What would happen if crypto currencies failed? If the market collapsed and the price of altcoins goes to zero. It’s not an impossible scenario to imagine. After all, a lot of crypto (FinTech) companies do not need coins to succeed. If Bitcoin failed three things would happen: all coins would go to decimal values, some companies will be purchased, and some would move on.
If the market crashed all the coins would be worthless and remain in private or paid online wallets. All coins would go dormant for years until the market revives or they would be deleted. However, If the bank system failed (as it almost did in 2008), Bitcoin would emerge as a forgotten alternative and become valuable again. If not, the crypto market would become a footnote of history.
Nevertheless, the valuable technology behind cryptocurrency would be up for grabs. The crypto market would enter a consolidation phase where the technology would be auctioned off to form centralized start-ups.
For example, Zilliqa ZIL is a company that is developing a super fast, 3rd generation blockchain, using Sharding. A recent test showed Zilliqa processed 2,000 transactions per second. The scalability potential is much higher. This would be a perfect fit for any corporation like Amazon or UPS looking to acquire a ready-made, turn key fast blockchain.
Lastly, some companies would take their start up capital raised during ICOs sale and move on. Companies like Mediblock (MED) who is partnering with hospitals, insurance, and pharmaceutical companies to develop a global medical service network. Or VeChain who are establishing themselves as a global authentication product company.
The likelihood of Bitcoin failing is extremely low but it’s not impossible. But, unless coins are irreversibly linked to the functionality of a company, their future will be uncertain. In that respect, the coins most likely to survive will be utility coins.