Is it easy to create a cryptocurrency? Why are there so many?
(2 votes)
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When you can invest time, everyone can make their own coin.
Many coins are also based on other coins, it means a little what is changed, but the basic blocks remain the same.
There are many coins for various reasons. Ethereum has a high power consumption per transaction, while Litecoin has a low power consumption.
For some coins, you need to print more fees per transaction to “Gas Fees” than for others.
With each “right” coin is usually attempted to fix a gap or an error that occurs with other coins.
However, there are also many who create a coin, only so that people invest in it, the price rises and then the creator sells all his shares, the price falls also 0 and those who have invested lose their money, but the creator makes himself out of the dust with his profit. That’s why you have to take care of where you invest.
You’re full of sight. 👍
It is not really difficult to create a cryptocurrency.
However, the hype has just ended again and there is no good idea to create its own cryptocurrency.
https://m.youtube.com/watch?v=HBb2rTmriUM
Just wait until in 2024/2025 the next hype goes off and then again the people come to buy every scrap when it comes to a new cryptocurrency.
You don’t even need to make a big effort in the phase, it’s enough if your own cryptocurrency has an original name and a good website that advertises it as a revulsionary new cryptocurrency that will be better in all areas than Bitcoin and has the most amazing properties and applications (of course, nothing has to be right at all, the people buy in the phase yes eh everything) and then kassier 20
In principle, it is easy to see because you can simply take an existing one, easily change and create a new one. Creating a completely new, innovative cryptocurrency is extremely much effort and requires a lot of know-how.