Launching Your Own Cryptocurrency - Here are The Steps

in cryptocurrency •  4 months ago

The market of Cryptocurrencies is expanding rapidly, and with the arrival of coins like Bitcoin and Etherium, the impact of virtual currencies has been quiet significant on the global financial market. That being said, we have listed several steps that will help you start your own cryptocurrency, so that you can also become a part of the global crypto effect.
Follow the below steps accordingly to avoid any failure.

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Step No. 1

Step No 1.png

First off, if you do not have technical skills, hire a relevant person or learn the basic coding. Afterwards, you get the 2 options: Either you create your cryptocurrency from scratch or create a bitcoin fork. It depends on you.
If you go from scratch, you’ll have a full authority of code customization, and you’ll be able to modify the code any time you want. Starting from scratch also helps you in various ways, such as you can set the total supply, rate, and size of the chain.

On the off side, if you choose the second method and go on for creating a Bitcoin fork, you would easily be able to depend on the open source code and won’t have to create your own from scratch. These codes are often secure and help you from getting hacked. Moreover, you’ll be saving a lot of your time which, if you had chosen to start from scratch, would have been consumed developing the code. At the last, this method will also help you providing a readymade exchange via which people would be able to trade your cryptocurrency.

Step No. 2

Step No. 2.png

Many people make their Cryptocurrencies but only few of them are able to sustain them. So, keep this in mind that only the development process won’t win the customers for you but the ability to maintain your coins will.

In order to maintain and consistently sell you coins, you first need to have a valid and authentic description of your cryptocurrency. Like, why would anyone would buy from you? What are the benefits or values you will be providing to your buyers? These are often ignored by many developers that in turn result in failures most of the time. So, we recommend you hire a professional marketer to write a relevant and winning description your cryptocurrency, or if you are able to write on your own, then you must first ask for reviews from different people across the user base and developers.

Step No. 3

Step No. 3.png

List out the languages you think your future goals will be easily accomplished on. Write down how far you expect your coins to go, and with what pace. Also, research for what languages are currently popular in cryptocurrency development. We recommend you to first study successful coins, from where and with what language they started. Find relevant threads and forums of cryptocurrency and ask for advices and comparison of different languages. Because it will not only you who would be buying but others.

Why we are focusing more on language is because they are the primary reasons behind the security, performance, Resource Management, and Isolation of your cryptocurrency.
Some Popular Languages: C++, JavaScript, Python,

Step No. 4

Step No. 4.png

Craft a framework for your cryptocurrency, and then begin finding gaps and loopholes because whether we’re proficient or not, we always leave something for hackers. So, before anyone else discovers it, you should thoroughly go through your coding, and it would be better if you hire some professionals to that for you.

Try to make it as secure as possible by beta testing and everything else required to test the codes.

Step No. 5

Now as you have completely built and tested your cryptocurrency, look for miners and tell them why they need your currency. It’s the time when your marketing tactics will come into play. Also, keep in mind to never sell more than required and try to go for quality than quantity.

These are the 5 steps that if you follow accordingly, you will be able to build your own cryptocurrency.

Let us know in the comment section if you are unable to understand anything. We’ll try to guide you.

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In this simple steps .... wow looks easy

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@charispen hehe looks easy but it not

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As a follower of @followforupvotes this post has been randomly selected and upvoted! Enjoy your upvote and have a great day!

This post has received a 15.69 % upvote from @boomerang.

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Very well explain bro, i find something new in this post keep posting this type of content.

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@saubhikbiswas338 Thank you for your kind support friend

It is one of my dreams to launch my own coin one day. I know it is a big task. lets see. I like your article. thanks for sharing it with us.

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@shirano Thank you for your kind support. Hope your dream will come true and you will launch very great project..

Nice Explanation.!!! thumbs up

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@vas2796 Thank you for your kind support.

Great post, thanks for sharing and I've upvoted.

I think what needs to be considered more is if it's a good idea to create one, rather than how to. I feel there are too many tokens been created that have no real use.

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@georgeforeham Thank you for your kind support and sharing your views with us..

Thanks for your sharing ! love you

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@thaonguyendds Thank you for your kind support and comment.

I think step 4 is the crucial part where user definitely require one security professional

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Yes my friend. Expert required for this kind of thing for sure.

Thank you for your kind support.

