Did you know that it takes less than 5 minutes to create your own cryptocurrency? Or that you don’t even need any coding skills to do it? This quick tutorial will show you not only how to create a cryptocurrency, but also how to make it popular.
How is it even possible to create a new cryptocurrency?
When Bitcoin came to life in October 2009, the developer released the original code for both the cryptocurrency and the underlying blockchain technology. Since everything was out in the open, available to anyone, it was possible to make the new currency using the existing code.
Do you need any technical (coding) knowledge?
Yes and no. On one hand, a child can create a cryptocurrency in a matter of minutes using the user-friendly apps in Ethereum Wallet or on the ProofSuite dashboard. On the other hand, if you want to develop a currency that really is somewhat independent and unique, you need to have C++ knowledge.
So…
How to create a cryptocurrency with no coding knowledge?
The simplest way is to build on the existing blockchain, using an app that lets you create your own cryptocurrency in less than 2 minutes.
Naturally, if you create the new currency using Ethereum Wallet, you can build on the Ethereum blockchain exclusively. At ProofSuite, you can choose between 4-5 different blockchains with the Proof blockchain being free.
That said, if you are about to build on Bitcoin or Ethereum, you have to purchase crypto coins relative to the blockchain you are using to pay the fees that enable you to launch the cryptocurrency.
The process is simple and straightforward and takes no more than 5 minutes to complete.
How to create a cryptocurrency with bootstrapping?
You go to GitHub and swipe the open source code of Bitcoin or any other available cryptocurrency. The next step is to add unique features exclusive to your new currency. For that, you need someone who codes in C++.
According to the coders, it takes approximately a day or two to code the new currency. But, when all things are considered, coding itself is the easiest part of the entire process. You see, creating a new cryptocurrency is relatively easy, whether you are going to use an app or slightly alter the source code.
Making it popular and accepted is something else entirely. As you can guess, there are hundreds of cryptocurrencies that we haven’t even heard of, with the majority being abandoned altogether. This is because their developers made one cardinal mistake: They were doing things backward.
How to make your cryptocurrency popular?
What is money? It’s only a tool we use to buy food, shelter and different commodities that make our lives easier and better. In other words, if you have the money but you don’t have anything to buy with it, it’s pretty much useless.
Thus, in the market exchange process, money comes second.
Your future cryptocurrency is nothing more than a tool that will be used in a market exchange process, the same as money, which implies that you need to create a specific purpose for your cryptocurrency—something that will be exchanged for X number of your crypto coins.
After you figure out the purpose and the name of your cryptocurrency, you need to build a community around it. You want to reach out to those innovators and early adopters who will identify with your vision.
Where to find your crowd?
Arguably the best place to start searching is Reddit and different crypto forums with people who already understand cryptocurrencies.
Only after you see the early adoption of your innovative idea, do you move out of that circle. In other words, you start marketing your crypto vision to the wider masses that commonly include folk with just a vague idea of what cryptocurrencies are.
It’s the Pareto principle: 80% of work for 20% of results.
Make no mistake; if you don’t have a clear vision of the purpose, you’ll just waste time and money. Furthermore, if you fail to transfer that vision to the crowd, your cryptocurrency will never see wider adoption.
Thus, the cryptocurrency is following the same rules any other innovation follows.
In conclusion, your first step should be to sit down and flesh out your idea on a sheet of paper. It’s going to be like carving an elephant from a large rock: To get an elephant, you need to remove anything that isn’t the elephant. If you want to learn more about cryptocurrency, check out Cryptocurrency Institute.