How many cryptocurrencies have failed?

How many cryptocurrencies have failed?

There are more than 10,000 plus cryptocurrencies available in the market that are being traded on Some of these digital currencies work like currencies that ultimately replace the dollar in your wallet while remaining to offer commendable loans within undeveloped countries, and they pledge to change it in the future.

However, it is not astonishing why so many bitcoins had failed when the bitcoin came into being in 2000; Collins had died already. Furthermore, Coinopsy is a site that keeps track of all the dead coins, and they also state the fact why these coins have died or were abandoned like

Due to fraud or scams
Fail due to lack of business planning
Traction loss
Personal issues faced by the developer of that coin maker.

Some of the Cryptocurrencies that have Failed

Let’s have a look at some of the unsuccessful cryptocurrencies:

1. Onecoin (One)

Onecoin was launched in 2014 and is considered an early crypto fraud. Its founder was Ruja Ignatova, who hosted many events in the UK in the Wembley Arena, where she announced the launch of onecoin.

Millions of users were scammed in a scheme called the Ponzi scheme that utilized money from the new users to give the amount to the current users making a fraud of about $ 4 billion, people reported the fraud, and soon an arrest warrant was issued for her name.

2. BitConnect (BCC)

Another popular fraud coin was Bitconnect, this coin hit in the year 2017 and was considered one the best performing coin in the Coinmarketcap, but after a few months, the coin lost all its importance. Due to the aggressive marketing pledge for providing 0.5-1 % per day of return along with other payments turned out to be fake, people believed in such schemes, but later, when it was destroyed,  people lost all their assets.

3. BoringCoin (ZZZ)

The Boringcoin was introduced in 2014, and it did not pledge for any drama or hype with no dumps and pumps. They estimated 90-95 % of joker coins, but these coins provide no purpose and are boring, so they lost their identity after less than a year.

4. GetGems (GEMZ)

The next one is GEMZ, a socializing application that allows people to make transactions using Bitcoins. The users were able to earn gems when some of their friends, colleagues, or others signed up on the applications.

Daniel Epeld founded Getgems in 2015, but it was able to collect $1 million using direct investment and crowd dunging but could not deliver the purpose for which it was created and came to an end.

5. NanoHealthCare Token (NHCT)

All of the currencies that we discussed above were some of the oldest. Now let’s discuss the new ones that have failed already, like NanoHealthCare tokens. It was created by Manish Ranjan and was founded in 2018 as an Indian-based token. He wanted to use blockchain to create an impact on a life by resolving health issues like high costs and data security, but it failed as the idea and plan were not aligned, so it collapsed soon.

How to avoid buying cryptocurrencies that fail

There’s no way to avoid such a failing cryptocurrency, and all cryptocurrencies carry risks,k and some developers with good intentions and experience stretch things a little too far. Still, some questions can guide cryptocurrencies related to health problems:

  • Who are the developers?

If you are unable to locate the person behind the coin, you are looking to make some investments, and it is a red sign for you which means hold your horses, do not rush, and try to find out about the founder; it is a trustworthy person, or is he involved in current or past frauds?

  • What’s the plan?

When you want to make some investment, you must be looking for a reliable business plan to secure your crypto money; what are the problems, and identify them? And how can they solve it? You don’t need to be technically savvy, but you need to know some basics about mining and blockchain.

  • Where is it listed?

Similarly, you must stick to the coins included among the top crypto exchanges that provide some security to your assets.

  • Is its social media and website active?

Another sign of lacking behind is that the website is not updated for months, with no tweets, posts, or updates. To survive, you must be involved with all the platforms and people related to the coin you are interested in buying.

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