Alright, so cryptocurrency this, bitcoin that!
Enough, there has been so much hullabaloo regarding 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 actually think how cool it would be if you could create your own cryptocurrency?
Never thought about it, right? It’s time to believe 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 on your own or not!
Step 1 – Community
Simply no, you don’t have to build a community like you do when you plan to rule social media. The overall game is a little different here. You need to find a community of people that you think might buy your currency.
Once you identify a community, it becomes easier for you to cater to their particular needs and therefore you can work towards creating a stable cryptocurrency rather than going haywire with what you want to achieve.
Remember, you are not here to be a part of the spectator sport – you are in it to win it. And, having a community of individuals who would want to invest in your foreign 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 obtainable out there which you can use.
You can even go ahead and hire professionals who can do the job for you.
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Nevertheless coding, do remember one thing – 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 particular 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.
This means 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 offer you a head start. And, as they say – well begun is half done; miners can eventually lay the foundation of a successfully voyage for your cryptocurrency within the ever growing competition.
Step 4 – Marketing and advertising
Last thing you need to do as part of the job here is to connect with merchants who will ultimately trade the virtual coins you have built.
In simpler words, you should market these coins in the arena where real people would really be interested to invest in them. And, this by no means is an easy feat.
You should 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 determine the target audience who knows what cryptocurrency is.
After all, there is no point within trying to market your stuff to people who else don’t even know what cryptocurrency is.
So , you can see that building a successful cryptocurrency is more about getting the awareness about market trends, and less about being a hardcore techie or an avant-garde coder.