Bitcoin has been the wonder of the financial world over the last 12 months, with its monumental increase in value triggering an unprecedented interest in cryptocurrencies from both investors and developers. As the leading face of the digital currency revolution, it has inspired the creation of hundreds of imitators, with new altcoin brands being created on a near-constant basis.
There are currently hundreds of cryptocurrencies in existence and, yet, if CoinMarketCap is to be believed, over 80 of them were listed within the last month, following the recent significant spike in Bitcoin’s fortunes.
Since it is nowhere near as difficult as one might suspect to develop your own cryptocurrency, it seems likely that new alternatives to Bitcoin will continue to launch, at least for the immediate future.
Companies like Coin Creator, Wallet Builders, and CryptoLife are dedicated to the creation of new digital currency, promising to undergo the necessary technical work for the would-be altcoin entrepreneur. However, an idle curiosity in cryptocurrency will not be sufficient to develop a new altcoin out of the earth. All three companies agree that any new project will require an extent of commitment and interest from its creative team and a specific idea of how the currency is to be maintained.
The main problems come not with the initial set-up of the coins, but in convincing potential investors in the worth of your new creation, and maintaining its value and strength in a market that is at risk of becoming saturated.
For a new cryptocurrency to be successful, it will require the attention of a dedicated development team in order to keep itself secure and stable, and to ensure that its users are protected from hackers and other cybercriminals.
Despite the risks, it remains an exciting time for new ventures in digital currency.
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