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Cryptocurrency: everything you wanted to know

Cryptocurrency: everything you wanted to know

Articles / 2019-06-20 12:01 PM

The term ‘cryptocurrency’ was first mentioned in 2011 in one of the Forbes publications. Since that time, the term has completely come into general use. It used to define coins that don’t exist in the form of the paper bank notes. Such a kind of currency exists only on the digital space.

The top cryptocurrency features such as decentralization are so much attractive for the users. The owner of any existing cryptocurrency is not tied to geographical point, state or political order. Despite the rate of the cryptocurrency exchange is tied to the real money such as the US dollar they are valuable on their own.

So, virtual money has gained such great popularity thanks to the following:

  • High level of distribution and multipurposeness. A wallet can be easily created with the use of a computer, smartphone or tablet on various operating systems;
  • Simplicity, transparency of the settlement transactions. The overall history of the incoming and outgoing transactions is stored without any time limits;
  • All the nods within the cryptocurrency generating system are equal. There is no center that is why it is impossible to block the wallet or to cancel or control the transactions;
  • Maximum anonymity increases payment system independence.

Cryptocurrency is a fundamentally new type of money that is going to take its place in many industries. As a result, many people ask such questions as How to create a cryptocurre4ncy and make some good cash? Actually, any person can do this.

To create or not to create?

First, a user has to indicate the tasks the newly made cryptocurrency will have to perform. If you need an internal currency for some project or community, then there is no need to use some separate blockchain. In this case, it is better to create your own token. The Ethereum platform with its smart contracts and the ERC-20 standard would be a wonderful instrument for that. It is supported by stock exchanges and can be easily implemented in frames of any project. To launch such a project one just has to substitute the basic values in the source code of the standard token. You shouldn’t underestimate such a way as there are many projects that have managed to successfully carry out ICO on the Ethereum basis. The most important thing is that such a project could really generate value and attract investment. In such cases, the platform doesn’t play the biggest role and separate blockchain is not really needed.

But if you have a unique idea that demand s something more than coin transactions, than there is a point to think about creating your own cryptocurrency. It is quite a difficult thing but still possible. You will have to obtain sound skills of programming or even a good team of software developers.

Practical Advice

Creating your own cryptocurrency you have to treat it as a commercial project from the very beginning. Such a project can both make a hit and pass entirely unnoticed.

The right set of priorities is extremely important for success in the market. Further, you will find 6 pieces of advice for those who are thinking about creating a new cryptocurrency.

  1. If you don’t have the relevant programming skills, you can create your currency with the help of the Open-Transaction software. The platform supports many emission centers and provides more solutions than just those on currency creation. With its help, you will be able to optimize the time of launch and not to get dragged into technical works for a long time.
  2. If you are choosing between the simple currencies on the Bitcoin basis and the unique ones which are more difficult to create, choose the unique. It has more chances to take roots in the market. Try to introduce the fundamental solution, and then the interested investors will find you themselves.
  3. Search for the vulnerabilities. Put yourself into the hacker’s shoes, made a thorough research on the sensitivities and get rid of them. As a result, you will avoid failures and gain a good reputation.
  4. Thinking about a new cryptocurrency, try to make predictions on what is going to be interesting for the users in the following couple of years. Only in such a way, you will be able to create a solution that will be in trend in the nearest future but not will disappear right after the appearance of some more innovative solutions.
  5. To make your cryptocurrency popular you have to launch a comprehensive marketing campaign with competitions and bounty program. Today, bitcointalk.org is a famous forum where developers introduce their cryptocurrencies to a wide audience. Use it to the maximum as well all the other instruments.
  6. If you are going to gain a foothold on the cryptocurrency market allocate a year for the launch of the project and 2 years for its development.

Now you understand that the cryptocurrency creation is not a superpower anyone who really wants can do it. Remember, Bitcoin once was invented by a confident enthusiast who just dared and as a result made a hit.