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. But did you ever think how cool it would be if you could create your own cryptocurrency?
Never thought about it, right? 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!
Step 1 – Community
No, you don’t have to build a community like you do when you plan to rule social media. The game is a little different here. You need to find a community of people that you think would buy your currency.
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 sport Bitcoin trading app – you are in it to win it. And, having a community of people who would want to invest in your currency is the best way to do it!
Step 2 – Code
The second important step is to code. 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.
You can even go ahead and hire professionals who can do the job for you. But when coding, do remember one thing
Bitcoin trading app blatant copying is not going to lead you anywhere
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.
What this means is that you need to have a certain set of people associated with you who can actually spread the word about your currency in the market. You need to have people who can raise awareness about your currency.
This will give you a head start. And, as they say – well begun is half done; miners can eventually lay the foundation of a successful voyage for your cryptocurrency in the ever growing competition.
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.
In simpler words, you need to market these coins in the battleground where real people would actually be interested to invest in them. And, this by no means is an easy feat.
You need to win their confidence by letting them know that you have 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 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.