Okay, so cryptocurrency this, bitcoin that!
Enough, there was so much noise from the boom created by virtual currencies that the Internet was overloaded with information on how you could make more money by investing in those currencies. But have you ever wondered how cool it would be if you could create your own cryptocurrency?
I never thought about that, did I? It’s time to think, because in this post we will provide you with a four-step guide to creating your own cryptocurrency. Read the post and then see if you can do it yourself or not!
Step 1 – Community
No, you don’t have to build a community like you do when planning to run social media. Here the game is a little different. You need to find a community of people who you think would buy your currency.
Once you identify a community, it becomes easier for you to take care of their needs, and therefore you can work to build a stable cryptocurrency instead of doing what you want to achieve.
Remember that you are not here to be part of the spectator sport – you are in it to win it. And having a community of people who would like to invest in your currency is the best way to do it!
Step 2 – Code
The second important step is coding. You don’t have to be a master coder to create your own cryptocurrency. There are many open source codes available that you can use.
You can even go ahead and hire professionals who can do the work for you. But when coding, remember one thing – explicit copying won’t get you anywhere.
You need to bring some uniqueness to your currency to distinguish it from those that already exist. It must be innovative enough to create waves in the market. This is the reason that just copying the code is not enough to be on top of the cryptocurrency game.
Step 3 – Miners
The third and most important step in the process is to attract some miners who will actually dig up your cryptocurrency.
This means that you need to have a certain set of people connected to you who can actually spread the information about your currency in the market. You need to have people who can raise awareness about your currency.
This will give you an advantage. And as they say – what is well started is half done; miners can ultimately lay the groundwork for a successful journey for your cryptocurrency in ever-increasing competition.
Step 4 – Marketing
The last thing you need to do as part of the work here is to contact merchants who will eventually trade the virtual coins you have built.
Simply put, you need to put these coins on the battlefield where real people would be interested in investing in them. And this is by no means an easy feat.
You need to gain their trust by telling them that you have something to offer.
How do you get started? The best way to market your coins initially is to identify the target audience that knows what a cryptocurrency is.
After all, there’s no point in trying to sell your stuff to people who don’t even know what a cryptocurrency is.
So, you can see that building a successful cryptocurrency is more about being aware of market trends and less about being a hardcore technician or cutting-edge coder.
If you have this consciousness in you, then it’s time to flourish while the sun shines in the niche of cryptocurrency. Continue and plan to build your own cryptocurrency by following these simple steps and see how it turns out for you!