Crypto prices jump after Trump sets plan for US strategic reserve
Prices for bitcoin and the like have soared after Donald Trump set out plans for a U.S. cryptocurrency reserve. He said in a social media post that the stockpile would include bitcoin and ether, as well as smaller tokens XRP, solana and cardano.
New cryptocurrency tokens seem to spawn by the day. From President Trump’s meme coin to Hawk Tuah and other online influencers pushing tokens of their own, there’s no shortage of launches within the crypto space.
It’s a growing venture even within the federal government, as the Trump administration plans for a U.S. crypto strategic reserve that would include XRP, Bitcoin, ether, and other digital assets. Ohio lawmakers have even proposed a bill to prevent state taxes on the “method of payment, on the sales, use, or consumption of such digital assets,” according to House Bill 116 that was introduced last week.
Given the government’s plans to become more crypto-friendly, can anyone create a cryptocurrency? Is launching a crypto coin as easy as it seems? How simple is it to start your own coin? Here’s a breakdown.
Is it free to start a cryptocurrency? How must it costs to start your own coin
Making your coin or token won’t be completely free, as there are likely to be some initial fees to set up and customize your cryptocurrency, which can get costly. According to Investopedia, you can hire a blockchain developer to create a cryptocurrency for you. They typically earn $30–$59 per hour, Upwork estimates, though there’s usually no fixed upfront price.
Free tools, such as WalletBuilders, help you to create your own crypto coin if you’re looking to save money, but more robust customization will cost you more, given the technical expertise needed to launch a token.
What do I need to launch a token? Key steps to take
There are a few options that can be taken to launch a coin, per Investopedia:
- Start from scratch and create your own blockchain and cryptocurrency
- Create new crypto on an existing blockchain
- Switch up the code on an existing blockchain
- Hire a blockchain developer to design and build out your crypto (less technical knowledge required)
Can anyone create a cryptocurrency?
Anyone can make a coin or token, but it will require some level of programming skills to develop it, including programming languages such as Python or Java. If you want to skip this step, Investopedia says that it’s ideal to consult a blockchain developer to make the coin for you.
If you’re up for the challenge to do it yourself, remember that it’s not common for the task to be completed by just one person and would likely involve a team of people to help with the project. Investopedia notes that as the crypto space becomes more competitive, you’ll need to find a way to differentiate your coin among the thousands of other active coins.
Even after you launch a coin, it still needs to be maintained
To maximize your token’s longevity after its launch, there must be maintenance that goes into the cryptocurrency to keep it up and running, which is said to be an even bigger challenge. It also needs to meet certain legal standards and regulations, so Investopedia notes that it’s probably a good idea to consult a legal professional before minting your new cryptocurrency.