The crypto world is more diverse than ever. The post-pandemic world has opened up a lot of new avenues in the world of crypto, with Bitcoin reaching an historic high earlier this year and Elon Musk’s newly found admiration for it.
Since Bitcoin started gaining popularity, hundreds of new cryptocurrencies, virtual currencies, and other blockchain based payment platforms emerged and gained a lot of traction due to an overwhelming public support.
The masses have shown their hate towards the centralized transaction systems that currently govern the world, by creating hype around and supporting these decentralized forms of payments platforms.
Another such example is Monetha, a decentralized trust and reputation solution that provides financial services, working together with mobile payment processing. While Monetha is another example of decentralized means of transactions, something that the public has shown a lot of support for over the past few years, it failed to make a cut in the crypto world.
Reasons why Monetha couldn’t make a cut in Crypto World
There are multiple reasons why Monetha failed to make a cut in the crypto world. While initial opinions suggested that it has a lot of potential, Monetha didn’t live up to its potential and the expectations people had from it.
Initially, Monetha had opted for an aggressive marketing strategy before its Initial Coin Offering (ICO), resulting in a lot of hype around the ICO and the concept itself. This caused excitement amongst the general public, who wanted a taste of Monetha.
On the contrary, the market cap of Monetha was not high enough to accommodate all of the hype that had been created around it. Subsequently, the public failed to become a part of the ICO because it was sold out in a few minutes and the masses that were all hyped about it, ended up getting deprived of it. This caused the people to lose interest in Monetha.
Moreover, as Monetha’s system relied on distribution of their tokens, they failed to provide individual caps, which left a lot of people who had been following the project for months disappointed. This resulted in thousands of failed transactions and as per an announcement from Monetha, the transactions failed because they didn’t go through before the hard cap was reached.
Moreover, the fact that Monetha would charge 1.5% transaction fee from merchants was also a deal-breaker for some. Lastly, some people criticized Monetha for being unfair and centralized, defying the entire purpose of this concept. Reportedly, only 50% of the tokens issued in the ICO were supposed to go to investors, which drastically reduced the potential revenues generated from Monetha.
All in all, Monetha failed to sustain the hype and excitement that it had recorded before the ICO, for reasons mentioned above. Consequently, it didn’t make the cut in the crypto world because it lost the potential to compete with well-reputed and successful cryptocurrencies like Bitcoin.
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Bitcoin future also ensures that users remain protected, by employing encryption technologies, having a cyber-response team on stand-by, and by working with regulated brokers. This instills a sense of trust, which newer projects such as Monetha failed to do. Lastly, Bitcoin future doesn’t charge any trading license fee either, which encourages more people to grab the opportunity. On the contrary, Monetha’s transaction fee of 1.5 per cent discouraged people to explore the potential of the new project.