Enough, there has been so much hullabaloo concerning the boom created by the virtual currencies that the web has been overloaded with information on how you could enjoy better paychecks by investing in these currencies. But did you ever think how cool it will be if you could create your own cryptocurrency?
Never thought about it, right? It is time to think because in this post we are going to supply you a four-step guide on creating your own cryptocurrency. Go through the post, and then see whether that can be done it for yourself or not!
Step 1 – Community
No, you don’t have to build a community like you do when you intend to rule social media. The game is a little different here. You must find a community of people that you think would purchase your currency.
Once you identify a community, it becomes easier for you to cater to their needs and therefore you can work towards creating a stable cryptocurrency instead of going haywire with what you wish to achieve.
Remember, you aren’t here to be a portion of the spectator sport – you’re in it to win it. And, having a community of people who would desire to invest in your currency is the greatest way to do it!
Step 2 – Code
The second important step would be to code. You don’t necessarily must be a master coder to create your own cryptocurrency. There are numerous open source codes available out there which you can use.
You can even go ahead and hire professionals who can get the job done for you. But when coding, do remember a very important factor – blatant copying is not going to lead you anywhere.
You have to bring some uniqueness in your currency to distinguish it from the ones that already exist. It has to be innovative enough to generate ripples in the market. This is why just copying the code is not enough to be along with the crypto currency game.
Step 3 – Miners
The third, and the main step in the process is to get some miners up to speed who will actually mine your cryptocurrency.
This implies that you need to have a certain group of people associated with you who is able to actually spread the term about your currency on the market. You need to have people who can boost 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 building blocks of a successfully voyage for your cryptocurrency in the ever growing competition.
Step 4 – Marketing
Last thing you need to do within the job here is for connecting with merchants who’ll 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 purchase them. And, this by no means is an easy feat.
You must win their confidence by letting them understand that you have something worthy to offer.
How can you begin with it? The easiest method to market your coins initially would be to identify the mark audience who knows what cryptocurrency is.
After all, there is no point in trying to market your stuff to people who don’t even understand 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 truly a hardcore techie or an avant-garde coder.
If you have that awareness in you, then it is time to make a heyday as the sun shines in the cryptocurrency niche. Go ahead and plan building your own cryptocurrency by following these easy steps and see how it turns out for you!