New decentralized cryptocurrencies based on innovative blockchain technology have led many to start thinking about investing. There are many examples in practice that show the profitability of such investments, and the witnesses are numerous billionaires who acquired their enormous wealth in this way. Today, the list of existing cryptocurrencies is very long and does not stop extending from year to year.
In addition to the most popular coins such as Bitcoin or Ethereum, whose reliability has already been proven by the constant stability of value with small deviations throughout their history, there are many other coins, some of which are more and some less known to the public. So how do you make sure they are reliable? What are these investments that we should avoid? Which coins haven’t justified the trust of users since the moment they appeared on the crypto market? Which cryptocurrencies don’t have a good chance of survival and which can lead you to completely fail? Today we are talking about it.
While determining the instability of some new cryptocurrencies, keep in mind that Bitcoin is currently the safest option for you. But to start investing, you must first master some basics of Bitcoin trading, such as those that can be seen on bitrebels.com.
Let’s take a look together at which cryptocurrencies you should stay away from.
Although used for trading on many stock exchanges, the value of the Throne often varies and decreases, which affects its rank. A large fluctuation of values was noticed in 2020 as well, due to which the reputation of the Throne was once again shaken. Those with experience in this area believe that directing attention to the Throne could be a big mistake.
Since its appearance on the crypto market, the creators of this digital currency have tried to apply a bunch of different methods to increase the value. By this is meant an attempt to create an artificial hype and a bunch of releases that add nothing to the actual network. However, the attempt didn’t completely fail because there were still those who remained intrigued.
However, many large investors believed in the Throne and after realizing the illogicalities, they stayed out of it. Shouldn’t this be a sufficient indication that we should do the same? All the smart money remained outside the Throne and experts don’t believe in a renewed increase in value. This continuity is estimated for the next long period.
The next coin we should avoid is Neo. In fact, there was something suspicious about so much hype around him that we could notice. This digital currency gained especially popularity last year when it was constantly present in the public and on the YouTube channels of a large number of smart investors. There were a lot of stories about Neo.
However, disappointment followed. Neo started making bad decisions after bad decisions and so on until such moves raised doubts that it would be like that forever. This digital currency failed to reach its full potential, despite the excellent marketing it had. The ability to overtake ethereum has been lost and users have lost interest so there are now very few.
Neo is pretty much out of power right now. Those who remained attached to Neo, now sit quite stagnant and don’t move from that position. Considering the overall situation, it’s expected that mass sales of Neo will start soon.
Now it’s time to pay a little attention to EOS, which can also be easily included in this list. EOS is not a completely bad investment, but it is still considered that the creators did not succeed in carrying out the basic mission. Therefore, there is room for innovation of new cryptocurrencies that can easily leave this behind.
Regardless of the incredible workforce that worked on the EOS implementation project with which a real boom could have been made, basically, nothing significant has been done. By this is meant that they failed to do anything to the atrium and all the hyper and slowly began to die down. No progress can be seen anymore.
The reason people are still investing in EOS is that it’s like a cheap version of ethereum. EOS has lost the potential to thrive in the market and therefore one cannot expect a bright future if you are committed to such an investment.
The fact that a small number of investments are directed towards Bitcoin Gold speaks volumes about its importance and reputation. It could be characterized as a worse version of Bitcoin cash that no one actually uses. Bitcoin Gold is mostly used by miners who simply dig it up and sell it on.
Considering this constant sale, we could immediately assume that it will have a very bad effect on price growth in the future. Simply, no one cares about that coin. So, in this case, as well, big sales are also expected. A similar fate awaits the next coin on the list, which also tried to profit from a well-known name in the crypto market.
Such projects with a name that contains the name of one of the most famous coins will always cause suspicion among users. Rare are those who will believe in reliability and sincere intention. However, there are still those on the market who, when they see a bitcoin diamond, think that it’s a good chance to get their cheaper BTC with the same market popularity. But many were wrong.
Such projects don’t innovate, but simply take on the merits of the brand and become cheaper options. So it would be good to stay away from them.
Verge is another example of an attempt to attract attention using the name of an already popular brand. Verge was previously called Dogecoin Dark. Two years ago, Verge recorded an exponential rise in value, after which the value began to decline dramatically. It’s believed that the reason for that is an unprofessional team that didn’t know how to manage such a project in the right way.
Today it has the status of only mobile cryptocurrency for payments. Those who have invested in it must be aware that they definitely don’t have a bright future ahead of them and that there is a high probability that almost no one will use it. So now is the right time to start thinking about selling it. Simply replace Verge with a better cryptocurrency and don’t try to recover lost money with Verge’s help, because you will undoubtedly continue to lose.
Keep this list in mind when thinking about directing your investment. We are sure that one day you’ll be grateful to us.