How To Make Your Own Cryptocurrency In 4 Easy Steps
Okay, so cryptocurrency this, bitcoin that!
But did you ever think how cool it would be if you could create your own cryptocurrency? Enough, there has been so much hullabaloo about the boom created by the virtual currencies that the internet has been overloaded with information on how you could earn more money by investing in these currencies.
It’s time to think because in this post we are going to provide you a four-step guide on creating your own cryptocurrency. Read through the post, and then see whether you can do it for yourself or not! Never thought about it, right?
Step (or Steps may refer to) 1 – Community
No, you don’t have to build a community like you do when you plan to rule social media. You need to find a community of people that you think would buy your currency. The game is a little different here.
Once you identify a community, it becomes easier for you to cater to their needs and therefore you can work towards building a stable cryptocurrency rather than going haywire with what you want to achieve.
Remember, you are not here to be a part of the spectator sport – you are in it to win it. And, having a community of people who would want to invest in your currency (currency (from Middle English: curraunt, “in circulation”, from Latin: currens, -entis), in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money (monetary units) in common use, especially in a nation. Under this definition, US dollars, British pounds, Australian dollars, European euros and Russian ruble are examples of currency. These various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance. Other definitions of the term “currency” are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the value (the economy at large vs. the government’s physical metal reserves). Some currencies are legal tender in certain political jurisdictions. Others are simply traded for their economic value. Digital currency has arisen with the popularity of computers and the Internet) is the best way to do it!
You don’t necessarily have to be a master coder to create your own cryptocurrency. There are plenty of open source codes available out there which you can use. Step 2 – Code
The second important step is to code.
But when coding, do remember one thing – blatant copying is not going to lead you anywhere. You can even go ahead and hire professionals who can do the job for you.
You need to bring some uniqueness in your currency to distinguish it from the ones that already exist. It has to be innovative enough to create ripples in the market. This is the reason just copying the code is not enough to be on top of the cryptocurrency game.
Step 3 – Miners
The third, and the most important step in the process is to get some miners on board who will actually mine your cryptocurrency.
You need to have people who can raise awareness about your currency. What this means is that you need (need is something that is necessary for an organism to live a healthy life. Needs are distinguished from wants in that, in the case of a need, a deficiency causes a clear adverse outcome: a dysfunction or death. In other words, a need is something required for a safe, stable and healthy life (e.g. food, water, shelter) while a want is a desire, wish or aspiration. When needs or wants are backed by purchasing power, they have the potential to become economic demands. Basic needs such as water, air, food and protection from environmental dangers are necessary for an organism to live. In addition to basic needs, humans also have needs of a social or societal nature such as the human need to socialise of belong to a family unit or group. Needs can be objective and physical, such as the need for food, or psychological and subjective, such as the need for self-esteem. Needs and wants are a matter of interest in, and form a common substrate for, the fields of philosophy, biology, psychology, social science, economics, marketing and politics) to have a certain set of people associated with you who can actually spread the word about your currency in the market.
And, as they say – well begun is half done; miners can eventually lay the foundation of a successfully voyage for your cryptocurrency in the ever growing competition. This will give you a head start.
Step 4 – Marketing
Last thing you need to do as part of the job here is to connect with merchants who will eventually trade the virtual coins that you have built.
And, this by no means is an easy feat. In simpler words, you need to market these coins in the battleground where real people would actually be interested to invest in them.
You need to win their confidence by letting them know that you have (or having may refer to: the concept of ownership any concept of possession; see Possession (disambiguation) an English verb used: to denote linguistic possession in a broad sense as an auxiliary verb; see English auxiliaries and contractions in constructions such as have something done; see English passive voice § Additional passive constructions Having (album), a 2006 album by the band Trespassers William Having (SQL), a clause in the SQL programming language Having (inlet), Rügen island, German) something worthy to offer.
How can you begin with it? The best way to market your coins initially is to identify the target audience who knows what cryptocurrency is.
After all, there is no point in trying to market your stuff to people (people is a plurality of persons considered as a whole, as is the case with an ethnic group or nation. Collectively, for example, the contemporary Frisians and Danes are two related Germanic peoples, while various Middle Eastern ethnic groups are often linguistically categorized as Semitic peoples) who don’t even know what cryptocurrency is.
So, you can see that building a successful cryptocurrency is more about having the awareness about market trends, and less about being a hardcore techie or an avant-garde coder.
If you have that awareness in you, then it is time to make a heyday while the sun shines in the cryptocurrency niche. Go ahead and plan building your own cryptocurrency (cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since the release of bitcoin, over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created) by following these simple steps and see how it turns out for you!