Now that you have finally caught up with the hot trend of cryptocurrencies and have finally decided to invest in the same, it’s inevitable that you are faced with tons of questions. Puzzling questions like how to create your own cryptocurrency and make money?
To trouble you further, whenever you have asked Google for the ways to create your own cryptocurrency online your confusion has been heightened by the many, often contradicting, scattered information here and there.
To relieve you from all the trouble, this ‘make your own cryptocurrency’ tutorial is an attempt to bring into one place, all the information about how to create your own cryptocurrency in 15 minutes. As most of the exchanges are having their specific platforms, creating your own cryptocurrency is fairly an easy task. Let's see what are the steps in doing so.
So, let's dive straight in and embark on a step-by-step journey, at the end of which, you'll have the much-needed answers to how to create your own cryptocurrency and make money by trading them.
At the outset, let us debunk the myth that, in order to create your own altcoin or cryptocurrency, it’s mandatory for you to be a coding freak. Well, it was true in the past, but, it’s no more the case now. Here are the steps on how to create your own cryptocurrency and make money:
First, to be able to create your own altcoin you’d either have to build your own blockchain (requires high coding skills) or use a cryptocurrency creation platform. The primary reason why able persons choose to create their own customized blockchain is to gain complete control over their cryptocurrency.
If you are interested, there is many a ‘Create Your Own Cryptocurrency’ course available presently. However, an extensive ‘create your own cryptocurrency’ course is bound to cost you a lot and is often pretty lengthy. That being said, the fact remains that this isn’t necessary unless you want to become a professional altcoin maker.
You can always use the fast, modern method of making cryptocurrencies by letting experts from a cryptocurrency creation platform do the technical part for you. Although this also might involve initial costs, it’s often more feasible for the common user.
Apart from these, the best and the free method of creating your own cryptocurrency is to use existing open-source code from any existing platform and tweaking it your preferences. This is the method recommended by us and used by many, especially if you are an amateur and don’t have a lot of money. This requires very simple coding which you can easily learn by watching a good ‘Make Your Own Cryptocurrency’ tutorial on YouTube.
Using the last alternative in step I, it shouldn’t take you more than 15 minutes to have your own cryptocurrency. From this step onward, it’s all about how to make money with your coins and how to secure them. These steps are often harder than the creation part and most people fail in this market because they don’t follow them.
An altcoin doesn’t start making money right away. It only does so once a substantial amount of community members vouch for it. In order to ensure this for your coin, you have to be acquainted and active within a local crypto community. In fact, you should do this even before you actually make your coin. The secret to a successful altcoin is that it actually meets the needs of its local community.
Your cryptocurrency, no matter how well it is coded, is basically useless until people are willing to verify the transactions made with it. For this, you’d have to look for miners on the network. Make sure you build up a good relationship with the miners you connect with so that you gain their trust. Properly communicate the idea behind your coin and also the purpose of the same.
In order to make good profits from your altcoins, it’s imperative that you are on the same page and on good terms with your miners. This also ensures that your coins perform well and give better returns on a long-term basis.
Another essential aspect of building a successful cryptocurrency is to ensure its optimum safety and reliability. For that, you’d have to have a basic understanding of the ways of the hackers. You must do a substantial amount of research on these topics and ensure that your cryptocurrency has as fewer loopholes as is possible.
A faulty cryptocurrency is not only harmful to you as an investor in the same but also for your customers. A bad name within the community in this regard can significantly hamper the performance of your coins.
You can get several advantages when you have your own cryptocurrency such as lower operational cost, transaction anonymity, elimination of fraud risk and accessibility to a whole new customer base.
So, I hope that, by now, you’ve known that it’s indeed very easy to ‘make’ your cryptocurrency these days. Yet, the tough part actually begins after the initial 15-minute creation part. It does take some time and active pursuit on the part of the maker to get a cryptocurrency to perform better and return good profits. The concerns about the risks in this market are true to some extent. Consequently, it’s more than advisable that you don’t rush into this business of trading in cryptocurrency without doing your homework.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like KuCoin, IDEX, Changelly, Cryptopia, ChangeNow and Changer without creating an account on them. If you are interested in buying cryptos, do give it a try!
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2020-04-30 11:34:39.411041 | 2 min