Okay, so cryptocurrency this, bitcoin that!
Enough, there’s been so much hullabaloo about the boom developed by the virtual currencies that internet has been overloaded with information how you might earn more income by investing in these currencies. But did you ever think how cool it would be if you might create your personal cryptocurrency?
Never considered it, right? It’s time to think because in this post we are likely to provide you a four-step guide on creating cryptocurrency your personal cryptocurrency. Read the post, and then see whether you can certainly do it on your own or not!
Step 1 – Community
No, you don’t have to construct a residential area as if you do once you want to rule social media. The game is really a little different here. You will need to find a community of individuals that you think would purchase your currency.
As soon as you identify a residential area, it becomes easier for you yourself to cater to their needs and therefore you are able to work towards building a reliable cryptocurrency as opposed to going haywire with what you would like to achieve.
Remember, you’re not here to be always a part of the spectator sport – you’re inside it to win it. And, having a residential area of individuals who would want to purchase your currency is the greatest way to complete it!
Step 2 – Code
The next important step is to code. That you do not necessarily have to be always a master coder to create your personal cryptocurrency. There are lots of open source codes available out there which you can use.
You may also go ahead and hire professionals who will do the job for you. Nevertheless when coding, do remember a very important factor – blatant copying is not going to lead you anywhere.
You will need to create some uniqueness in your currency to tell apart it from the ones that already exist. It needs to be innovative enough to create ripples in the market. This is the reason just copying the code is inadequate to be on the top of cryptocurrency game.
Step 3 – Miners
The 3rd, and the most important step in the process is to get some miners aboard who will actually mine your cryptocurrency.
What this signifies is that you’ll require to have a certain set of individuals related to you who will actually spread the term about your currency in the market. You must have people who will raise awareness about your currency.
This will provide you with a head start. And, as the saying goes – well begun is half done; miners can eventually lay the building blocks of a successfully voyage for your cryptocurrency in the ever growing competition.
Step 4 – Marketing
Final thing you have to do included in the work here is for connecting with merchants who will eventually trade the virtual coins that you have built.
In simpler words, you will need to market these coins in the battleground where real people would actually be interested to purchase them. And, this by no means is a simple feat.
You will need to win their confidence by letting them realize that you have something worthy to offer.
How can you start out with it? The simplest way to market your coins initially is to identify the target audience who knows what cryptocurrency is.
In the end, there’s no point in trying to market your stuff to people who don’t even know very well what cryptocurrency is.
So, you can see that developing 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 produce a heyday while sunlight shines in the cryptocurrency niche. Proceed and plan building your personal cryptocurrency by following these simple steps and observe as it happens for you!