Starting your own cryptocurrency is not as difficult as you might expect. But, the real challenge lies in maintaining your cryptocurrency system, its security, convincing more and more people that it has a future, and running your cryptocurrency smoothly in the market.
Today, hundreds of digital currencies exist in the market. More and more alternatives to bitcoin are expected to come in the near future as it is not a rocket science to launch your own cryptocurrency.
So, here is a quick guide to set up your own cryptocurrency:
If you are not a technical person, you can collaborate with a technical partner for maintaining coding tasks.
You have two choices:
- You can create a bitcoin fork.
- You can create a new cryptocurrency from scratch.
Choose any one of these which suits your requirements.
- New blockchain method: You can have full control over the code of the coin. You can also customize it and establish new and unique features. As you have full control over your coin, you can also set all the parameters of it. You will have your new and unique altcoin with cool and unique features as per your requirement. Also, you can set maximum supply of coin, the rate of coin issue and the size of chain.
- Bitcoin fork: In this method, you can rely on the open-source code for your cryptocurrency. You can make certain changes in the code later on to make your coin and its features unique. Also, such open-source codes are secure and reliable which will help to prevent hackers. It will save a lot of time as you don’t need to carry out coding and developing process. Creating your coin in such way will provide you with built-in exchanges from which people can trade your new cryptocurrency.
You will have to consider some points to maintain your cryptocurrency in the market. They are:
- You will need to clearly define and explain benefits and description of your cryptocurrency to make end users get the reason to use your cryptocurrency.
- You can not just create a cryptocurrency and expect people to use it. You will need to study the community, areas of uses and new features required in the market. Proceed with the coding and developing part only after considering this.
- You can choose any of the above two methods for creating and developing your cryptocurrency. But, it is better to go for self-coding if you want complete access to your cryptocurrency.
- Decide the language to be used for coding in advance.
- Consider the entire concept of your project and create a framework.
- Find loopholes, bugs, and vulnerabilities regularly to avoid attacks from hackers and make your cryptocurrency secure.
- After completely building your project, you will need miners. Never oversell your product, instead provide the better product with great features. Explain to them why they need your product to make them stick longer with your product.
The market of cryptocurrency is expanding quickly. With the sudden growth and hype of bitcoin, many cryptocurrencies and altcoins have been developed. But, not all of them have got success. So, if you are planning to launch your own cryptocurrency in the market, follow the above steps and try to maintain it as much as possible.