The cryptocurrency was one of the biggest technology trends of the past decade, and it’s showing no signs of stopping as we advance into 2020 and beyond.
Crypto and blockchain technology has gone from being a niche trend amongst coders, programmers, and web enthusiasts to a widely-recognized global industry. There’s no denying that the benefits and applications of decentralized currencies turned it into an industry filled with potential and revolutionary promise.
Alongside this impressive growth and success, however, the industry has also seen its fair share of epic facepalm moments. Here’s just a few of crypto’s biggest fails during its past decade.
The world waits with bated breath for (repeatedly) delayed Ethereum upgrades
Constantinople. Not just the capital city of the Roman Empire, but also the name of one of the most anticipated stages of Etheruem’s upgrade that was supposed to take it from the Proof of Work (PoW) to the Proof of Stake (PoS) consensus algorithm.
The hard fork upgrade was first scheduled for January 2019, but due to a significant error, it was postponed until February. Although it was completed later that month and began implementing improvement proposals (EIPs), this wasn’t the first delay that Ethereum experienced in 2019.
The latest was the delay in the network’s eighth upgrade, aka the Istanbul Hard Fork. After at least two setbacks in the months leading up to it, this upgrade was officially scheduled for October 2019. True to form, however, the upgrade wasn’t completed until 8th December, and it also accidentally caused a spike in the failure of smart contracts due to gas price changes.
Bitcoin fails to send the iGaming world alight
Last decade, Bitcoin went from being a techie novelty to being worth more than gold. In early 2017, Satoshi Nakamoto’s crypto famously reached a value of $1,271 per coin, leaving those who didn’t invest when it was just $50 per coin crying into their pillows.
During that first initial boom, Bitcoin was hailed as the next big thing to revolutionize the global iGaming industry (not that an industry worth over $40 billion needed much help in that department).
Admittedly, since then, there have been a few indie crypto-based online casinos and gaming apps springing up, but the leading brands are yet to jump onboard the Bitcoin bandwagon. One glance at the list of deposit and payment methods accepted by these iGaming powerhouses will show the Bitcoin is nowhere to be found. However, some crypto players have been able to get around this by using eWallets to make bitcoin transactions.
BitTorrent gets delisted from Binance, despite success on Launchpad
2019 was also a bad year for BitTorrent, the TRON-powered cryptocurrency and platform, which was first set up to help content creators connect with their audience.
The project kicked into gear after a successful IEO (initial exchange offering) on Binance’s Launchpad platform. Within a matter of minutes, it raised a total of $7.2 million, helping to hike the price of the BitTorrent Token (BTT) in the process.
The project had lots of potential, not least due to the significant funds raised by the IEO, but as the months passed, BTT began to fall into a downtrend. In just seven months, the token lost over 80% of its value, leading to the BTT/ETH trade pairing being delisted from Binance.