Today, distributed databases are very popular in the Internet space, where devices with data do not connect to a common server – blockchains. They are used in many spheres of life and applied in modern projects. The article below will tell you how to create a cryptocurrency and launch and promote it to an advanced user who does not know the basics of programming.
Why create your cryptocurrency?
There are several reasons for creating your virtual currency. The first is the desire to make real money. Secondly, the user has a monetized server for use and wants to contribute to information technology. This applies to the owners of gambling sites who want to introduce their settlement system between participants, for example, online games. Own blockchain technology requires a lot of free time – the creation process is capacious.
Despite the obvious attractiveness of this type of earnings, it is not suitable for everyone. Sometimes good technical skills and knowledge are not enough, since the process is not only lengthy but can also require money, especially if the appropriate equipment is not available.
Principles of mining and using cryptocurrency
- it is advisable to use powerful computing equipment with special software (a home PC is slower, but at the initial stage, you can also mine on it);
- mining ends when the last coin is mined;
- protection is provided by a special code with a high degree of protection;
- each next coin is harder to mine;
- free access to virtual currency for potential and current investors;
- the sent payment is not refundable;
- cryptocurrency does not depend on the state;
- a crypto wallet cannot be restored in case of data loss.
Anyone who decides to create a cryptocurrency on their own should keep this in mind and follow the described principles. There are special crypt creation services on the Internet like Walletbuilders or CryptoTeam.
How much does it cost to create your cryptocurrency?
Before you start creating your own electronic money, it is worth understanding the terminology. Along with the words “cryptocurrency”, “mining”, and “blockchain” there is “altcoin” and “fork” on the Internet. Most of the existing types of virtual coins are based on the technologies of others. So, the altcoin is called crypto based on the bitcoin code. Fork covers a wider range: this term is used to refer to any currency obtained by replacing the original components.
Launching your cryptocurrency is not a cheap venture. The cost of the project largely depends on the technical component. Advertising, airdrops, and bounty campaigns are the next step. Building and running a full-fledged project with a personal blockchain will require recruiting a development team.
What do you need to create a cryptocurrency yourself?
All money, even those that appear on the Internet, requires an expenditure of energy. To work with crypt, you need a PC with network access. The future founder of a new currency should keep in mind that it will take time to work and will have to process a lot of information, and learn new ways and methods of obtaining a crypt.
People who are familiar with mining only by hearsay may think that there is a special application with which even a child can make a new electronic coin. However, it is not. Creating and promoting your cryptocurrency from scratch so that it can generate real income is a complex process that depends on the approach and set of hardware and software. The main thing that a novice developer needs is a PC with Internet access and initial knowledge of reading codes.
Online services for creating crypto:
- CryptoTeam. The service allows the creation of currencies such as POS, POW, or hybrid. Subsequently, the crypt is listed on any exchange.
- Open-Transaction. With its help, you can enter a new virtual coin. It is possible to create accounts with lists of assets and generate currency.
- WalletBuilders. A simple environment for creating a cryptocurrency that a beginner will understand.
- GitHub – The largest hosting and development environment for IT projects. It is based on the Git version control system.
What determines the cost of a cryptocurrency?
At the beginning of creating your own digital money, you need to test the existing equipment and calculate what needs to be purchased to complete the task. In addition to technical equipment, the cost of the future digital coin includes the cost of electricity.
As for the price of the created currency: the more excitement and interest, the higher the cost. The main factor here is people. In second place is speculation. Digital money does not depend on the economy, politics, or the global situation in the financial sector and does not have backing in the form of a gold reserve.
