Why crypto will fail?

Cryptocurrencies are built on a trustless system, meaning that transactions between two parties occur without the need for a third party to verify the legitimacy of the transaction. This creates an incredibly secure system that is virtually impossible to hack. However, this also means that cryptocurrencies are not backed by any government or institution, which makes them far more volatile and risky than traditional currencies. For this reason, cryptos will likely never become mainstream and will always remain a niche market.