When the word cryptocurrency comes to mind, most of us think of Bitcoin or Ethereum. However, as of January 2021, there were over 4,000 cryptocurrencies in existence. Most of these coins have little trading volume, and only a handful have garnered immense interest.
The reason why so many coins are created is likely due to the sharp rise in value they experience in a short time. The Solana coin is such an example. The coin was launched in March 2020 for $0.77; by August of 2021, the value had increased to $73.19. The gain in price over this period equates to 9,405%.
Furthermore, the top ten crypto coins have a market cap of over $1.5 trillion and make up over 95% of the total crypto trading volume. Still, this hasn’t deterred people from creating their own coins. It raises the question of how easy it is to create a crypto coin.
How are crypto coins created?
Let’s start with some background on cryptocurrencies. Crypto coins are digital currencies and are not found in the physical form like fiat currencies. The crypto market is a decentralized network, meaning it is not controlled by banks or stock exchanges.
Cryptocurrencies exist in a public ledger which is known as the Blockchain. Creating a coin is very straightforward, and all you need is to copy the Bitcoin code and add a new variable.
However, you will require coding skills or, alternatively, need to hire a professional with in-depth coding knowledge to change the code. Furthermore, you will have to create and maintain the logic in the blockchain, and you will have to pay a professional team to manage all this. Therefore, creating a coin is simple, but maintaining it is where the challenge is.
How can you trade cryptocurrencies?
Creating crypto coins might be a challenge for the average trader. However, you can seize the opportunities of the crypto market by trading cryptocurrencies that are readily available. Considering this, you should only trade with professionals who offer proper resources, support, and tools to enhance your trading experience.
Coinrise is a broker that allows you to invest and trade in cryptocurrencies. Besides trading and exchanging cryptocurrencies, the broker also offers investments in wealth management, private equity, venture capital, private debt, and financial strategies.
The broker also offers six different account types: Mini, Silver, Gold, Platinum, Diamond, and VIP. Once you sign up, you can trade via their WebTrader, MetaTrader 4, or MetaTrader 5 platforms. Coinrise also sends notifications to update customers about market news. The support staff operates 24 hours a day, six days a week.
Creating crypto coins might be a straightforward process, but maintenance and marketing require more advanced skills and expertise. Coinrise offers sufficient features to enable you to access the crypto markets with ease. Furthermore, the broker offers multiple investment options should you wish to diversify your portfolio. Coinrise, therefore, has proven to satisfy customer’s needs and can be considered a reputable broker.