Digital Currency is a new way to make money. The term “cryptocurrency” was mentioned in 2009 for the first time when Bitcoin was introduced. Today, Bitcoin is just one of the top digital currencies in the world. However, there are a lot of other digital currencies, for example altcoins that have been invented recently. This guide will help to explore the way you create your own cryptocurrency.
You’ve probably heard about Litecoin or Ethereum. These cryptocurrencies appeared a few years ago. Their developers strived to use the same technology and create a new digital currency, which will be as expensive and popular as Bitcoin. It may sound a bit strange but they wanted to make money on making money. If you want to protect your transactions, create your own digital currency just following the steps below. To know even more concerning the topic read this article.
How to Create Your Own Cryptocurrency: 5 Steps That You Should Follow
First of all, it is absolutely possible to create your own cryptocurrency. The process of creating a digital currency involves writing a sophisticated code. Believe, it is much easier than creating an actual physical currency.
Anyone with even basic coding skills can easily write a digital currency code, however, creating a cryptocurrency is much more than just coding.
- Find the proper community
Before you start creating your cryptocurrency, you should find a community that is interested in the type of currency you want to create. Engage in the community to find out what type of digital currency people actually want and how can you give it to them. The cryptocurrency has to be relevant to their requirements.
- Coding: create a Bitcoin fork or Token
The Bitcoin code is available for free on GitHub, so you can explore it and make any changes to create your own cryptocurrency. If you want to emulate some popular currency, for example Ethereum, it is important to take into account whether you can tweak the existing coins to make them more efficient and add features that would benefit. If you want to create a unique digital coin (Token), you should still base it on a blockchain architecture, so Bitcoin code will be useful for you as well. You can also read more about this step here.
- Start mining
Mining is the next major thing in the cryptocurrency building process. You will need to promote your coin to the potential users to initiate the mining process so that your currency starts getting some value in the market. Take into consideration that it is important to explain people the difference between your cryptocurrency and other ones in the market and how they can benefit from it.
- Create a merchant base
Hire or create a team of merchants who will be interested in buying and selling your currency for actual things. Building a merchant base is similar to building a customer base. The main rule is to make others trust in your product.
- Target the market
Before your cryptocurrency covers the global market, test it on the local one. The experts say it is better to target a limited market where you have more chances of making big. Just make sure that your local currency will be usable in the global market as well.
So, this is how you can create your cryptocurrency. However, you can also find a company that will do it for you. Remember, one of the most important things in creating digital currency is the cryptocurrency code. If you’re not good at coding, find someone, who will help you with this task. Creating stable and reliable cryptocurrency is a bit slow process, but be patient and you’ll get your reward. The cryptocurrency market is rising at a high pace. So, if you’re planning to create your own cryptocurrency and keep it alive in the markets, follow the steps mentioned above to make it worth.