In the past, there have been loads of cryptocurrencies that have failed because of bad planning or fraudulent agendas. Today, there are more than 10,000 cryptocurrencies in the market. While some want to replace the use of dollars, others aim to make loans readily available in developing countries around the world. For safer options and bigger investments in cryptocurrencies, have a look at Bitcoin Era
Here is a list of some cryptocurrencies that failed miserably after making a name in the marketplace:
OneCoin became a part of the crypto market back in 2014. It was mainly known for the frauds and complications that members faced on the platforms. Its creator, Ruja Ignatova, who was named CryptoQueen, hosted a lot of extravagant events all over the world as a marketing tactic before introducing OneCoin as the Bitcoin Killer.
However, millions of investors found themselves in the middle of fraud when they discovered the Ponzi scheme where their money was used to pay returns to old investors. This fraudulent of $4 billion caused the founder to leave the country in 2017. By then, the news of OneCoin had hit the internet, and the police had issued a warrant for her arrest.
BitConnect was made available to the public in 2016 but is today known to be another fraudulent coin. In December 2017, this cryptocurrency reached its peak and became one of the most popular coins during that year. However, a couple of months down the line, it was worth peanuts.
According to its overambitious marketing, BitConnect convinced its audience of returns of 0.5 to 1 percent every single day, alongside a number of additional incentives. However, it ended up being a pyramid scheme. Similar to OneCoin, the returns by new investors were given to old investors so that when the cryptocurrency met its eventual fate, people lost all their hard-earned money.
When BoringCoin launched in the year 2014, its main marketing technique was to make people believe that they would not fall prey to any drama or hype. Of course, anything that is hassle-free tends to attract an audience.
Like most failed cryptocurrencies, BoringCoin did not even stay in the market for one year. In fact, today, the coin has been listed as dead, and many individuals think of it as a joke because it did not make much of a difference in the market. There are several jokes on how the coin did not survive because it was boring.
GetGems was founded by Daniel Peled and came into the market as a social messaging platform in 2015. Over here, individuals could send, as well as receive, Bitcoin. GEMZ made its name in the market by incentivizing users- whoever invited a friend to sign up earned some GEMZ on the platform.
In May 2017, the price of the coin skyrocketed to $0.0579. However, right after, it no longer found its way to the cryptocurrency market. Overall, GEMZ was able to put together $1 million with the help of direct investment and crowdfunding. However, like all other cryptocurrencies mentioned in this article, GetGems did not live up to its promise.
This article has mainly focused on old cryptocurrencies. However, NanoHealthCare Token is a relatively new coin that failed miserably. NHCT was created in 2018 in India by Manish Ranjan, who was very enthusiastic about solving the problems of the healthcare world. Its main purpose was to use the blockchain so that hurdles and obstacles related to healthcare, such as high prices and data fraud, could be dealt with.
However, ever since April 2020, Ranjan has not updated the cryptocurrencies Twitter page. Moreover, the website also fell off the face of the earth. Experts believe that NHCT did not have enough volume to survive, putting it on a list of cryptocurrencies that failed miserably.