Friday, 3 August 2018

How to Make Your Own Cryptocurrency

Blockchain and cryptocurrency is almost everything. We all know how to make money by investing in cryptocurrency however if you ever had a thought about how these cryptocurrencies are created or are it possible for you to create one then, you are at the right place. Even If you are not an expert in coding you can create your own virtual currency. Let us go step by step,

cryptocurrency-making

Community


The first and foremost step is to find a community and focus on their requirement to get a direction for your coin. Once you have a trust or base of a community it becomes easy for the coin to establish social space. If the community would believe in you and your coin proposal is to their expectation they would invest in your currency.

Code


Coding is the next step and the most crucial one. You need an idea of C++ language to code your coin. The coding of the coin is based on open source code of Bitcoin or Altcoin which is available on Github. There should be originality in your coin with your unique ideas that could make a stand in the market. This can take a day, a month or year and it totally depends on you.

Mining of the currency


Once you have developed your coin you need miners to mine the coin which will increase the popularity of your currency. You need a set of dedicated people who can put words to your coin and establish recognition for your coin. The miners should have the hardware you need and the back of your coin to tolerate the risk.

Merchants and marketing


So, you have come along way with coding and establishing your coin. You have a good team to back up the process, but you need your audience. You need to do marketing to aware people about your coin, its value and how these digital bits can be an asset to them. You need to find vendors who can actually put their money to your coin. The advertisement is the key to the place of your coin on the market. You need to assure and re-assure your investors and traders that your coin is worth it.

The technical knowledge to create a cryptocurrency is not that important leading it to be successful is. The actual effort is building trust, infrastructure, maintenance, and stability. Not every coin launched in the market is successful. In the end, you have to win trust and prove it.