Make Your Own Cryptocurrency – A Step-By-Step Guide

Make Your Own Cryptocurrency – A Step-By-Step Guide

Now, you can easily make your own cryptocurrency and become a cryptocurrency trader, even if you don’t have any technical knowledge such as coding.

Cryptocurrencies are trending like hot cakes these days, and it's more than understandable that you wish to make your own cryptocurrency. After all, the lucrative returns gained by investing in cryptocurrency is already public knowledge.

Yet, it’s also equally likely that, while starting out, you are being tormented by the pertinent question of how to do what you want to do. That is, how can you make your own cryptocurrency.

Probably, you’ve tried asking Google for a solution, only to get all the more confused with the magnanimous, yet scattered information. In fact, some of them even stand in direct contradiction with one another.

Having been where you are, and realizing the problems faced by amateurs in this regard, I intend to present a clear, step-by-step guide to making your own cryptocurrency.

So, let’s get you started on your journey towards making, and eventually trading in, your own cryptocurrencies.

The Steps

Before getting into the steps in details, there is something crucial that has to be borne in mind. The myth that being a coding freak is a pre-requisite for making your own cryptocurrency is, I would say, more than just worthless.

Yes, it does help if the person is a coding expert, but, it is in no way an essential factor. Presently, there are many platforms which let you design your currency, while they do the coding for you. So, even though this statement had much value in the past, it is no more the case now.

Step I

First, you’ll need the structure on which the crypto will work, that is, a blockchain. If you know the coding you can make your own, personalized blockchain however you want (I said it helps, didn’t I?).

Otherwise, you can rely upon one of the many available cryptocurrency creation platforms. Primarily, the reason why people wish to develop their own blockchain is to gain maximum control over their currency.

If you choose, you might enrol yourself in some paid course to learn all that’s needed to develop a blockchain and more. Yet, unless you look forward to being a pro in this field and make a living out of it, such efforts won’t be necessary.

When you work with a cryptocurrency creation platform, experts take care of the coding in accordance with the way you wish to have your altcoin. This method is also availed by many, despite the initial costs incurred.

That said, there is a completely free and easy method in this regard, just like there is for almost everything else. Many open source codes are available on the internet, which has to be tweaked to the user's preferences with the help of some minor coding. Such coding is indeed very simple and can be easily learnt through some references.

Step II

Following the final alternative in the step above, you’ll have your own cryptocurrency ready in a matter of about half-an-hour at the most. However, believe me or not, it’s rather easy to make an altcoin.

The difficult part actually begins after you have made the coin and you have to start earning with the same. From this step onward, I would discuss what it takes to instil financial worth into your cryptocurrency.

It’s worthwhile to note that most people who fail at the crypto-industry, do so because they fail to implement the points that follow.

As it happens, altcoins gain value only when a significant number of community members vouch for it. Thus, the maker of the coin as to earn a good enough reputation with a crypto community for her coin to earn well.

In fact, one has to get into and be known in a local community before she builds her own cryptocurrency.

Step III

So, you have a cryptocurrency with strong coding and also a substantial community backing. Despite that, your currency won’t make money unless people are willing the verify the transactions made with the same.

The job of verifying transactions is done by miners and, obviously, you’d have to look for them, as well. Develop a cordial relationship with miners on your network and gain their trust.

Also, ensuring proper and transparent communication with regard to your coin's purpose and its motive is always the best way to go.

When you are at good terms and on the same page with your miners, you benefit from long-term returns through your cryptocurrency.

Step IV

Security is a crucial factor in the crypto industry, and you must make sure that your coin is optimally secured and is reliable. In doing so, you need to acquaint yourself with the ways of the hackers which will also allow you to recognize any loopholes in your coin.

Faulty or unsafe cryptocurrency is harmful to all the parties involved in the trade, especially the investor (you) and your customer. Moreover, if you get a bad name once, it becomes extremely difficult to regain the trust of your community members. Obviously, this is detrimental to the performances of your coins.

Conclusion

In all, it can well be understood that it is rather easy to ‘make’ a cryptocurrency. At least, that’s how it is at present. The tougher, and the more serious, part begins only after the initial building of the altcoin.

It takes quite a while, as well as, effort on the part of the maker to actually get the coin working and, most importantly, to earn money from the coin.

Moreover, just like any other industry, the crypto industry is also not bereft of its own shortcomings and concerns. Thus, it is all the more advisable that the user gains enough knowledge before jumping into the market.

In other words, one must enter the cryptocurrency business only after putting substantial thoughts into it and not out of whims.

Nidhi Arora

Contributing Editor at Wimoxez. My passion and hobby lie within this very beautiful art. Yes! It’s surely an art. An art of moulding your words into magic.

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