Currently, many people around the world are aware of cryptocurrencies. They also think that the digital currency will be the future. So many investors and businessmen started to invest their money in cryptocurrencies. Also, many companies are accepting digital currency payments.
So many startups and entrepreneurs started to create their own altcoins in exchange trading platforms. In this blog, we’re gonna discuss how to create an altcoin? and what altcoins to invest in. before that let us see what is altcoin, need for the altcoin and its Benefits.
What is Altcoin?
An altcoin is one of the cryptocurrencies. Except for bitcoin, other digital currencies are known as an altcoin. It is first launched after the successful reach of bitcoin. Bitcoin made huge evolution across the globe. Many companies accept bitcoins and altcoins as their payment. The Alternative of bitcoin is an altcoin.
Till today, there are more than 5000 cryptocurrencies available in the trading market. Altcoins accounted for about 34% of the cryptocurrency market in February 2020. The difference between the Bitcoins and altcoins is, both are always built by blockchain technology. They both act as a cryptocurrency in the trading platform. But bitcoin has more unique features than the altcoin.
Ethereum and Ripple are the most prominent altcoin in February 2020. It includes mostly mining based cryptocurrencies rather than bitcoins. It may be used as future technology. Daily hundreds of altcoins are launched in the crypto market. Many altcoins are mostly derived from the framework of bitcoin. So altcoin is also a peer to peer. Altcoins can be placed in many inexpensive ways of transaction. Some main types of altcoins are
- Mining based cryptocurrencies
- Stable coins
- Security tokens
- Utility tokens
The Need of Altcoin:
We already know that bitcoin is the most popular digital currency all over the world. Most altcoins are the mutual clones of bitcoins. The working of altcoin will be like bitcoin but features may change. Features like fast transaction, algorithms, and distribution methods.
These altcoins used to solve particular problems. Also, used to buy and sell the digital assets in the trading platform.
How to Create an Altcoin?
It is not very hard to create your own altcoin. The common question among startups is how to make an altcoin? It is a very simple process to make a secured peer to peer altcoin. You can easily make an altcoin by deriving the cryptocurrencies such as Ethereum.
If a startup, entrepreneur, or investor is interested in creating their unique altcoin. Then first they should find an altcoin creator or altcoin development company.
There are some steps to create your own altcoin they are
- You should decide whether the altcoin should be created from scratch or by cloning the prominent cryptocurrencies with your features.
- Provide a unique coin name, abbreviations with three letters, and the logo for your custom altcoin.
- Choose the algorithm such as scrypt, sha256, and hash algorithm.
- With the use of flexible black reward, start mining your new cryptocurrency.
- In order to store your new altcoin, you should create your own genesis block. After changing the code in altcoin you should reset the code to generate the genesis block.
By using these simple steps you can create your custom altcoin. But choosing the altcoin creator and altcoin development company is more important.
Why do people invest in an altcoin?
These new cryptocurrencies are always available in the crypto market after the huge success of bitcoins. There is an increasing number of altcoins in the crypto market. So people had an interest in investing their money in altcoins.
Investors and business people believe that new cryptocurrency in the market will solve the existing problems. Also, the starting price will be low so many crypto buyers emerge towards the new altcoin.
We know that bitcoin made tremendous growth in recent years. At an initial stage, the price of bitcoin is $0. but now, the worth for one bitcoin is $6487. So investors have faith that one day their altcoin will boom the world.
Also, new cryptocurrencies can be easily mined compared to older cryptocurrencies. These new altcoins can be mined at a very lower rate at the starting stage. But after holding it for a few years finally, it will result in an enormous amount of profits.
What are the Benefits of using altcoins in 2020?
- Altcoins are highly secured. Because they are built by using blockchain technology.
- It is very cheap to buy at the initial stage of launching.
- Low fees for altcoin transactions from one wallet address to another.
- It possesses quick and easy payments.
- Altcoins are easy to access.
- It is fully a peer to peer network.
- Fast and secured transactions.
- No middle man can control your earnings.
- Altcoins are universally available for 24/7
- There are various cryptocurrencies available in the crypto market. So you can easily launch your own altcoin.
- Complete anonymity and protection of personal data
- No third party can involve
- Turning mobile payments into a trend.
What Altcoins to invest in 2020:
Once you create your own altcoin, you should also know what altcoins to invest in 2020. Some of the best altcoins to invest are
Litecoin is the oldest altcoin in the crypto market. It was first launched in October 2011. It is a peer to peer cryptocurrency and open-source software. It solved many issues in bitcoin and includes faster transactions. The Current price of one Litecoin equals $38.95.
Ripple is one of the prominent cryptocurrencies across the world. It was founded by Chris Larsen in the ripple labs inc, which is a US-based company. It was launched in 2012. Ripple is on-trend in recent days. It has already been funded by banking and financial institutions. Also, many traders invest money in ripples to gain profit. The current price of ripple is $0.17 and shortly known as XRP.
EOS is a new altcoin that was launched in 2017. It is a great platform where developers can create decentralized software and applications. The Current value of one EOS equals $2.21. But it touches $!5 at the end of 2020. So many traders and startups invested money in EOS.
Dash is an open-source cryptocurrency. It is an altcoin that is delivered by the bitcoin protocol. It was first launched in the name Xcoin and later they were named as the dark coin. In 2015 they changed the name as the dash. Then it became the most popular digital currency across the world. The Current price of dash equals $65.27.
It is one of the well-known altcoins in the crypto industry. It was first launched in 2014. NEO is one of the finest digital currencies and many investors, startups, and entrepreneurs are ready to invest their money. It is one of the blockchain decentralized application platforms. The Current price of NEO equals $6.61.
Future of Altcoins
Already many startups and entrepreneurs started to invest their money in new cryptocurrencies and old altcoins. So there will be a tremendous rise in the future for altcoins. Many industries and companies may accept all types of cryptocurrencies built by blockchain technology.
Also, payment methods may change to fiat currencies to altcoins. There will be many new altcoin creators and altcoin development companies across the globe.
Where can you create your own Altcoin?
Zab Technologies Pvt Ltd is the first-class altcoin development company across the world. We have well expertise altcoin developers in our company. We develop altcoin with all your customization and benefits. If you are the person looking to create your own altcoin. Then we people in Zab Technologies will assist you to launch the altcoin at a reasonable price.