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Big ideas on how to create your own cryptocurrency

The cryptocurrency market seems scaring but when properly understood, they can work wonders. As a beginner you have to start small and slowly build on your confidence.

There is already a flood of cryptocurrencies and tokens available in the market today. If you have a great idea about cryptocurrency and want to make it real, read on, this is just the guide for you.

Although the ideas presented appear lengthy, they are actually very simple once you learn and start implementing. You can keep this as a refresher to revise whenever you need the vision of a clear path.

You are in luck since this is your best bet to learn how to make a cryptocurrency. You will be informed on the various guidelines that would aid you in your onward endeavour.

Big ideas to create cryptocurrency:

We will elaborate on the below points:

  • Visualize your idea in detail and set timelines
  • Work with an auditor to stick to regulations
  • Plan well for the Initial Coin Offering(ICO)
  • Set up a strong development team
  • Work on efficient whitepapers
  • Build a campaign towards marketing

1.Visualize your idea in detail and set timelines

Before setting off to make your own cryptocurrency, you have to be a dreamer and you have to dream big. Evaluate all the aspects of your idea, visualize how it is going to touch the masses and help them create value.

You can start with the most rough idea and whiteboard. Prepare diagrams and flowcharts on the timelines. Even if it is a draft, make sure you a picture of all your ideas.

But more than anything, your idea should be powerful and create an impact. Failing this requirement, you can as well drop the idea to start your own cryptocurrency.

  1. Work with an auditor to stick to regulations

Be well aware that as a cryptocurrency creator, you are not undertaking an easy task. It will be filled with complex challenges.

One of the challenge is to know and execute all financial regulations. You may be a technical person who may not be fully aware of monetary clauses.

In such a case, engage an auditor or a subject matter expert who can seamlessly help you understand and guide you through the complexities.

You will have to work out estimates on your investment, risks involved, gain expected and often you may need to plan well in advance.

  1. Plan well for the Initial Coin Offering(ICO)

The important phase prior to launch a cryptocurrency is the ICO. During this phase you offer some tokens for your customers in exchange for cryptocurrencies.

There are many strategies to make an ICO successful but it is out of scope to discuss in this forum. You have to stay alert and work with high technology to make your ICO profitable.

Also Read: Why It’s So Easy to Hack Cryptocurrency Startup Fundraisers

  1. Set up a strong development team

Your job is half done if you assemble a strong development team. This team has to be aware of the latest technologies and contribute their knowledge for your success.

Programming skills are much required when coding smart contracts and other aspects related to blockchain. There may be a requirement of many levels of reporting in your development team to aid management.

  1. Work on efficient whitepapers

As part of any campaign to create own cryptocurrency, it is often mandatory to create impactful white papers that can capture the attention of the crypto community. Your technical document must enlist all technical and allied features of your project.

You must be able to convince potential buyers the what and why aspects of your efforts. Often good white papers drives collection of  large funds.

  1. Build a campaign towards marketing

With the base foundation in place, it is evidently a necessity to implement efficient marketing. Marketing and the power to capture the sentiment of the masses often makes mediocre efforts stand out.

You have to work on all aspects of digital marketing like email, video, advertisements and factor your time for social media engagement. When you work your way in this direction, you will steadily build loyal customers.

Also Read: What It’s Actually Like to Work at a Crypto Startup

CONCLUSION

Hope you were able to appreciate what it takes when considering to build a digital coin from scratch. There have been such coins that have started small but now capture much market share, your active involvement is the key.

Do write back in the forum provided! Your suggestions are always welcome and if found practical, it would help the community.