Can I create my own cryptocurrency?

You can already hear most of the people from all around the world talking and gossiping on Cryptocurrency Decentralized Internet in recent times. If the fun facts and gossips interest you a lot then it is time for you to get some in depth knowledge in the first place. However, if you are one of those excessively curious crypto fan, who wants to create his own cryptocurrency after observing the perfect market condition now, then you are on your destination page. 

After seeing the craze of the people regarding cryptos, most of the people have this common question in mind, “Would I be able to create a new cryptocurrency?” The answer to the question might confuse to some great extent and hence, let’s put it in simple words. It is not possible for a common man to create an entirely new cryptocurrency as it requires a lot of programmatic skills as well as expenses. Yes, during the process og creating a new cryptocurrency, you would need high skills and a huge team of developers who would work for you to create the new set of blockchains and shape up the coin with desirable features. Now you know why the process is terribly expensive. 

However, if you want to go for a cheaper option, you can try out forking. It is a process which can help you work on an existing blockchain to create your own cryptocurrencies which can have similar features to the existing cryptos in the blockchain.

If you are serious enough about your question, then the following article might help. 

The reasons for using cryptocurrencies

  • Cryptocurrency transactions do not require any intermediary entity such as financial institutions or banks. 
  • As there are no intermediary entities for cryptocurrency transactions, the fee charged is less.
  • The chances of fraud are much lower in cryptocurrency transactions. 
  • Cryptocurrency transactions are faster.
  • Cryptocurrencies are accepted worldwide as a payment mode. 
  • Each cryptocurrency transaction is transparent.

Categories of cryptocurrencies

Cryptocurrencies can be divided into two types- tokens and coins. Both are called cryptocurrencies but there are certain differences between them. It is important to understand these two so that you can make your cryptocurrencies for your business. 

Coins: A coin has its blockchain on which all transactions are done. Popular examples of coins are Bitcoin, Neo, Ethereum, and Emercoin, etc. each of these coins has a different blockchain. 

Tokens: Tokens are quite popular among the cryptocurrencies in today’s world. Tokens make transitions secure. You can use Neo or Ethereum to create a new cryptocurrency.    

Ways to create Cryptocurrencies

Here are the ways to create your own cryptocurrencies.

1. Make your blockchain

If you have in-depth knowledge of coding and have a clear idea about the working of blockchains, you can create a blockchain from scratch and make a new cryptocurrency. Creating a new cryptocurrency is a complex job and only an experienced programmer or coder can do it. 

2. Change the code of existing blockchain technology

This is a less complicated method than creating a blockchain from scratch. But, you will need programming knowledge to do it. You must also know how the working of blockchain to make changes and create a new cryptocurrency. Blockchain needs high-end infrastructure. To create a new cryptocurrency, you must have good technical knowledge. You can take up a blockchain course before setting up the required infrastructure for a blockchain and developing a new currency. Most blockchains are open sources so anyone can download and view the codes. 

3. It is called a token. It is a kind of digital cash.

It is a less technical method and you will not need very good programming knowledge for it. The popular meme token SHIB is an ERC-20 token created on the blockchain of Ethereum. 

Before you plan to create your cryptocurrency, you must ensure that cryptocurrencies are legalized in your country or niche. You must study cryptocurrency laws thoroughly to avoid further complications. You must decide the method you will use for creating your new cryptocurrency. Ensure that you have the required hardware for creating or modifying a blockchain and creating a new cryptocurrency. To ease the process of cryptocurrency trading and investment, you can use the official trading bot.

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