Alright, so cryptocurrency this, bitcoin that!
Enough, there has been so much hullabaloo in regards to the boom created by the virtual foreign currencies that the internet has been overloaded with information on how you could earn more money by investing in these types of currencies. But did you ever think how cool it would be if you could create your own cryptocurrency?
Never considered it, right? It’s time to think because in this post we are going to provide you the four-step guide on creating your personal cryptocurrency.
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Read through the post, after which 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 look for 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 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 spectator sports activity – you are in it to earn 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 would be to code. You don’t necessarily have to be the 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. 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 types that already exist. It has to become innovative enough to create ripples on 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.
This means that you need to have a certain set of individuals associated with you who can actually distribute the word about your currency in the market. You need to have people who can raise recognition 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 the successfully voyage for your cryptocurrency within the ever growing competition.
Step 4 – 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 which you have built.
In simpler words, you have to market these coins in the battleground where real people would really be interested to invest in them. And, this by no means is an easy feat.
You need to win their confidence by allowing them to know that you have something worthy to provide.
How can you begin with it? The best way to marketplace 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 also don’t even know what cryptocurrency is usually.
So , you can see that creating a successful cryptocurrency is more about getting the awareness about market trends, plus less about being a hardcore geek or an avant-garde coder.