Call us crazy but we were thinking that having our own currency would be so cool, right. There are more than 1800 cryptocurrencies in the world. It is not just Bitcoin, Litecoin, Ether and the ever so famous Potcoin. The game is huge. Everybody is free to join right. So following are the steps you need to take to make your own currency.
Coin or Token?
First of all you should decide if you want to make a really dope coin or a token? The difference is little. Coins buy wealth, share wealth, transfer wealth. They are a store of value. Also known as digital assets in the technicality of things. This can be used to buy stuff, but nothing in specific particular. So are you selling your own coin?
A token is a promise. It buys a specific thing. Candy bars only, Only rental cars or Tipping webcam artists only. So are you selling a service in your own currency?
Or is this just for you, and for ain’t nobody else. Then it’s all cool yo. Choose either.
Select a Blockchain
You can either start with an existing one. Or formulate your own. Both require some level of tech expertise, but you either know it or you will find someone who does, or would be willing to, if you are as resourceful as we think you are.
Developers may start from scratch even if it is just the YouTube tutorials you are using to walk through yourself in the whole thing, it will need external help. You can take it as a challenge, have fun with it.
Relatively easier would be to fork out an existing blockchain by taking the open-source code found on Github. You can pick any coin there, Litecoin, for example. Now next up, you will have to make a few changes, and launch your own new blockchain with a new name like InspireCoin or SummerCoin.
This requires you to understand the code so you know what to modify and why. This can be ditched if you outsource or bring in a partner on board. But, if this is just for the gags and the gagas, then get your high school best friend on create some fun stories to tell your crypto loving grand children.
Launch via Cryptocurrency Creation Platforms
Oh, yes this is good for the lazy ones. Opps, sorry, no offense. But, this is the easiest way. All technical work will be undertaken by the platform and they will deliver your finished coin or token back to you. You can use it anyway you like.
The steps are kind of like building your website and choosing how and what it will look like. So, it is as simple or hard as you like to take it.
Family or Friend Tokens
You can create a token with no real value or serious purpose other than to exchange among friends and loved ones. This is faster, simpler, and cheaper than creating a coin. A token for bbq’s or who will host the next bakesale, or a bakesale token or a garage sale token.
You can add some value to by making the investors pay a few dollars for it and then maybe contribute to a charity or a donation. Get creative. Any new technology should be used by all, for great impact and utility. Tell us what you have come up with or if you need to be hooked with a person or anything. We are always here, waiting for your reviews! Hashtag: Excited!