In the world of cryptocurrency, new coins are announced daily that promise to solve all of our financial problems. The market is flooded with cryptocurrencies, making it hard for investors and crypto traders to differentiate between good and lousy crypto coins.
However, after hours of research and careful observation, here I will be informing you about the top useless cryptocurrencies. If you are looking to invest in cryptocurrencies, make sure you avoid these cryptocurrencies. These cryptos are dead and useless.
List of Bitcoins that are not advisable to Invest in
OneCoin was a crypto-currency designed to be used to buy luxury items. Along with its leadership context and the historical participation of several essential people to OneCoin in analogous scams, OneCoin is regarded as a Ponzi scheme. The company’s founders, Ruja Ignatova and Alexander Vinnik were accused of fraud and money laundering in 2014.
The company’s critical activity was marketing course content, although in most circumstances, were found to be copied. The OneCoin story is a cautionary tale for investors and users of cryptocurrency who might be tempted by Bitcoin Evolution scams like this one – especially since it took place when cryptocurrencies were still relatively new and unregulated.
Paycoin’s journey has been among the most renowned in the crypto industry. This currency was created by two well-known Bitcoin miners, Josh Garza and GAW, who were well-versed in the industry. However, it hurriedly promoted the coin to consumers, jeopardizing its security.
Despite having one of the most significant market capitalizations at its peak, the coin came crashing down as most of the creators’ claims failed to materialize.
Bitconnect was a high-yield investment scheme that was linked to an open-source cryptocurrency. A Ponzi scheme claimed to be a decentralized and peer-to-peer lending platform. In Dec 2017, the currency reached an all-time peak and became one of CoinMarketCap’s most delicate currencies of the year. However, it wasn’t very worthy just a few months afterwards.
The currency’s worth plunged at under $1 from a prior peak of about $500 after the site operators halted the revenue system on January 16, 2018, and reimbursed the customers’ BCC deposits.
GetGems was a Bitcoin-sending and receiving social messaging software. It was founded by Daniel Peled and raised around $1 million through fundraising and direct investment, but it could not deliver in the end.
It was a communal messaging software that let users transfer and receive Bitcoins. GetGems was founded in 2014 to revitalize the social media landscape. The initiative went on to earn around $111,000 from supporters to fund its expansion. The crypto failed to gather any momentum, and as of now, they appear to have overestimated their prospects.
On the other hand, the cryptocurrency failed to gain traction, and it now appears that they underestimated its chances. Although it is still operational as a system that compensates members for seeing web advertisements, most of its original goals have been abandoned.
According to CoinMarketCap statistics, the coin’s price peaked at $0.0579 in May 2017 before totally disappearing. By asking friends to join, users may earn additional GEMZ.
5. Ethereum’s DAO
The DAO was a complex and ambitious project designed to be a decentralized autonomous organization (DAO) with smart contracts. The idea behind the DAO was to create an investment vehicle that anyone in the world could use.
The DAO is one of the most famous cases of an ICO that failed, and it caused a lot of panic among investors. This case demonstrates the need of understanding what an ICO is before investing in one. An ICO is a fundraising method that allows people unfamiliar with blockchain technology to invest in projects without knowing them.
Many individuals had hoped for such a program, and its completion was a dream come true. In reality, virtual currency has attracted vast amounts of money in trades, totalling. The program, on the other hand, did not last long.
The team behind SpaceBIT had ambitious plans of making electronic currencies accessible to all the corners of the globe. The team was successful in its mission and made it possible to use Bitcoin.
SpaceBIT is one of those that received immense publicity in 2014. The company announced its first product in January 2014 and raised millions of euros from investors. In December 2015, SpaceBIT announced it was shutting down its exchange platform after a year-long run, citing regulatory uncertainty as a reason for its decision.
7. USI Tech
USI Tech Limited was a forex and cryptocurrency trading platform. The firm was the first to provide a “fiat currency” trading platform.
The cryptocurrency and forex trading platform provider was founded in 2014 to provide an easy way for people to buy, sell and trade cryptocurrencies. The company became popular due to its “non-custodial” approach to trading.
After the collapse of Bitcoin price in 2017, USI Tech announced it would be shutting down its business operations, citing lack of profits as the reason for its decision.
Reasons behind the failure of crypto
The cryptocurrency world has been filled with hoaxes, fraud and Ponzi schemes as of late. It can be hard to tell if a project or investment is worth your time. There’s a lot of doubt surrounding any crypto project, but here are some common reasons behind the failure of cryptocurrency.
- Failure to strategies ahead of time.
- The developers are dealing with personal issues.
- Traction is lost.
- Scammers and fraudsters.
If you are willing to trade bitcoin or other cryptocurrencies, first you need to learn about the methodologies, and open an account in any platforms to screen the trading. This list of bitcoin is not advisable to invest in, and the cryptocurrency list is just a view from my side. There are several more cryptocurrencies that you can invest in. But I always think it’s better to learn from other people’s experiences and how they deal with their investment. Cryptocurrency investment is high risk and thus should be done carefully in a diversified portfolio.
This is just an informative article which will give you a broad knowledge about the coins which are not advisable to purchase. I hope this list of bitcoin is not advisable to invest in and will help you make your decision.