to security issues, unethical behaviour, bad publicity, and unclear development.
Conclusion
The cryptocurrency market is extremely competitive, especially now that thousands of unique digital projects are circulating the market. With that in mind, you’ll encounter projects and technologies that pull ahead of their competition while others slowly dwindle down or completely fall off the wagon. That’s why always do your research and consult a licensed professional to help you limit poor choices.
In the end, success all comes down to the basics, such as dedication to the community, value proposition, and resilience against targeted attacks. On a positive note, though, the fall of such cryptos paved the way for the best, most reputable, and most rewarding assets on the market – cryptos you can add to your portfolio with ease!
