Okay, so cryptocurrency this, bitcoin that!
Enough, there was so much hype about the boom created by virtual currencies that the internet was overloaded with information about how you can make more money by investing in these currencies. But have you ever thought how cool it would be if you could create your own cryptocurrency?
I never thought about that, did I? It’s time to think because in this post we’re going to provide you with a four-step guide to creating your own cryptocurrency. Read the post and then see if you can do it yourself or not!
Step 1 – Community
No, you don’t need to build a community like you do when you plan to dominate social media. Here the game is a little different. You need to find a community of people who you think would buy your currency.
Once you identify the community, it becomes easier to cater to their needs and therefore you can work on building a stable cryptocurrency instead of messing with what you want to achieve.
Remember, you’re not here to be part of a spectator sport – you’re 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 need to be a master coder to create your own cryptocurrency. There are many open source codes available that you can use.
You can even hire professionals to do the work for you. But when you code, remember one thing – blatant copying will get you nowhere.
You need to bring some uniqueness to your currency to differentiate it from those that already exist. It must be innovative enough to make waves in the market. This is why just copying the code is not enough to stay on top of the cryptocurrency game.
Step 3 – Miners
The third, and most important step in the process is to get some miners involved who will actually mine your cryptocurrency.
This means 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 of your currency.
This will give you an advantage. And, as they say – well begun is half done; miners can ultimately lay the foundations of a successful journey for your cryptocurrency in the 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 the virtual coins you have created.
In simpler words, you need to market 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 earn their trust by letting them know you have something valuable to offer.
How can you get started with it? The best way to initially market your coins is to identify a target audience that knows what 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 techie or avant-garde coder.
If you have that awareness in you, then it’s time to make a boom while the sun shines in the cryptocurrency niche. Go ahead and plan to build your own cryptocurrency by following these simple steps and see how it works out for you!