What Does It Take To Coin A Cryptocurrency?

By Dmitriy

BTC Wires: After having heard and experienced so much on Blockchain and cryptocurrency, a question arises that how can you create a new cryptocurrency. A lot of people are sceptical about the idea at first. But if you delve into the ecosystem, you will realise that it is not very hard. The process for creating a cryptocurrency isn’t as complex as you may think.

First, you need to code the cryptocurrency in which you want to create. It’s not a hefty process, as there are many open source codes relating to bitcoin, lite coin, and other major cryptocurrencies out there. The coding itself of the cryptocurrency may take you a day or 2, and it’ll be up to you depending on how complex you want to make your code.

Second, once you’ve launched your cryptocurrency, it would be ideal to continually update your code/make efficient, as you may face problems regarding its transactions. You’re going to need to be on par with other cryptocurrencies when it comes to efficiency, so making code changes that will provide boosts for the long run is definitely key.

Lastly, if you want your cryptocurrency to do well, it would be in your best interest to get miners of your cryptocurrency on board, from the get go. Getting miners on board allows for more people to be aware of your cryptocurrency, in turn allowing for more people to be interested/investing in your cryptocurrency.

If you understand the difference between ETH and ETC, then you’re already in on the action. However, it’s clear that Bitcoin, Ethereum, Litecoin, Ripple and ZCash are going to be as big as Apple, Amazon, Google, Facebook and Microsoft. So it’s kind of like asking how hard is it to build Apple. It’s harder than building Dell. But then again, anybody can go to Fry’s or Micro Center and build their own PC.