General

Our in-depth guide to making cryptocurrency

From paper to digital currency, the world is changing the way it operates. The world is nowadays moving to more and simpler and profound digital ecosystem. A cryptocurrency is more or less a secure medium of exchange of digital information.

Have you ever wondered if it is feasible to create your own cryptocurrency without having any knowledge of coding? Let me tell you that there are few options and caveats to keep in mind before diving in.

What is the need for using cryptocurrencies?

There isn’t an exact reason to justify the use of cryptocurrency in the markets; There are a lot. With the popularity of bitcoin, many new altcoins are gaining attention.

It’s Fool Proof – Due to the constant use of the blockchain technology in the underlying system, the chances of frauds are none. Since there is a lot of security measures taken for every transaction

No third-party involvement – A advantage that the blockchain provides is that it does not require any third party involvement in making transactions. Since cryptocurrency is decentralized, you have full ownership rights.
Also read, What It’s Actually Like to Work at a Crypto Startup

Ease of access – Another advantage of trading in cryptocurrencies is that it doesn’t require anything more than a secure and stable internet connection. Whoever has access to the internet can efficiently work on cryptocurrencies.

Knowing the difference Coin and a Token

It’s vital to know the difference between coins and tokens before you can create your cryptocurrency. Coin and Token are both cryptocurrencies. While coins like Bitcoin, Litecoin, Dogecoin operates on its blockchain, But token relies on existing blockchain infrastructure like Ethereum.

Blockchain is simple, and a record of transactions is made and is secured by a network. Therefore, While Coins have their own transaction ledgers, Tokens rely on the existing network technology to evaluate and secure transactions.

In simple terms, Coins are used to transfer wealth, while tokens can represent a “contract” for almost anything. Tokens are usually released through crowd scale known as an initial coin offering (ICO) in exchange for existing coins, which in turn will fund projects like gaming platforms or digital wallets.

Anyone can create a token and run a crowd scale funding, but ICOs have become more precautious as creators take the investors money and run.

The Securities and Exchange Commission (SEC) warns investors to do their research before buying tokens because they are cracking down on ICOs and moving to treat tokens as securities that, like stocks must be regulated.

The Thought behind cryptocurrency is that the underlying code is accessible to everyone, but it doesn’t mean that it’s easy to understand.

Also read, It’s 2019, Where Are Bitcoin’s Sidechains?

Knowing how to create a bitcoin fork

Being in control is really tempting, but this also has its drawbacks. By creating this bitcoin fork, you will be able to use the existing and reliable source code for your cryptocurrency.

To make a single coin, you can choose to use the code closest to the actual currency that features your need, and you can make changes to it later on. By using this approach, you are launching your crypto coin with a secure blockchain, and this secures you from being exposed to false attacks such as double-spending attacks.

Also read, Facebook is developing a cryptocurrency for transfers in WhatsApp

Features like built-in decentralized exchanges will allow people to trade your cryptocurrency for digital assets as it will be in your access. Plus this saves you time since you don’t have to go through the pain of coding and developing.

Top Established Cryptocurrencies so far

Bitcoin, this name strikes a note and takes you to the digital currency no matter if you haven’t been involved in it or not. Back in 2009, Bitcoin was the first ever decentralized cryptocurrency which was introduced to the world. Today, it has risen to a level where fewer people expected it to be.

Only a few altcoins have managed to establish themselves as strong competitors against Bitcoin. Some popular ones are

  • Ripple
  • Litecoin
  • Ethereum
  • PIVX
  • Zcash

CONCLUSION

The crypto market is rising at a high pace. So, if you are planning to make your own cryptocurrency and keeping it active in the markets, you need to understand all these points mentioned above and make it count.

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