Cryptocurrency is the trending topic right now. A cryptocurrency is termed as a digital asset used for online transactions and is secured with strong cryptography. Back in 2009, Bitcoin was the first release as a cryptocurrency into the market.
From then till date, more than 1800 currencies exist in the market. During the initial days, Bitcoins were distributed for free and no one was interested. But now 1 Bitcoin is valued $6,715. Rates are not constant and change in regular intervals.
1000 or even more cryptocurrencies are officially recognized as dead or discontinued.
A recent report clearly says that more than 1000+ currencies are dead. They have said so by considering data from two websites which are DeadCoins and Coinopsy. Both sites consist of sufficient information regarding cryptocurrencies.
They post daily reviews, news, and updates of currencies. The factors that are taken into consideration to declaring a cryptocurrency dead are as follows.
Website dead and developers unresponsive
Problems with features
Based on the above, both sites have filtered and declared around 1000+ cryptocurrencies dead. The Coinopsy list consists of 247 dead coins while Deadcoins list comprised of 830 coins. Among the list, Titanium grabs the spotlight.
Titanium Infrastructure Services raised $21 million from the US and other countries during ICO (Initial Coin Offering). Securities and Exchange Commission (SEC) of United States has shut down Titanium for its fraud practices.
Nearly $1 billion investment was raised by the above mentioned dead coin ICO’s. SEC always warns the investors to not to fall on traps and lose the money. There are multiple cases where the team of cryptocurrencies abandon the coins and go away with the money raised during ICO.
It is not investors fault entirely. The plans, figures, expected profits displayed by people towards investing in new coins would attract the investors naturally. One point to observe is that the value of cryptocurrency depends on a lot of factors. It took around 8 years for most popular Bitcoin to gain that much market value. Be cautious and do not fall into traps of new coins which might join the list of dead in the future.