For those interested in cryptocurrencies, you can create your own cryptocurrency. Of course, it won’t be worth anything just yet but in the future, if you succeed, you’ll have a valuable crypto-currency that will be impossible to replicate. There are various ways to participate such as by mining or investing in ICOs (Initial Coin Offerings). A great way to start is by signing up for an exchange so that you can buy some crypto of your own and sell it when and if the time comes.
The most important thing is that this knowledge doesn’t stop there – take a look at popular platforms such as BitcoinTalk or Reddit and find out what people are talking about. Join cryptocurrency forums and learn everything you can. You’ll be surprised by how many people are willing to help you if they see that you care about this crypto-world
If you are interested in investing in ICOs, the best place to start is with a platform called CryptoGo. This is a platform that has made it easier for people to invest in ICOs without having to worry about storing all of these currencies and tokens on their own. It’s absolutely free of charge which means there is no reason to not give it a shot!
Now that I’ve made you curious, here is a general overview of how you can create your own crypto-currency.
Step 1:
First thing’s first – you need to find some free online space to host your code. There are tons of websites that are willing to help and even though they might be a little scary, they’re usually pretty good at explaining the process. For this example, however, I suggest the CodePlex website (https://www.codeplex.com/wikis/index) or GitHub (https://github.com/).
Just to be clear, CodePlex is a website that is owned by Microsoft and GitHub is owned by Google. Both are free (for now) and are great places to start.
Step 2:
Now that you have the platform, you need to set up the code for your cryptocurrency. Although this might sound intimidating it really isn’t because there are several libraries that can drastically simplify the development of a cryptocurrency. This means that you will not have to create everything from scratch which can save a lot of time in the long run if you’re new to this world. Personally, I recommend using C++ (https://www.youtube.com/watch?v=M7BWL2BjOzA).
Step 3:
Now that you have an idea of how to create a cryptocurrency, it’s time to get the word out. First thing’s first – you’ll need some coins! For this step, all you need is a crypto wallet so that you have a safe place to keep your coins. There are tons of wallets out there but if you’re just starting out I would suggest CoinPayments (https://coinpayments.net/). This website will store your digital currency and will allow you to accept payments in various different forms such as PayPal or Bitcoins so make sure to store them there. FreeBitcoins.com (https://freebitcoins.com/xchange/signup) also gives you over 20 different free cryptocurrencies when you register as well.
Step 4:
The next step is to build up the community. For this, you will need an outlet that will let you spread your message. If you’re more of a programmer type person I would suggest Reddit (https://www.reddit.com/), GitHub (https://www.reddit.com/r/Bitcoin/), Linux Kernel Mailing List (https://lkml.org/) or BitcoinTalk (https://bitcointalk.org). Each of these platforms has forums and can help you gain information on what to do next as well as a niche group of people who are in it for the crypto-currency revolution.
As for other outlets, I would suggest Bitcointalk, BitcoinTalk or I don’t know. It’s not exactly a good idea to try and spread your message across too many outlets but just pick one or two that you think might fit your needs. Messaging the guys on FreeBitcoins.com isn’t a bad idea either!
Step 5:
The last step is to add some value to your new cryptocurrency. This means that you should either create a website or make sure that people will be able to use it. The best way to do this is first by creating a wallet on a website like CoinPayments or FreeBitcoins.com and then by making a game that uses cryptocurrency as the currency. Good examples are http://cryptogames.space (https://cryptogames.space/) or http://www.cryptokitties.co/ (http://www.cryptokitties.co/). If you think these games are too childish or simple, there are tons of other alternatives for example Ether Dungeons (http://ethedungeons.io/) which I believe is a great way to learn more about cryptocurrency. The last bit of advice I have on this step is to remember the blockchain and how it forms the backbone of cryptocurrency.
This article has been created by Ben Fielding, a seasoned writer working on behalf of Finance 27.
