These coins were launched with high expectations but ultimately failed to deliver any real benefits, often resulting from their creators cashing out users' investments and leaving behind disappointed investors.
Not all of these coins have had active circulation, and it's possible that many investors may still be holding onto dead crypto coins. To navigate this risk, it's crucial to thoroughly research and evaluate any potential investments before putting your money in.
What is a Dead Coin?
Any coin or token that is no longer in use is referred to as a dead coin.
A coin may no longer be useful for a number of reasons, including:
- The project was abandoned by the developers, which led to its delisting from exchanges.
- Even though the currency was intended as a prank, it ended up receiving a sizable investment that wasn't anticipated.
- The coin initially had a real use case and earned support from users, but since the project's goals or developmental milestones weren't achieved, it was decided that there would be no advantage from continuing.
- The development team's funding has run out.
- Being an outright scam that was finally exposed to customers and the crypto community.
The risk of having a dead coin in your portfolio is extremely high in the enormous crypto ecosystem. When investing in cryptocurrencies, due diligence can give vital insights into trustworthy enterprises.
Scam dead coins may be prevented by assessing their ROI guarantees. Most of them advertise "guaranteed profits" despite cryptos being very volatile and risky.
Keeping an eye on a project's existence and activity on social media channels might provide insight on future dead coins. Furthermore, viable cryptocurrencies are listed on credible exchanges with strong liquidity, such as Binance.
Fortunately, simply knowing that these types of cryptocurrencies exist will help investors make educated decisions. As more dead coins continue to maintain the appearance of excellent projects, investors may rely on rigorous background investigations, profit statements, exchange availability, and trading volumes to identify a viable currency among a sea of worthless projects.
Avoiding Dead Coin Projects in Cryptocurrency Investments
Dead coins in the cryptocurrency world are a common occurrence, but don't give up on the entire ecosystem just yet. By conducting thorough research when investing in altcoins, you can avoid becoming a victim of a worthless token. For example, steer clear of any projects promising guaranteed returns as cryptos are inherently volatile and speculative.
Spotting a dead coin early on can also be done by monitoring the project's presence and activity on social media, as well as its listing on reputable exchanges with high liquidity. Though the risk of dead coins exists, knowing about them can help you make informed investment decisions.
Conduct thorough background checks, review profit statements, look for the coin's availability on exchanges, and assess trading volumes to select valuable cryptocurrencies over junk projects.
Top Dead Coins of All Time
Since cryptocurrency inception, thousands of digital coins have been created. While some have been successful and continue to thrive, others have not been so fortunate. In this section, we'll take a look at some of the top dead crypto coins of all time.
- BitConnect: Launched in 2016, BitConnect was touted as a high-yield investment program. It promised returns of up to 40% per month and quickly gained a following. However, the platform was soon revealed to be a Ponzi scheme and shut down in 2018.
- DavorCoin: DavorCoin was launched in 2017 and was touted as a lending platform. However, the project was soon exposed as a scam, and its value plummeted. The coin has since become completely worthless.
- OneCoin: OneCoin was a cryptocurrency that was launched in 2014. The project promised to revolutionize the financial industry, but it was soon revealed to be a fraudulent pyramid scheme. Despite this, the project continued to operate for several years before finally collapsing.
- Bitcoin Gold: Bitcoin Gold was a fork of the Bitcoin blockchain that was launched in 2017. The coin was meant to address some of the issues with Bitcoin, but it failed to gain much traction. Its value plummeted, and the coin is now considered dead.
- Coinye: Coinye was a cryptocurrency that was launched in 2013 as a parody of Bitcoin. The project gained some initial traction, but it was soon sued by Kanye West for using his likeness without permission. The project was shut down, and the coin is now worthless.
These are just a few examples of the many dead crypto coins that have come and gone over the years. It's a reminder that the cryptocurrency industry is still in its infancy, and many projects will likely fail in the future. As always, it's important to do your own research and invest wisely.
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