Do you want to create the next Bitcoin? We look into what you need to do.
There are many ridiculous altcoins out there nowadays trying to capitalize on the cryptocurrency trend. Or, it could be that there are programmers creating a cryptocurrency to have a little fun. Everything from now-defunct Kanye West inspired coin, Coinye (RIP), to Sandcoin, a coin that promises the user a certain amount of sand relative to their purchase of coins, have flooded the market. Dogecoin, a cryptocurrency based on the popular shocked Shiba Inu meme that was everywhere in 2013, is now a major player in the crypto-economy and is traded up there with the top coins. With all these coins flooding the market, one wonders how easy it is to create a cryptocurrency?
The basics of coin creation
If you know basic coding, then it won’t be too hard to create your own cryptocurrency. The coding for other cryptocurrencies are available online and you can base your own cryptocurrency code on that. Even if you have no coding experience, there are many sites that can help you create your cryptocurrency. They handle the coding and set-up while you handle the idea and of course, the name. However, creating your actual cryptocurrency is only the first step in the process.
The benefits of research
You have to think carefully what your coin will be bringing to the market. Will it let people exclusively buy Beanie Babies? If so, does anyone need a coin that only works to buy Beanie Babies? Is there any value in this idea? To find out what the market needs, it’s best to ask the market.
Find like-minded communities online, and maybe even in the real world and tell them what you’re thinking and if it is something they would be interested in. You need to find out what kind of cryptocurrency people actually want to use and that does not currently exist. Find your gap in the market.
Time to market
Marketing is one of the most integral parts of launching any product. No one is going to want to buy something if they don’t know it exists, this sounds like a stupid thing to point out but a lot of people don’t think about it. You need to get the cryptocurrency community onboard, you need to make yourself known and make your coin known. You could do this in many ways. Go to cryptocurrency forums, rally the same communities you used to do your research, buy add space, start a blog – do anything that gets your name out there.
If you need to mine your cryptocurrency, you need to get miners on board. Think of ways to make your currency seem like the ‘hot new thing’ on the market. Hype it as the next Bitcoin, or Ethereum, or even Dogecoin. Make people notice you. if you want your coin to last try to stay away from novelty and meme coins. On the other hand, If you’re just having some fun, feel free to create whatever you want.
Built to last
You need to code your cryptocurrency to last. If you are serious about your creation, then you are going to have to put a lot of work into it. Cybercriminals are constantly trying to attack digital currencies, you need to make sure yours is secure, you don’t want to attract users only for them to lose trust in you when they end up losing their investments to hackers. Cryptocurrencies have to keep up to date with the latest innovations in the digital realm. When you create a cryptocurrency, it could end up as a full-time job.
Now you know where to start to go out and change the world. One day you might see your coin on the top charts. You could be the next Satoshi Nakamoto. The market is out there for anyone committed, diligent and crazy enough to grab it.
Visit Crypto101 to find out more about cryptocurrency – especially new (and crazy) currencies.