How to create a Cryptocurrency – Lifehacking guide for starting crypto in 2020
Surely, every crypto industry figure involved in mining or investing in any coin thought about creating his own asset that would solve the problems of popular cryptocurrencies. However, many ideas remained unfulfilled, all due to the fact that developing your own coin seems to be something too complicated, incomprehensible and difficult. But in fact, everyone can create their own crypto after reading this article. Next, we have collected for you all the basic information about how to create a new cryptocurrency. So, let’s start the discussion.
Can I create my own Cryptocurrency?
That is the question one should ask first of all and answer “yes, of course”. Of course, certain skills will be needed, it is advisable to assemble a team of specialists in different fields, since together the desired result is always achieved faster. But it all starts not with the selection of a friendly team, but with the development of your own idea. Think about what you want to see in a good cryptocurrency? What is missing in most modern coins? By answering these questions, you can accurately indicate the direction of future work, because you will know what and how to try.
When an idea, the main feature of a coin already exists, think about the name of your own cryptocurrency. Remember that the name of the project should attract attention and distinguish it from thousands of other digital assets. Together with the name, a stock ticker should be developed, that is, a reduction in the name that will be used for trading in currency pairs. A good example: Bitcoin is the name of the crypto, and BTC is the stock ticker. Come up with something similar. Work on the logo should also not be postponed, because a beautiful, solid logo says a lot about the attitude both to the project and to its own customers.
When all the collateral information is ready, you can safely proceed to the direct development of your cryptocurrency. First of all, decide how you will move the project. It may be enough to use ready-made Ethereum code or another coin, but it may also require a complete development of your own system. It all depends on the preferences and technical potential of your project. Consult with developers, visit github, look at ready-made options, then to upgrade someone else’s code.
If the project goes uphill, you will have to think over mining, as well as establish work with serious exchanges. No fraud will work here, before putting an asset on Binance and other major platforms, internal experts carefully check the beginning cryptocurrency. These are the best professionals who cannot be deceived, so do not waste time and money, immediately develop an honest, interesting and promising project.
How much does it cost to create your own Cryptocurrency?
Technically, creating your own cryptocurrency is a free process. You can simply download the finished code, change a few lines in the file and start the project on the exchange. But such a project will not be profitable. Serious income can be obtained only from the coin that stands out among competitors. Therefore, you will need to promote the project, pay for the work of programmers, managers, lawyers and economists. Advertising money is also needed. Thus, adding up all these factors, as well as reserve capital, you can get very different amounts. Roughly speaking, the more expensive the project, the better. Get ready to invest at least $ 25,000 in your own project. This figure should be enough for the first time.
Benefits of having your own cryptocurrency
The first and most obvious answer is profit. If everything is done correctly, a project can bring in huge money. However, if you create cryptocurrency for educational purposes, there is also a benefit. Work on creating your own coin will allow you to get a unique experience, establish communication with talented developers, find like-minded people and even make friends. Some advantages, however, are also risks.
If you plan to raise money for the development of a new cryptocurrency, it is better to raise capital in advance, which will allow you to pay debts in the event of bankruptcy. Remember that cryptocurrencies are not gold, it is not a stable asset that loses value if customers are dissatisfied with it.
When my cryptocurrency will bring profit?
Complex issue. It all depends on the quality of the project. If you made a cryptocurrency that is really interesting to the consumer, then the asset can pay off in a few years. Otherwise, if the crypto is not interesting to customers, you will not receive any profit. Experiment and learn. Thank you for your attention, good luck and every success!