The emergence of the bitcoin currency in 2009 contributed to the spread and emergence of projects similar or not similar to it in terms of work and purpose, and perhaps it is very similar to what the United States of America was suffering from before the adoption of the US dollar.

When settlers first came to what became the United States of America, there was no local money.

The Massachusetts Bay Colony was the first to issue a legal tender in 1690.

This tender immediately becomes a target for counterfeiters and fraudsters.

Nearly a century ago there were more than 800 different types of fiat currency in circulation and almost all of them did not receive any support from the general population.

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Until the legal regulations that helped the currency develop later on, and the US dollar became recognized

Before that, it took more than 100 years for things to mature.

Returning to encrypted digital currencies and its thousands of projects

Many of them died in 2019 and could no longer continue.

In a statistic published on the site Deadcoins.com It is a site that allows tracking failed and fraudulent cryptocurrencies as well as counting dead projects.

He reported that there are many fraudulent and counterfeit projects, and he mentions, for example: the “alpha” project that offers a digital currency was an exact copy of another project, even for the white paper it was the same.

Given the ease with which data can be verified via blockchain technology, the coin was easily detected, untouched, and died on its own before it even started.

Monero Classic is a cryptocurrency created by Bitmain. The coin started trading at $22 and has gradually decreased to its value at present at 34 cents.

According to another website, coinospy.com, there have been 700 projects in the past eight years, all of which were fraudulent.

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While the “Longhash.com” website indicates that most of the projects that failed because investors stopped trading them and the volume fell to almost zero or zero, which led to their removal from the market permanently.

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And there are projects that were not serious from the beginning and ended early, such as: “AnalCoin, BieberCoin, TrollCoin, and CryptoMeth.”

Currently, the Deadcoins list contains more than 1,779 dead projects.

CoinMarketCap is currently showing 1,000 projects for a cryptocurrency with a daily trading volume of less than $1,000, which means it is on its way to being dead.

The death of fraudulent and fake projects is an indication of the maturity of the cryptocurrency market and that the market has become mature enough to eliminate the useless currencies.

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