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How to Create Your Cryptocurrency?

Are you interested in Dogecoin, Bitcoin, or any other cryptocurrency? If yes, then you must have observed the performance of cryptocurrencies in the market. If you are not an expert in coding, you must wonder whether it is feasible to create a cryptocurrency of your own.

Practically speaking, Yes! You don’t have to be a programmer to create a cryptocurrency of your own. It is a relatively easy task, and the open-source nature of crypto-verse makes it possible. Several blockchain platforms exist already in the market with which you can easily create a cryptocurrency. If you don’t want to rely completely on a platform or don’t offer the required functionality to build a cryptocurrency from scratch.  You can refer to BitcoinFastProfit for more information.

To build a cryptocurrency from scratch, you will require in-depth training, coding expertise, and a fundamental understanding of the technology that you want to use.

The cryptocurrencies that are created using a platform have limited functionality. They don’t provide many options with which you can alter your cryptocurrency. Such platforms make the task of producing cryptocurrencies very easy. You will just have to fill out a webform. A few questions are asked related to the cryptocurrency that you would like to create, which includes name, the number of coins that you want to create, a few other details, and you are done.

Your new shiny cryptocurrency is ready for use. You can also find several open-source codes of varied blockchains that are already existing on GitHub. You can obtain a code but may find that it doesn’t fulfill your requirements. Hence, you can also make changes to ensure that it can conveniently fulfill the objective of your project.

If you have a blockchain that is established, then your coin is secured more than other options from the beginning. It can also provide additional benefits from its built-in features.

Let us understand the things that you should know if you want to create your cryptocurrency. BitcoinFastProfi​ t ​ has additional details to make you understand the concept better.

Step 1: Blockchain is everything!

Source: BittPress

Before getting started with building a cryptocurrency, it’s crucial to understand how the technology behind it functions. Blockchain is a secured network that records every transaction that takes place in its platform. One of how you can create your cryptocurrency is by creating your blockchain network. However, there are a few problems that may hinder the task.

Instead of going through the complete writing code procedure from scratch, you can opt the other way round. Pick a pre-written code from the platform and just tweak a few functionalities here and there. Your code is ready in fewer efforts.

Yes, this may sound corrupt, but it is one of the easiest ways to develop a code of your cryptocurrency according to your needs. All you need to do is just look for a publicly available code on GitHub and alter it to make your own. After figuring out the approach of developing your own blockchain network, you will have to decide the kind of cryptocurrency you want to launch: A token or a coin?

Step 2: What do you want to launch – A coin or a Token?

Source: InvestorPlace

Many people have this major misconception that a coin and a token are the same things, practically they are not. Though, they both are cryptocurrencies but are different based on which network was used to develop them. The kind of blockchain network used to develop such cryptocurrencies helps to differentiate between tokens and coins.

For instance, if you are developing your blockchain network by coding it from scratch, you will get the liberty of launching a coin. Alternatively, if you are using a platform that is system-based and has an existing network, then you will launch a token with its help. Several newer coins introduced are developed just by forking open-source codes of Bitcoin. They are just modified according to the owner so that they have newer features contained. It makes them unique from the ones that are already prevailing.

However, you can also choose to launch your token or coin with the help of creative services. You will not have to sit and go through the entire process all by yourself. Instead, you can just pay someone else to get your task done. Several companies present on the internet are providing such services. An average person can conveniently get a token or coin created. Such companies return properly functional cryptocurrency. You are required to just provide them with a list of all basic details and parameters.

Step 3: Token Sales

Source: Hacker Noon

When you create your cryptocurrency or get it created, you may think that the tough job is done. Unfortunately, the toughest job is about to begin, and developing one was not at all difficult. The process of creating a cryptocurrency with real values requires dedication and time.

Tokens are offered in what is called ICO or Initial Coin Offering. It is a form of crowdfunding. As far as ICO is concerned, tokens are offered, but the companies to people who pay money to the companies either in the form of fiat or even BTC. Moreover, nowadays, ICOs are under scrutiny since companies tend to either take your money through a scam or fail; sometimes, both occurrences occur.

People who hold ICO are not offered with a stake in the company or real equity. Instead, people who invest money in a company just keep hoping that the companies make profits, and the value of their cryptocurrency grows in the future. If not, the company can fail, and even the original amount paid to get a token will be lost too.

Final Thoughts

So you must have seen that creating a cryptocurrency doesn’t require much effort, and surely you can create your own cryptocurrency. There are several ways in which you can develop. However, a major question arises, which is, Can you provide value to your cryptocurrency? If you can answer both the questions positively (with a yes), you can make something incredible. Giving value to your cryptocurrency is the hardest part. If you can do so, then go ahead and create one!

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