Okay, so cryptocurrency this, bitcoin that!
Enough, there has been so much hullabaloo about the boom created by the virtual currencies that internet has been overloaded with information on what you could earn more income by investing in these currencies. But did you ever think how cool it could be if you could create your own cryptocurrency?
Never thought about it, right? It’s time for you to think because in this post we are likely to provide you a four-step guide on creating cryptocurrency your own cryptocurrency. Read the post, and then see whether you can certainly do it on your own or not!
Step 1 – Community
No, you do not have to build a community as you do once you plan to rule social media. The overall game is really a little different here. You’ll need to discover a community of people that you believe would buy your currency.
Once you identify a community, it becomes easier for you yourself to cater to their needs and therefore you are able to work towards building a well balanced cryptocurrency as opposed to going haywire with what you need to achieve.
Remember, you are not here to be a part of the spectator sport – you are inside it to win it. And, having a community of people who would want to purchase your currency is the better way to complete it!
Step 2 – Code
The 2nd important step is to code. You do not necessarily have to be a master coder to create your own cryptocurrency. There are plenty of open source codes available available which you may use.
You may also go ahead and hire professionals who are able to get the job done for you. Nevertheless when coding, do remember one thing – blatant copying isn’t likely to lead you anywhere.
You’ll 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. Here is the reason just copying the code is insufficient to be on the surface of the cryptocurrency game.
Step 3 – Miners
The third, and the main step in the act is to get some miners on board who will actually mine your cryptocurrency.
What this means is that you might want to truly have a certain set of people connected with you who are able to actually spread the word about your currency in the market. You must have people who are able to raise awareness about your currency.
This provides you with a mind start. And, as the saying goes – well begun is half done; miners can eventually lay the inspiration of a successfully voyage for the cryptocurrency in the ever growing competition.
Step 4 – Marketing
Last thing you need to do within the task listed here is to connect with merchants who will ultimately trade the virtual coins that you have built.
In simpler words, you will need to market these coins in the battleground where real people would actually be interested to purchase them. And, this by no means is an easy feat.
You’ll need to win their confidence by letting them know that you have something worthy to offer.
How will you start with it? The best way to market your coins initially is to spot the market who knows what cryptocurrency is.
All things considered, there’s no point in trying to market your stuff to those who don’t even know what cryptocurrency is.
So, you can see that creating a successful cryptocurrency is more about having the awareness about market trends, and less about being a hardcore techie or an avant-garde coder.
When you yourself have that awareness in you, then it is time to make a heyday while sunlight shines in the cryptocurrency niche. Proceed and plan building your own cryptocurrency by following these simple steps and observe how it turns out for you!