How to Create a Cryptocurrency from Scratch: Step-by-Step Instruction for Beginners on How to Make the Currency Successful
The cryptographic money market is constantly growing and developing. Due to this, there is no surprise that many users are wondering whether it is possible to create the currency on their own and how to do it with minimal waste of effort, time, and money.
Everyone is capable to create his own currency. Moreover, any new digital coin can follow and even beat the current Bitcoin success. You only need a little luck, a professional approach, and a certain budget.
Cryptocurrency Creation: The Reason to Generate a New Coin, A Step-by-step Algorithm
People began to use cryptographic money more often in everyday life. Nobody controls and regulates it. It is not managed by banks, state, or other supervisory authorities. Such financial transactions are anonymous and proceed without the intervention of third parties, which guarantees their reliability, transparency, and safety.
There are many reasons to create digital money: for monetization of the own web resource and application of crypto coins as the mechanism for internal financial operations, or for carrying out speculative operations at the exchanges.
Digital coins have the following advantages:
- blockchain technology serves as a confirmation of reliability and transparency of transactions;
- no third party is engaged in the transactions and no one takes an additional fee for services;
- operations are carried out under Р2Р technology (peer-to-peer), which means a direct connection between two users;
- it is much more difficult to track the owner of the cryptocurrency wallet than the client of Internet banking;
- you can control the finances from any device having access to the Internet;
- you cannot change the transaction date, which reduces the risk of fraud.
It is not enough to have only a desire to create your crypto money from scratch. Digital finances, like any other ones, require financial investment, efforts, and time. To launch a viable, profitable and interesting project, you will also need technical means - a sufficiently powerful PC or laptop with access to the Internet, and programming basics.
How to Create Own Cryptocurrency: Step-by-Step Instruction
Many people are wondering whether it is possible to create their own cryptocurrency and how to do it? Every Internet user is able to create his own crypto money, while there is not even a need for professional programming knowledge - it will be enough to make several changes in program codes only.
The following algorithm is applied to create the cryptocurrency from scratch:
- Source code downloading. Many sources for digital money generating are offered on various sites on the Internet, for example, Github.com.
- Required software libraries downloading. Such extensions provide the proper operation of the downloaded code.
- Assignment of the unique name to the currency. When the code is downloaded and the currency is created, it has to pass the compilation, which means changing the name to the unique one. For example, the miner decided to create a cryptocurrency and call it IvanCoin. This means that you need to make changes to the source file: FOOCOIN - IVANCOIN; foocoin — ivancoin; FooCoin — IvanCoin; FOO — IVAN; foo — ivan. To automate the process, you can use special services: for Windows - Actual Search & Replace, for Mac OS - TextWrangler, for Linux - Regexxer.
- Configuring of network ports. It is one of the most important and responsible steps. Any error during network port configuration may make any currency operation impossible.
- Coin generation. When ports are configured, start creating digital money. At the same time, you need to specify the volume of coins and their volume at one time in the settings.
If the above process seems too difficult, you can use special platforms to create your own cryptocurrency. The best and most popular one is Open-Transaction. Other similar projects include Mastercoin and Monetas. They are not so widely used but also work.
How to Make Currency Successful and Profitable
Creating your currency from scratch is only the first step. You should do your best to make it successful and obtain the desired income from it. To succeed, it is recommended to follow the expert advice:
- Develop a qualitative business plan. It is necessary not only to generate a "bare" coin, but also to determine its prospects. When it comes to the plan, it is necessary to settle the aim of the new digital asset properly, and the main strategies for achieving commercial goals.
- Analyze prospects. Promotion and public implementation of the product are not easy and fast, they can take from several days to several months. Therefore, it is very important to make a thorough prospects analysis and determine whether there is a chance to reach the TOP.
- Identify all possible risks. Of course, all the beginnings are risky, especially financial ones. Crypto coins are characterized by an increased level of volatility, and sometimes the most reliable and cherished currencies lose in value all of the sudden. Therefore, this fact should be clearly predicted and calculated before starting the process of money generating.
- Form a team of professionals. It is better to promote your own digital money in a team of professionals. Experts can be found at thematic forums among miners or students full of enthusiasm and new ideas.
Every user is able to create a unique cryptocurrency. However, you need to understand that its generation is a full-pack responsible business project, which should be launched only after thorough calculation and planning.