Make your own cryptocurrency: 8 tips for creating a digital currency

The world is changing the way it operates. We have moved from paper to paperless currency, though the concept of digital currency is still new to the common man. The markets, on the other hand, are blown off by it. The economy is slowly shifting towards a more profound digital ecosystem dominated by cryptocurrency exchange platforms. The newest and most trending talk of this digital system- ‘cryptocurrency’.

What’s a cryptocurrency anyway?
A cryptocurrency is a medium of exchange of digital information, just as we use normal currencies for getting what we want. Cryptocurrency obtains the digital data. You too can make your own cryptocurrency or even create your own cryptocurrency exchange platform.

Why are we using cryptocurrencies?
There are many reasons that justify the use of cryptocurrency in the markets. With the advent popularity of Bitcoin, many new alternative cryptocurrencies are also gaining attention. These categories of cryptocurrencies are called altcoins. Following are a few reasons to make your cryptocurrency.

Fraud-proof- Because of blockchain technology on which cryptocurrencies are based, the chances of frauds are minimal. All the individual coin owners have encrypted identities and legitimate record keeping.

Accessible- Anyone with an access to internet has the ease of working with cryptocurrencies.

No third-party- Blockchain technology provides another benefit- no involvement of a third party in making transactions. When you create your own cryptocurrency exchange, you create a decentralized monetary system with only you holding the full ownership rights.

How to make your own cryptocurrency?
Advanced technologies have eased the task of creating an altcoin on blockchain.
Let’s go through the most basic steps for creating your own cryptocurrency.

1. If you are not a technical person then a good choice is to get assistance of professional cryptocurrency developers.
2. Decide if you want to make your own cryptocurrency or if or and choose the option that suits your requirements. You can also create your own cryptocurrency exchange for this purpose.

Create your own cryptocurrency- If you are a cryptocurrency expert and can code, this is the way to go. The pros of using this method are-

1. You can add new features and make it stand out.
2. You can choose the security that you would want to provide.
3. You can choose the size of the block, maximum limit to supply coins and the rate at which new coins will be issued.

Creating a bitcoin fork- Creating a bitcoin fork gives you the leverage of already existing and reliable open-source codes for your cryptocurrency. Pros of using this approach are:

1. Secures you from being exposed to fraudulent attacks like double spending attacks
2. Access to features like built-in decentralized cryptocurrency exchange platforms. This will allow people to trade your cryptocurrency for various digital assets.
3. It saves a lot of time and effort when you do not have to code to make your own cryptocurrency.

Here are the eight tips that will help you further:

Customer’s benefit- You need to be clear on the USP of your currency for the end user in order to make a deep impact.

Promote it well in the community- It is a far fetched ideology to expect people to readily accept your cryptocurrency over the available cryptocurrency exchange platforms. Find the pain points of the community, the use-cases and reasons for your new currency to exist and then finally code to make your own cryptocurrency.

Decisive development method- As defined earlier, you can use either of the methods to make your own cryptocurrency. When coding by yourself, be sure of the language and stick to it.

Sample it first- Rather than explaining the concept to others, it is better to create a prototype for approval. This will help you in maintaining the concept clarity.

Make it hack proof- You make it hack proof by continuously searching for loopholes and downfalls in your cryptocurrency.

Find miners- Once you decide to make your own cryptocurrency, you will need miners. Try to build trust instead of overselling the cryptocurrency to them.

Investor search- All the successful cryptocurrency exchange platforms leave this task for the end.

Many altcoins have been built and plenty have been discarded by the people. The cryptocurrency market is rising rapidly, so, if you are planning to make your own cryptocurrency, follow these tips to make it worth.