Okay, so cryptocurrency this, bitcoin that!
Enough, there was so much fuss about the boom created by virtual currencies that the internet was overloaded with information on how you can make more money by investing in those currencies. But have you ever thought how great it would be if you could create your own cryptocurrency?
I never thought about it, did I? It’s time to think because in this post we’ll provide you with a four-step guide to creating your own cryptocurrency. Read the post and 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 you plan to rule social media. Here the game is a little different. You need to find a community of people you think would buy your currency.
Once you identify the community, it becomes easier for you to meet their needs and therefore you can work on building a stable cryptocurrency instead of messing with what you want to achieve.
Remember, you are not here to be a part of the spectator sport – you are in it to beat 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
Another important step is coding. You don’t necessarily have to be the main coder to create your own cryptocurrency. There are many open source codes available that you can use.
You can even hire professionals who can do the work for you. But when you’re coding, remember one thing – blatant 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 why copying code alone 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 involve some miners who will actually mine your cryptocurrency.
This means that you need to have a certain set of people connected to you who can spread the word 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 – it started well half done; miners can eventually lay the foundations 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 business is to connect with traders who will eventually trade in the virtual coins you have made.
In simpler words, you need to place these coins on the battlefield where real people would actually be interested in investing in them. And, this is by no means an easy feat.
You need to gain their trust by letting them know you have something to offer.
How can you start with that? The best way to initially place your coins is to identify the target audience that knows what a cryptocurrency is.
After all, there’s no point in trying to market your stuff to people who don’t even know what 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 avant-garde coder.
If you have that awareness in you, then it’s time to flourish while the sun shines in a niche of cryptocurrencies. Go ahead and plan to build your own cryptocurrency by following these simple steps and see how it turns out for you!