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Monday, September 28, 2020

How to Create Your Own Cryptocurrency?

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The world as we know it is welcoming the new e-currency; top countries have accepted the use of cryptocurrency as a means of payment.

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The top companies are not left out too, companies like Microsoft, CheapAir.com, NameCheap, KFC Canada, Expedia.com, Reddit, Newegg.com, Overstock.com, to name a few. After the rise of Bitcoin, a lot of initial coin offerings (ICO) were established, although it also gave rise to a lot of shit coin.

It does not dispute the fact that cryptocurrency is the future currency for all transactions. If you interested in creating a personalized cryptocurrency, this article is just what you need to show you the “know how” of getting your cryptocurrency even though you are not an experienced coder.

To quickly understand how crypto works, you need to watch the market, observe Bitcoin, Dogecoin and other fast increasing niches of cryptocurrencies.

It is okay to be skeptical about the possibilities of creating your cryptocurrency; however, it is possible to customize your personal crypto. Although there are specific options, you need to consider and also caveats you need to know before creating a personalized cryptocurrency. Some of these customized features could be based on your non-profit currency, family name, token, etc.

How to get your very own customized ERC-20 Token?

You can build the ERC-20 token on the Ethereum blockchain; it is a simple and standard product, which you can easily customize. The code to be used for the crowd sales and contracts is available for those who are determined, but some platforms are user-friendly that will put you through the process.

This is where the MetaMask comes in, for instance, you can use the extension on the CoinLaunch’s Coin creator.  Are you wondering what the extension does for you? It allows you to connect to the Ethereum network also add it to your browser for easy access.

The good thing about modern technology is that easy access to information; you can get self-explanatory videos to help you build and launch your ICO. There are some other options available, including lessons for creating bonuses and vesting schedules for investors. With the information, you can use it to launch a token contract without crowd sale.

Although the token contract process is free; there are no hidden charges for experimenting with token contracts; instead, 4-10% commission is available depending on how much funds you are able to raise from each Initial Coin Offering.

With the help of Coinlaunch, you can create the ERC-20 token, and then distribute it to your friends; it will draw the attention of whoever hears about the “next bitcoin”. The Coinlaunch helps you to understand the technical nitty-gritty of the token and how it works.

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How to Trade my OWN Cryptocurrency on Exchanges?

Getting your personalized token is great, but it doesn’t end there. You have to start trading with it. After your token is released through initial coin offering or ICO, then your coins are now ready for trading; you can exchange them for already existing coins.

The income you get from these trading will now be used to finance projects such as gaming platforms, digital wallets. Trading your coins, allows you to exchange your cryptocurrency to buy coins. The truth is, irrespective of the level of your crypto experience; you can create a token and run a crowd sale (Initial Coin Offering, ICO).

However, there is a glitch in the crypto world now, and some people are using this means to run away with investors’ money. As a result of this, there a lot of scam coins being created, nevertheless, the Securities and Exchange Commission is constraining ICOs and creating higher regulations to put these tokens in check.

If you are want to create a personalized cryptocurrency, you will need to allow the regulatory bodies to investigate your proposed tokens before it hits the market

The cryptocurrency market is known for its volatility, but at with time, the market will mature as more people continue to believe and adopt the idea of the digital currency.

How to launch a token?

You can start a token with the help of a cryptocurrency platform. Some cryptocurrency platform helps you to build a custom, but you will need to enter parameters. I recently found out that CryptoLife is a perfect example of such platform.

Their requirement you need is to start from the logo parameter down to the number of coins awarded for signing a block. Another company that can help you is WalletBuilders; they offer similar services with a base price of 0.01 BTC, although CryptoLife is way higher with 0.25 BTC as their base price. With CryptoLife you are sure to get your coin’s source code in a few days.

If you do not want to involve the public, you can create a smart contract; you can create a token with or without a public ICO with a smart contract. Considering the fact that tokens can represent any asset varying from crowd sale, voting right to funding through physical currency or merely a concert ticket, you can create a token with no purpose other than to exchange among friends.

It proves that it is possible to accept cryptocurrency payments. It is easier, faster and of course cheaper than creating a coin because it does not require the effort and time to build and maintain a new or a forked blockchain. The Bitcoin and Ethereum have created the map for others to follow.

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Joy Ebarefeyehttps://sterlingtips.com/
Joy is a creative writer who loves to decode boring information and transform them into the simplest, but innovative ideas for positive impact. She provides practical tips on how to solve life's challenges. Joy is also a full-stack developer who designs and develops beautiful and responsive websites.
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