The cryptocurrency industry is praised for its decentralized nature, where everyone can enjoy the opportunity to create the cryptocurrency of their dreams. Central banks no longer have a monopoly on money supply (of course, if you consider cryptocurrencies to be real-world money). New cryptocurrencies are being created daily: to reshape the global financial system, to make international payments faster and safer or to simply earn a fortune on the cryptocurrency craze.
Do you want to join the crowd of cryptocurrency enthusiasts? Read the full article to learn how to create a personal cryptocurrency of yours.
First steps
In order to launch a cryptocurrency, you will have, of course, pay enough attention to the code, but that’s not the only issue you will encounter. What kind of people would want to use your particular crypto and for what reason? That’s the question you first have to answer. To make your cryptocurrency project successful you will have to find a community of people interested in what you have to offer. It doesn’t have to be a big group of enthusiasts, but the more people you manage to get onboard the higher will be your chances of success.
It is also wise to adjust your project to the people’s needs and requirements, not the other way around. Building trust is something you want to focus during the initial stage of the project.
Getting the code done
Despite being a technically demanding task, coding your cryptocurrency is definitely not the most time-consuming process out there. Most altcoins are based on the open source code from Litecoin and Bitcoin, which is easily accessible on GitHub. You will need certain degree of C++ knowledge. Some programming experience won’t hurt, as well. Of course, the more features you want to introduce, the more time and effort it will require.
The project should be long-term oriented in order to succeed. The cryptocurrency market is currently overcrowded, with over 1300 cryptocurrencies listed on CoinMarketCap alone. Giving the project a vivid name and promoting it aggressively is certainly not enough. The community has to be sure: you are there to stay. Then you have to persuade people to use your crypto, which can most easily be done through the development of innovative and problem-addressing solutions.
Engaging miners
Miners support the cryptocurrency by allocating their crunch power to the system, thus making it possible to create new blocks on the blockchain. It is their support that will determine the degree of your projects’ success. Should the community of miners appreciate the idea behind your coin (team of highly skilled developers and experience in the related field can also be a plus), they will start mining it. Therefore, it is in your best interest to persuade as many people as possible to join the mining rally.
This is the point where you want to stop being a close-minded developer and demonstrate your marketing skills. In order to stick to your coin miners should have a certain degree of trust towards you and expect long-term gains. Inciting their activity by sharing your plans and initiatives that will ultimately drive the token price up is something you may want to do.
Winning merchants
Something that is often forgotten but still very important: the original purpose of all major cryptocurrencies was to make transactions between different arties easier, safer and faster. You, as a developer, will have to persuade enough people to stick to your coin as a mean of exchange in order to make it truly successful.
On this stage you need to promote your platform to the masses, not only a group of preselected professionals. Your feelings and attitude — your ability to inspire, if you want — will be as important as facts and technical capabilities of the underlying product.
And remember that people are not there to simply support your project out of good intentions, they want to receive financial benefits, which is true for both online and brick-and-mortar sellers. When cooperating with merchants you want to improve their sales, or at least persuade them that your project is capable of doing so.
Aiming for more
Think globally, act locally. This well-known management maxim applies to your project, as well. While it is not always possible to hit it big in an overcrowded cryptocurrency market, you always want to think one step further.
Why would the general public want to invest in your project? What will it look like in five years? How would you address future issues? Those are the questions you want to answer when aiming for global expansion. Please note that having a revolutionary project, as well as being capable of implementing it, is not enough to enter the top-10 list. You might need some luck, too.
Don’t get bitter and upset should your cryptocurrency not reach global scale. Serving a small community of loyal enthusiasts is as honorable as creating the one crypto to rule them all.
