Mint Your Own Cryptocurrency: Ride Your Luck to Reap Huge Profits May 17, 2019

Talking About Mint Your Own Cryptocurrency: Ride Your Luck to Reap Huge Profits, From paper-based notes to online banking and then payment-gateway, transaction methodologies have witnessed the sea with the emergence of digital transformation and the introduction of fintech technology. However, ever since the advent of cryptocurrency the paradigm of the world economy has drifted towards an avant-garde technology.
So, What Exactly is Blockchain Technology

Many of you must have heard about the term blockchain, while for others it’s an alien customer. Blockchain is an open distributed ledger that keeps a long list of increasing records called blocks using cryptography. It is an ingenious invention that uses the peer-to-peer payment network, recording the history of data exchanges. The distributed system secures and verifies each of the transactions.

“According to Statista”, the global technology market for blockchain will upsurge $2,312.5 million by 2021 from 2010 in 2016.

One of the monumental achievements of the blockchain technology has been the introduction of cryptocurrencies, with bitcoin making its first appearance in 2009. Ever since then, this cutting-edge technology has not looked back and we have seen the evolution of several cryptocurrencies including Ethereum, Ripple, Litecoin, Dogecoin, and more.

What is Cryptocurrency

The cryptocurrency is a digital or virtual currency that uses cryptography to offer financial security. The cryptography feature restricts the creation of additional currency units and verifies the transfer of money from one party to another. It is a medium of exchange based on the decentralized control powered by the distributed ledger of blockchain technology.

If we talk about leading cryptocurrencies, bitcoin is still leading the way, followed by Ethereum and Ripple. The following figure further illustrates the information.

Why You Should Mint Your Cryptocurrency

We can cite several reasons specifically from the business point of view about why developing cryptocurrency will reap huge profits.

• There is no or very nominal transaction fee
• It reduces the risks related to fraud transactions
• It is free from regulation and control of the government
• cryptocurrencies do not have any impact on inflation
• Unlike the payment gateway, it does not involve any other third-party
• Make international payments in real-time
• Keep on attracting new customers through iOS application development or any other platform
• Escalate ahead in the competition

Creating a Cryptocurrency

To start; just take it easy and relax. Developing a cryptocurrency is not a rocket-science for which it would need brainstorming. Write a few simple codes and your job is done. Just follow a systematic approach and take one step at a time.

Programming languages for Cryptocurrency Development

You don’t need to be a coding jargon either. The basic coding knowledge will suffice the task provided you are familiar with the programming language to go ahead on the road. Ideally speaking, the most popular programming languages for creating a cryptocurrency include C, C++, Java, Python, and Pearl. If you are grossed with the programming languages, it becomes relatively easier to implement the customized features.

While developing the cryptocurrency, the software development company don’t have to only focus on the codes but find out a community along with the merchant base. You also need to gain knowledge on the mining process and look to target the local market instead of the globe.

Getting Across a Community or the Target Audience

Every business has a target audience and if you are developing the cryptocurrency, you cannot exclude the line. So, you have to necessarily get across a viable community, which you can consider as your potential customer. Once you search the community, you can build the digital currency following their requirements. It is not necessary to copy the features of bitcoin or other popular cryptocurrencies.

How Do You Find the Community

Talking About Mint Your Own Cryptocurrency: Ride Your Luck to Reap Huge Profits, It’s fine that you have to find a community before planning to develop the cryptocurrency. But how do you find it? The task requires some extensive research work. It would be appropriate to search how many people are currently using the digital currency and precisely what problems they are facing. This will help to rectify those issues while creating your currency.

Coding

Once you have got the community, now you can divert your focus to coding. Coding legalizes your cryptocurrency and enhances people’s trust that they are using a lethal currency for transaction.

GitHub Offering Free Code Access

For coding, GitHub offers free access to bitcoin codes. However, please just don’t copy-paste the codes blindly but make visible changes in the code that makes your cryptocurrency feature look different from others.

Let’s explain this further. Suppose you have a few subtle changes in the GitHub Codes, then it will take approximately half an hour to complete the task. On the other hand, if in case you are creating a digital currency with features similar to bitcoin, then include some additional time to integrate the features of the blockchain.

Get Ready to Research Again

Don’t contend with limiting your research to only once. Get prepared to research from a fresh note. This time around divert your attention to knowing the demand for cryptocurrency. You need to think appropriately before implementing the particular features and don’t forget to keep the security factor on the apex. Also, make it a regular point to fix the bugs and errors at regular intervals.

Mining Cryptocurrency

The next step is mining the digital currency. If it has to be explained in simple terms, mining means promoting your cryptocurrency. You have to take the same approach as business enterprises undertake to spread word of mouth. And here, the rule book says that you need to get more miners on the board. Mining will help to increase the value of your cryptocurrency in the market. It is through mining that you are competing with the other digital currencies prevailing in the market.

It is a slow and steady process. The value of your cryptocurrency won’t hike overnight or you cannot expect to share the same platform as bitcoin within a few days. Also, you have to take an important call here, where you need to decide how much value of coins you want to first release in the market. The excessive release can make your show go off in color.

Creating a Marketplace to Spend the Currency

Now that you have brought miners and also informed your potential customer about the launch of the new digital currency. But do you think that is sufficient enough to get the voice you need? Nope. You have to significantly create a marketplace where your customers can buy and sell the cryptocurrency and indulge in a secure transaction. If you want to find out the reliable marketplaces, taking help from the internet won’t be a bad idea.

Target Local Instead of Global

As you are a new player in the vast arena of the cryptocurrency market, you cannot expect the wind to suddenly blow in your direction. So, you won’t get any fruitful results if you are straightaway targeting global customers. Hence target the local market. Get important feedback and reviews or tips from the customers to view the performance of your product.

Cryptocurrency Has Changed Several Fortunes Next Is Your Turn

Talking About Mint Your Own Cryptocurrency: Ride Your Luck to Reap Huge Profits, Cryptocurrency has been operating in the financial sector upfront, with skyrocketing demand in the last few years. Many business organizations have already ridden their luck and reaped huge profits by providing a secure platform to conduct transactions. So, what are you waiting for? Do not delay further or build your digital currency to become a key player in the market.