Do you have an idea for a cryptocurrency? You may just be the inventor of the next big coin in the cryptocurrency market! In this article, we have written down some helpful tips that you can use to achieve your goal of creating your own cryptocurrency.
Here’s the thing, you don’t need to have expert coding skills or be a renowned software engineer to create your own cryptocurrency (see here), so don’t let that put you off. Before you get started, here are some things you should know.
What is the Blockchain?
The blockchain is a decentralised system that supports the use of cryptocurrency for purchases, and as payment for many other types of transactions. The decentralised nature of the blockchain makes it safe. The network provided by the blockchain facilitates transactions done using cryptocurrencies, such as the type you want to create.
What is a Cryptocurrency Coin?
There are many different types of Cryptocurrency Coin. Each cryptocurrency coin will have a brand name which is used to recognise the cryptocurrency in the market. For example, we have the Bitcoin, Ethereum, Litecoin, and many others that are distinguished by these names.
Cryptocurrency tokens exist for each coin. These tokens are offered in exchange for services or goods as payment. Tokens can also be obtained for a particular cryptocurrency during an Initial Coin Offer (ICO). Tokens for different coins can also be purchased from owners who decide to sell when the price rises or falls.
Creating Your Cryptocurrency
The first step is to establish a blockchain network (info about Blockchain) for your cryptocurrency. Alternatively, you can decide to fork an existing coin by obtaining the open source code for an existing coin and modifying it to become unique for your new cryptocurrency. This can be done by a coder whose services you can engage.
Launch Your Cryptocurrency
There are many platforms that can support the launch and management of your cryptocurrency. All you need to do is register the name and launch it. However, these platforms have different terms and conditions, so you should know these details inside out before you begin.
Learning how to create your own cryptocurrency (https://bitexchange.systems/create-cryptocurrency-service) is easier when you use a good hosting platform. You are granted access to guides and information on creating tokens and coins. There are options to create coins that can be used for real purchases and other payments. The thing is the existence of popular cryptocurrencies such as Bitcoins, and Ethereum provide a platform for new cryptocurrencies to be established.
There are also platforms that support the launch of ICOs for new cryptocurrencies (see examples here). ICOs are used to raise funds for the project. With good advertising on social media or other platforms, you can attract people to invest and buy your tokens.
However, there are guidelines and regulations controlling the launch and organization of ICOs (https://hackernoon.com/how-many-of-todays-icos-comply-with-2018-regulations-68bfd470be7b), because investors’ money is involved. If you can meet the requirements, you may just be on your way to growing and managing one of the most successful cryptocurrencies in the market. Good luck!