Waaooo this information looking good. I know I can't make it but good to know about this.

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@rosy1606 Thank you for your kind support and comment

You got a 8.33% upvote from @joeparys! Thank you for your support of our services. To continue your support, please follow and delegate Steem power to @joeparys for daily steem and steem dollar payouts!

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Thank you @joeparys for your kind support.

Your article is very informative mate. Thanks for sharing this knowledge with us. Keep it up the great work

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@dhanjkalita Thank you for reading my articles and your kind support my friend.

@flash07 I am always curious about how people made there own crytocurrency
thankyou for this article

@cleverbot

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Garnet, amethyst, and pearl, and Steven!

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@cleverbot

what's your thought on this ??

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It's progressing so fast that it's started to go backwards.

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@jannatehimachal Thank you for your kind support.

very nice informative blog. up voted to you.

Nice very informative and useful post. Thanks for this

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@sushant769 Thank You for your kind support friend

It ll come with a great competetion bt help all.

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@sandippaul Thank you for your kind support

What you think how much % of success / failure of launching own crypto...???

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@gonewithwind Totally depends on your idea + team you have + promotion you do .

Nice read. I leave an upvote for this article thumbsup

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@tomask-de Thank you very much for your kind support my friend

Haha .. it's just that easy .. its simple 🤓

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Hehe looks easy I think. But in real it's hard to work on it 😅

Thank you for your kind support and comment 🙂

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@elysaul Gracias por su amable apoyo, mi amigo.

Very well written... clearly explained.......hope in future we will also launch our own cryptocurrency

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@helloplanet Happy to here that you likes the article and thank your kind support.

wow this is so interesting sir something new i learn from your blog,its very good to know that we can also launch our crypto currency so thank you for sharing with us :)

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I am glad that you liked it my friend. Thank you for your kind support and comment.

Im so glad I just got to know you @flash07

this is brilliant piece of writing. easy to read and understand.

I only wish you would also mention about platforms like waves/bitshares or masternodes. Especially those first two since those platforms can allow people creating their own tokens with just basic knowledge as a developer.

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@crypto.piotr I am glad that you liked it.

I honestly don't know about those. As I am not expert and exploring this field. Thank you for sharing something new with me. I will do research on this and will write on those topic too.

Thank you for your continuous support.

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It's indeed a pleasure to get to know you @flash07

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@bhavikpatel74055 Thank You my friend.

Informative article.
Must be used for tec gigs
Keep it up

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@ajaycrypto18 Thank You my friend

Nice thhoughts! Of course this all means a lot of work, even if one did just another bitcoin fork. What in your opinion is the advantage of creating a crypto instead of just creating a token on e.g. Ethereum or EOS?

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@conceptskip Thank you for your kind support my friend.

I think for the starters that would be great to start with ERC20, as it is open source and lots of material available in market if you need help. Mostly developer who works in blockchain very well aware about ERC20 - so you will get great developer support as well. Then if project went well we can proceed for own blockchain and migrate from ERC20.

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How to grow this platform??

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Many people make their Cryptocurrencies but only few of them are able to sustain them. So, keep this in mind that only the development process won’t win the customers for you but the ability to maintain your coins will.

This is very ture

First off, if you do not have technical skills, hire a relevant person or learn the basic coding
I dont like coding at all but I like to have my own cryptocurrency, is there no way out ?

Nice post @flash07

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@ogt Thank you for your kind support my friend

Hi @flash07,

Indeed a great article. I am spooked at the thought of creating my own blockchain but I guess I will require more people than only me.

That said, good direction if I ever want to. :)

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@oivas Happy to here that you liked the article. Definitely you need the great team to make this kind of project. If you are going to make one that my good wishes with you.

Wow !! Iam tech savvy but don't know that .
@flash07 good article .Keep it up .

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@arcange Thank you for the heads up.

Avery interesting and educational article.

I suppose that most people will go for the fork side, which presents fewer complications and saves time.

I leave you my vote and my friend resteem, from the crypto.piotr secret telegram channel.

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@reinaldoverdu Thank you for your kind support and comment my friend. About the fork, yes we can say as it's more easy then creating new one.

This information is massive with this
maybe I will be a able to float my own crypto

But my problem is the process seem so simple from your exposition

Is it as simple as it seems? @flash07

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