Alright, so cryptocurrency this, bitcoin that!
Enough, there has been so much hullabaloo concerning the boom created by the virtual currencies that the internet has been overloaded along with information on how you could earn more money by investing in these currencies. But did you actually think how cool it would be if you could create your own cryptocurrency?
Never thought about it, right? It’s time to think because in this post we are going to provide you a four-step guide on creating your personal cryptocurrency. Read through the post, and then see whether you can do it on your own or not!
Step 1 – Community
No, you don’t have to build a community like you do when you plan to rule social media. The overall game is a little different here. You need to look for a community of people that you think would certainly buy your currency.
Once you identify a community, it becomes easier for you to cater to their own needs and therefore you can work towards building a stable cryptocurrency rather than going haywire with what you want to achieve.
Remember, about to catch here to be a part of the spectator sport – you are in it to win it. And, having a community of people who would want to invest in your foreign currency is the best way to do it!
Step 2 — Code
The second important step is to code. You don’t necessarily have to be the master coder to create your own cryptocurrency. There are plenty of open source codes obtainable out there which you can use.
You can even go ahead and hire professionals who can do the job for you. Nevertheless coding, do remember one thing – blatant copying is not going to lead you anywhere.
You need to bring some uniqueness inside your currency to distinguish it from the ones that already exist. It has to become innovative enough to create ripples in the market. This is the reason just copying the program code is not enough to be on top of the cryptocurrency game.
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Step 3 – Miners
The third, and the most important step in the procedure is to get some miners on board who will actually mine your cryptocurrency.
What this means is that you need to have a certain set of people associated with you who can actually 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 a head start. And, as they say – properly begun is half done; miners can eventually lay the foundation of the successfully voyage for your cryptocurrency within the ever growing competition.
Step 4 – Marketing and advertising
Last thing you need to do as part of the job the following is to connect with merchants who will ultimately trade the virtual coins that you have built.
In simpler words, you have to market these coins in the arena where real people would actually be interested to invest in them. And, this by no means is an easy feat.
You have to win their confidence by allowing them to know that you have something worthy to provide.
How can you begin with it? The best way to marketplace your coins initially is to identify the target audience who knows what cryptocurrency is.
After all, there is no point within trying to market your stuff to people which don’t even know what cryptocurrency can be.
So , you can see that creating a successful cryptocurrency is more about getting the awareness about market trends, and less about being a hardcore techie or an avant-garde coder.