With the current trend of the Blockchain and cryptocurrency technology, one big thing in the mind of every investor is how to profit from cryptocurrency. Some have become traders profiting from price changes in the cryptocurrency market that sways with the forces of demand and supply. Others have joined mining pools or have decided to mine these coins all by themselves. ICOs have also provided another big way to make money from new cryptocurrencies that would be profitable in future.
However, imagine if the total cryptocurrency market cap of over $453,902,182,294 was shared among only 100 cryptocurrencies, what do you think would have been the value of these 100 cryptocurrencies today if the same amount of investors and traders are using them? But With over 1500 cryptocurrencies listed on CoinMarketCap and over 2800 Coins on CoinRanking and over 1000 upcoming ICOs on the ICO listing websites every month, it is getting more difficult each day for the big cryptocurrencies and even the newest ones to retain their market value. The competition is getting tougher and the market shares are being split into multiple fractions, hence reducing the value of Cryptocurrencies.
Bitcoin and Ethereum will struggle to reach all these projected and forecast values if new cryptocurrencies keep coming up everyday. This is not just down to Global government regulations. One of the main reasons is simple; all the money that could have been circulating around Bitcoin and Ethereum are going into new coins and ICOs, small investors like you and I are pulling out our Eths and BTCs to invest in new coins and as soon as these new coins hit the exchange, many will quickly withdraw their own investments and convert them to fiat to avoid loss, thereby still keeping the crypto coins market in a dwindling state. Not many people are willing to risk their money Or still have the trust and courage to keep investing in an unstable crypto market. And many are not well informed about the crypto economy or have a good knowledge of how cryptocurrency trading and investing works.
The worst of it is, the more it keeps showing red on the marketplace, the more people are afraid to join the crypto economy. And these falls are not stopping anytime soon, so long as we keep having New Coins and new ICOs everyday.
Well, this is what I think, but don’t let that put you off because just as they say; “no one knows tomorrow”. So, if you still want to start your own cryptocurrency, or invest in new cryptocurrencies, don’t let anyone stop you.
Cryptocurrency is still the Next Big Thing
In this article, we are set to look at the big thing in the cryptocurrency space and its something you would not easily think about if you are not good at coding. Creating your own cryptocurrency is one thing that seems to look like wearing the shoes of the still-anonymous Satoshi Nakamoto or Vitalik Buterin. The truth about creating a cryptocurrency, however, may be far from what many people think. In reality, It is easy to create your own cryptocurrency because everything about cryptocurrency and the blockchain is decentralized. Decentralization extends to the code too. Codes used by the major cryptocurrencies out there are all written stored as open source. By open source, it means that everyone can see how this code is working, copy or modify it. Before cryptocurrency got to its present rush, other improved methods of traditional payment and exchange that based on the internet and technology existed. Cryptocurrency came as a lasting solution to the problem that existed in these methods of traditional payments. For this reason, the activities of cryptocurrencies are open to everyone in a way that seems like an invitation of anyone to see for themselves that its activities are what it really claims to be.
What it looks like to create a new cryptocurrency.
An article published in the last quarter of 2017, examined what it looks like to create a new cryptocurrency. The point to start this is taking a critical look at what you really want to do. You may want to create a fork or a new cryptocurrency that gives you more control over everything.
If you decide to create a new cryptocurrency from the start, it gives some advantages. First, you will be able to make adjustment whenever necessary at any time. You can decide the block size, the supply limit or the maximum number of the coin that would be available, and the issuing rate. Creating a fork may not allow you all the advantages that come with a new coin. There is still some good stuff about this too. What you do here is simply get the code of your coin of choice and make it what you want. There are examples of those already doing quite well in the cryptocurrency market like Bitcoin cash, Bitcoin gold, and Ethereum classic. The first unique advantage is the security of an already existing blockchain that prevents problems like sending the same funds to different persons before transactions verification ever takes place. Also, you can get easy access to the market since established exchanges would allow people to easily trade your currency and exchange for other assets in the market. The last and most important is the time and effort saved.
Few things to also consider
If you are looking to start your own cryptocurrency, consider contacting the experts at Amazix.com, they are industry players and will guide you through. There are other things you need to put into consideration if your new cryptocurrency would be successful. First look at the problem that your new cryptocurrency would solve.This is what makes your cryptocurrency valuable and important to potential users. Second, your team, advisory board, skills and experience go a long way to sale your business. You should also use the strength of a community built around your new coin on social media and elsewhere. Know that your cryptocurrency cannot be perfect but you still have to continue to look at what you have done in codes critically for possible improvement. Investors are often interested in new cryptocurrencies with potentials for profit. You can use this to get funds for your project too. Other product marketing strategies to gain publicity are available. The most important is what makes your coin unique.
If you are looking for New Cryptocurrencies to invest in, click here to see some new cryptocurrencies.