You might have heard of Bitcoin, Ethereum, and maybe even Ripple, but in fact, there are thousands of cryptocurrency. How are these coins created? Cryptocurrency is not created like fiat currencies with a centralized bank. Cryptocurrencies are decentralized and are mined according to its limit. For example, Bitcoin will be mined up to 21 million.
When you think about creating a new cryptocurrency “The first step is to find a community and boost its value” rather than expecting a community later. Building such protections and nurturing provides your coin trust and legitimacy in the eyes of the public.
You need to know a little bit of about coding and crypto security. If you have no idea about coding then you can hire professional. But you must know how the coin is going to work. You have a duty of care at the development end in terms of bug fixing and ensuring the promise made at launch but you also have a duty to educate people of the risks and give them what they need to secure their wealth.
Once you’ve developed your coin you need to spread the word so people start mining. An important thing is that the miners will not mine without any rewards, so you’ve to announce ICO for miners. This makes miners engaged and the coin will get familiar.
Video of creating Cryptocurrency on your own:
Marketing your currency is the next step so, the miners will have a place to spend. It is not an easy feat you need to convince merchants and individuals that the digital currency holds some value and can be traded trustfully. The main aim is to provide a secure, decentralized, advanced technology cryptocurrency for the traders.