Okay, so cryptocurrency this, bitcoin that!
Enough, there’s been so much hullabaloo concerning the boom produced by the virtual currencies that internet has been overloaded with information on how you could earn additional 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 likely to provide you a four-step guide on creating your own cryptocurrency. Read the post, and then see whether you can certainly do it for yourself or not!
Step 1 – Community
No, you don’t have to create a residential area like you do when you want to rule social media. The game is really a bitmain e9 little different here. You need to find a community of people that you think would buy your currency.
As soon as you identify a residential area, it becomes easier for you yourself to cater with their needs and therefore you are able to work towards building a reliable cryptocurrency as opposed to going haywire with what you need to achieve.
Remember, you are not here to be always a part of the spectator sport – you are in it to win it. And, having a residential area of people who’d want to purchase your currency is the better way to do it!
Step 2 – Code
The second important step is always 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 available which you may use.
You may even go ahead and hire professionals who will do the job for you. Nevertheless when coding, do remember something – blatant copying isn’t likely to lead you anywhere.
You need to create some uniqueness in your currency to tell apart it from the ones that already exist. It must 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 next, and the most important step in the act is to get some miners aboard who will in actuality mine your cryptocurrency.
What this implies is that you’ll require to have a certain set of people related to you who will actually spread the word about your currency in the market. You must have people who will raise awareness about your currency.
This provides you with a head start. And, as the saying goes – well begun is half done; miners can eventually lay the foundation of a successfully voyage for your cryptocurrency in the ever growing competition.
Step 4 – Marketing
Very last thing you have to do within the work listed here is to connect with merchants who will eventually trade the virtual coins that you’ve built.
In simpler words, you’ll need to market these coins in the battleground where real people would actually be interested to purchase them. And, this certainly not is an easy feat.
You need to win their confidence by letting them know that you’ve something worthy to offer.
How can you begin with it? The best way to market your coins initially is to spot the market who knows what cryptocurrency is.
In the end, 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 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.
When you have that awareness in you, then it’s time to create a heyday while the sun shines in the cryptocurrency niche. Proceed and plan building your own cryptocurrency by following these simple steps and observe how as it happens for you personally!