There are almost 11,000 active cryptocurrencies with a market cap of $1.2 trillion. Suffice to say, crypto is all the rage.
If you’re looking to invest, it’s important to understand that not all cryptocurrencies are made equal. In fact, there have been some notable flops.
In this article, we’ll be looking at the worst cryptocurrencies and the lessons investors can learn from them.
- BoringCoin (ZZZ)
BoringCoin began as a joke coin, much like meme lover favorite Dogecoin.
It started as a satirical response to the volatile cryptocurrency market. The creators promised no drama or hype. But like many other joke crypto tokens, the punchline never hit the mark.
While the coin isn’t as extinct as some others on the list, its inability to gain traction leaves it dead in the water.
- GetGems (GEMZ)
GetGems is a social messaging app designed to allow people to transfer Bitcoin created in 2015. As part of the platform, users who signed up could earn GEMZ by inviting friends.
The initial outlook looked promising for GEMZ. It raised around $1 million through direct investment as well as crowdfunding. As time went on, however, it became apparent the coin couldn’t deliver.
Gemz is what’s known as an abandoned coin. This means the trading volume and interest are so low that it may as well be dead.
- NanoHealthCare Token (NHCT)
Another abandoned coin is the NanoHealthCare Token. Born in India from Manish Ranjan, this token promised to revolutionize the reality of healthcare. The plan was to achieve this by implementing blockchain technologies to resolve systematic healthcare issues such as data security.
It was a great idea and one we’re sure to see as we move further into the Fourth Industrial Revolution. It seems though that NHCT was too ahead of its time.
- BitConnect (BCC)
To put it kindly, BitConnect was a huge scam.
It launched in 2016 and hit all-time highs the following year as one of the market’s top performers. One of the reasons for this was an aggressive marketing campaign promising up to 1% returns every day.
The high returns it initially paid out fell flat soon after the all-time high. It turned out new investor funding was being used to pay the high returns. People who invested lost everything.
- OneCoin (One)
Another infamous scam within the cryptocurrency market and top of our list of failed cryptocurrency is OneCoin. Launched in 2014 by Ruja Ignatova, the self-proclaimed “Crypto Queen”, OneCoin claimed to be the only rival to BitCoin.
Millions of investors bought in and ended up defrauded as OneCoin was exposed to be a $4 billion Ponzi scheme, much like the above. Ignatova has a warrant out for her arrest and remains on the run.
Be Cautious With Cryptocurrencies
As you can see, cryptocurrencies fail for a huge variety of reasons, from fraud to loss of interest. But there are no guarantees of investment with any cryptocurrency.
Your best bet to remain safe is to use trusted providers and traders like www.bytefederal.com.
Stay Ahead With the Latest Tech News
Cryptocurrencies are ever-increasing in popularity. As more coins flood the market it is likely we will see more and more fail for a range of reasons. There are no guarantees on investment in crypto, but you can avoid fraudulent coins by doing your research beforehand.
You can keep up to date with the latest cryptocurrency and tech news on our blog.
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