Successful Cryptocurrency Business: how to launch a cryptocurrency

Today a lot of people are interested in how to launch a cryptocurrency. First of all, decide for yourself right away what the purpose of issuing your own cryptocurrency is. Some people are interested in earnings, others are interested in the process, and some want to benefit all of humanity.

For example, Vitalik Buterin, the creator of Ethereum, thought not only about enrichment. He thought about the prospects of using blockchain in other areas and this has helped him to create a successful project.

Technically, starting your own cryptocurrency is available using different methods. For example, an adaptation of Bitcoin code or usage of ready services with constructors. In this article will be described the basic methodology, where you need the source code. It will hardly allow constructing something revolutionary, but quite viable and working – yes. It all depends on your goal.

But whatever your goals, a step-by-step guide on how to make my own cryptocurrency will be helpful. Don’t forget that after your crypto will be ready, you need to list it on some cryptocurrency exchange.

Successful Cryptocurrency Business Step 1: Choose a cryptocurrency creation service

The vast majority of cryptocurrencies in existence today are forks of Bitcoin – they are based on the BTC crypto code. Unless you intend to revolutionize the digital universe and create a fundamentally different blockchain, it makes more sense and is easier to use off-the-shelf solutions.

Ideal for open source projects is GitHub.com. This site has a huge selection of ready-to-use products for anyone and all the services of the platform are free. You only need to choose the most promising cryptocurrency and use the code to implement your own project.

Successful Cryptocurrency Business Step 2: Download the right code

Every digital currency needs a basic cryptographic code. To upload the source code to your repository, you need to clone it.

After downloading, it’s worth examining the parameters of your own computer. You must have the libraries installed on your PC needed for the software to work correctly.

Successful Cryptocurrency Business Step 3: Come up with a currency name and edit the code

There are hundreds of different cryptocurrencies. If you want to stand out among them somehow, come up with an original name so that it is euphonious and memorable in any language.

In fact, the base code that you have already downloaded is a ready-made cryptocurrency, just not compiled. To make it original, you need to replace the name of the base currency in the code with your own. This, of course, is not done manually but with the help of special programs.

Successful Cryptocurrency Business Step 4: Select and configure network ports

All operations with cryptocurrency inevitably pass through some network. Your application will need to specify network ports, through which the transactions will take place. It is necessary to choose the ports, which are not used by other applications and change the program code accordingly.

Successful Cryptocurrency Business Step 5: Set up the currency generation

The preparatory steps are over, it’s time to move directly to the generation of digital currency in the blockchain. The creator is free to set the number of coins the miner receives for calculating one block, as well as the limit for creating the blocks per day.

In the case of Bitcoin, the initial reward per blockchain was 50 BTC, but gradually the calculations became more complicated, and now the fee is 12.5 bitcoins. That is, the creators have the right to change the fee as needed.

Successful Cryptocurrency Business Step 6: Configuring icons and images

In the output, you will have a finished application for the user plus a console application for the server and the client. You can replace the icons you already have with some of your own.

Logos and pictures of your new currency come up with your own or entrust this business to a professional designer. The image of your cryptocurrency should be easy to remember and evoke pleasant emotions

How to launch a cryptocurrency: conclusion

You need to calculate exactly what you need to buy from the hardware. The cost of creating a cryptocurrency also depends on the cost of electricity, which will be spent in the process. The answer to the question of how much it costs to create a cryptocurrency from nothing depends on these calculations, and it will be a different answer for everyone.

Starting cryptocurrency isn`t easy. The method described above assumes certain skills in programming and handling digital code. If such activities are a dark forest for you, delegate the task of creating a cryptocurrency to professional executors like this company. An experienced team will help you start your own cryptocurrency with minimum effort as soon as possible.