A Simple Guide To Help You Create Your Own Cryptocurrency
There is a drastic shift in the definition and the use of currency today as compared to the previous years. In the present era, all kinds of people like founders, investors or even the general public are moving towards digital currency; nobody wants to be left behind. Everyone with a great business start-up idea is surfing the internet for the easiest and most reliable ways to create their cryptocurrency. But before learning to create your cryptocurrency, let’s first get a brief understanding of “what cryptocurrency actually is”?
As everyone knows, the currency is any unit of account or storage that is universally accepted as a means of exchange to obtain goods and services as well as for the storage and distribution of wealth. Simply putting it, cryptocurrency can be defined as a digital currency that depends on encryption for the generation of new units and confirming the transactions. It contains all the functions of currency except for the fact that it has no single centralized platform, like the bank.
Cryptocurrency uses coins that are commonly confused with tokens due to certain similarities, but in reality, they are very different. Firstly, coins can buy tokens, but vice versa is impossible. Coins can be used almost anywhere while tokens are restricted to limited places. The most significant difference is that coins require their own blockchain, whereas tokens can operate on the already existing ones. Hence, the creation of a blockchain is very important in order to make your crypto coin. The creation of one’s own currency can be used as an Alternative ist Bitcoin Circuit for money. Some high established cryptocurrencies so far include the Bitcoin and other Altcoins like Dash, Monero, Zcash, Ethereum, Litecoin, Ripple, etc.
One may wonder, “What is the need for cryptocurrency?” Let me walk you through it.
There are multiple reasons as to why cryptocurrency has gained so much popularity over the years. In recent times, Bitcoin has become very famous, and through this, people have begun to pay heed to altcoins. Altcoins are, in the literal sense the alternative to Bitcoins. Some of the commonly agreed reasons for people to shift to cryptocurrency are:
Since cryptocurrency is a digital currency, anyone with a strong internet connection can access it anywhere. The whole process of physically carrying around money for trade and transactions is eliminated. The Internet is the only medium required to use cryptocurrency.
Legitimate record keeping takes place as every individual’s coin and currency carry its encrypted identity code. The blockchain technology ensures the safety of the coins and reduces the chances of fraud to nil.
No third party intervention:
In the case of cryptocurrency, the blockchain technology gives you the sole ownership of your currency and prevents any third party interference. Cryptocurrency is decentralised. Hence, since you are your bank, you can make digital currency the real-world currency for you.
Now that you know all that you need to about cryptocurrency, let’s look at some easy steps that will help you to create your own cryptocurrency:
BUILD YOUR OWN BLOCKCHAIN/ BITCOIN FORK:
The first step to creating your cryptocurrency is to create your altcoin. There are two ways to do this:
The first being, creating your block chain. For this, you need to possess high coding skills. This is generally used when you wish to have complete control over your coin code as it is a very tedious procedure. If you’re new to the coding sector, then there are various courses available on “how to create your cryptocurrency.” However, these courses are extremely expensive, lengthy and not very necessary unless you wish to be a professional. Making your own altcoin indeed has several benefits. You will be able to build new and unique features of your personal choice and have complete control over setting the parameters of your currency. You can make your cryptocurrency stand out from the others as there are a variety of features that enable you to do so.
The alternative step could be creating a bitcoin fork. This will allow you to use the already existing codes that are open and reliable for creating your own cryptocurrency. You can pick the code of the closest coin having the features that you desire and later add or delete certain features to make it unique. This is the best and the most recommended technique for amateurs. It helps in saving a lot of time and energy, as you do not have to go through the lengthy coding processes. Also, the risk of fraud attacks is comparatively very low as you would be using secure and highly protected block chain codes.
HOW TO SECURE IT AND MAKE MONEY:
It shouldn’t take more than 15 minutes to make your currency using the bitcoin fork method. This part is even more important than the creation of the currency itself, and a lot of companies face failure in this step. The key to making your coin popular is that you must propagate your currency very well in the local crypto market. No altcoin gains popularity overnight. The only way your altcoin gains success is once an adequate amount of the local crypto community people vouch for it. This can be done by coding the altcoin in such a way that it becomes relatable to the local people. Thus, the propagation process must ideally begin way before the creation of the code.
SEARCHING FOR MINERS:
Miners play a very central role in the success of your cryptocurrency. You must gain the faith of your miners and maintain excellent relations with them, as the miners on the network are the ones that help you to gain the trust of the people to verify the transactions. Ensure that you properly communicate the purpose and idea behind your coin. Once you and your miner are on the same page, your altcoin is sure to make a good profit and gain good returns in the market, even on a long term basis.
GUARANTEE SAFETY AND RELIABILITY:
The most crucial task before you is to ensure maximum safety and reliability. You have to put yourself in the shoes of the hackers and brainstorm according to their thinking. You need to conduct a substantial amount of research on the basic ways in which the hackers function to safeguard the reliability of your cryptocurrency and also try to have as few loopholes as possible. Nobody invests in faulty coins with higher risk factors. Hence, for the benefit of both the investor and the customers, the company must ensure the safety of the coin and maintain a good reputation in the society.
Now, in conclusion, we have discussed the meaning, need, and ways to create one’s customised cryptocurrency. But what about its benefits? As discussed above, with the use of cryptocurrency, the risk of fraud is minimal. In addition to that, there is lower operational cost, the anonymity of transactions and most important of all universal accessibility. Hence, Cryptocurrency is indeed the new way to go for the technologically advanced 21stcentury people. But a newcomer in this industry shouldn’t do so before conducting a prior rigorous and religious study on it.