There are many complexities in creating a fiat currency and this is the reason why people don’t print new form of fiat currency every day. Creation of digital currency could be done with basic coding skills, however, there is much more to make a Cryptocurrency successful.
Cryptocurrency for Current Problems
The moment you think of creating a new digital currency, you might rush into coding your cryptocurrency. However, that is a wrong place to start according to per cryptocurrency experts. The first step in creating a successful cryptocurrency is to make a cryptocurrency around the community. This must be relevant to the cultural heritage and background of the community.
In addition, cryptocurrency experts believe that it is important for the people to get involved in the vision. Many people on these forums take a backseat and speculate, then actively getting involved. The nurturing and development of the currency gives the cryptocurrency legitimacy & trust in a volatile market.
Every developer would accept that coding a cryptocurrency is the least intensive part of the process. This is because the cryptocurrency market is based on an open source code of Bitcoin or Litecoin.
Many cryptocurrencies are forked from Bitcoin or Litecoin; however, there are some cryptocurrencies which are based on a hash algorithm that can take time to develop. The key to any cryptocurrency is the ability to survive in a market dominated by short-term speculative hype. Every cryptocurrency requires the able stewardship for the project to last in the longer term.
Use of Miners
Once the cryptocurrency is developed, the community must know about the cryptocurrency for them to mine it. This helps in raising awareness of the existing cryptocurrency. Mining is beyond coding and it adds trust and value to cryptocurrencies.
A good start begins with invoking trust and value for the miners to see your visions and intentions. These miners have the hardware required and getting them is a great opportunity for the cryptocurrency. A sustainable Cryptocurrency is the one that respects people’s expectation with risk tolerance.
When a cryptocurrency is pushed too hard, it tends to backfire; however, having a great vision alone is not enough. The miners need to commit to the cause and need to stay with the vision especially during hard times.
Once a good cryptocurrency concept is visualized, a team has been assembled to code and the news of this has been spread in the forums. This is the essential step in the marketing your cryptocurrency. This will help convince individuals and merchants that the cryptocurrency created holds value and traded like traditional & trusted money. In addition, Investors look at the intention the cryptocurrency is intended to solve than actions.
At first, marketing begins at the cryptocurrency market because the people involved in the market will know what a coin or a token is. This allows for gaging the first reactions from the market. The task gets tougher as next process involves convincing people who are not aware of cryptocurrency. Merchant adoption is like miner adoption. The two is a matter of perception with different outlooks.
Accepting by Global Audience
The last step to the developed cryptocurrency is world domination. However, the currency system has been around for more than five centuries and no currency has dominated the globe entirely. The cryptocurrency must be a local currency serving a global market.
The real potential of a cryptocurrency might lie with hyper-local currencies for villages, towns, cities and other communities allowing for free trade of goods and services in a more secure way. This will reduce the dependency on central banks and larger markets to guide in the currency used i.e. Plastic dollar or a copper coin.
To make your own cryptocurrency might be easy; however, the real challenge lies in Marketing i.e. convincing people about intentions.
Blockchain App Factory is a team of blockchain enthusiasts helping our clients with their community-based cryptocurrency. We feel it is our responsibility to take care in the development end in terms of fixing bugs and ensure that our clients’ promise to the community’s well-being is achieved.
Our aim is that the community sticks with our client’s cryptocurrency, be it neighbourhoods, cities, events or even a small group of people with similar interests who want to trade freely among themselves.