Creating your own cryptocurrency: is there any worth to it?

Cryptocurrency 98213 15

With the growth of the whole crypto ecosystem and the fact that the global cryptocurrency market has kept on expanding in the past few years – although we’ve also seen some plunges taking place- it’s only natural to start thinking that you can get a piece of the constantly growing industry pie! 

In fact, many people have begun to wonder whether now -more than ever- is a good time to develop and release their own cryptos into the market and leverage all the benefits, opportunities, and advantages offered by a product that is still in its growth phase. 

Imagine rolling out your own cryptocurrency and pretty soon watching it grow to a point that investors become extremely interested in acquiring and trading it, consumers become accustomed to using it for purchases and people generally use it for a number of purposes, including online gambling or sports betting on some bd betting site. Just think that people could use your cryptocurrency to buy something as small as groceries to as big as real estate or wager on their favorite IPL team on an online bookmaker that along with bkash features crypto payments as well!

Let’s step back for a moment now! These are not science fiction anymore. Creating your own cryptocurrency is not unattainable or non-feasible. What is difficult to make is a successful cryptocurrency, especially when there are currently nearly 9.000 cryptos in existence -there are also estimations that the actual number is much higher, approximating 20.000 cryptocurrencies for 2023! 

However, most of these are dead, which leaves us with the 9.000 active cryptos. You can imagine how hard it can be to develop and release a new cryptocurrency that will somehow stand out in the market and lock in profits for you – which after all is the main objective of the whole endeavor. And you should keep in mind that not all of the 9.000 active cryptos are successful. Only a portion of what circulates in the market brings money to investors. 

So, creating your own cryptocurrency is not an easy thing to do, but at the same time, it is not something that can’t be really achieved. You should think of it more or less as a plan that can materialize as long as you put effort, time, resources, and a lot of strategic thinking into it! 

Launching a new cryptocurrency requires a lot of work to be done backstage to make it worth it. That is, if you want to start with the best of odds, you need to commit yourself entirely. The key decisions you need to make involve the following issues:

* Platform: are you going to use existing blockchain platforms, like Bitcoin or Ethereum, or are you going to develop your own blockchain platform? Using existing platforms is easier, faster and more convenient but it can cost you more per transaction. On the other hand, developing your own blockchain platform requires knowledge, expertise and a lot of resources, which if you don’t have in advance, things might get complicated

* Investors: find the right investors and make upfront decisions on the distribution of rewards. It is very critical to have in place the whole plan in advance.

* Unique Selling Proposition: what is your cryptocurrency offer that will be different from other cryptos in the market? You need to think in terms of differentiation and value delivered to the users. 

* Safety and security first: you need to make sure that you have taken all measures to design and integrate security into your cryptocurrency, because once launched you can’t actually change much. 

* Exchanges: you should decide which crypto exchanges your cryptocurrency will be offered at. It’s really important to make a wise choice that will protect your project

* Promotion: promotion should precede the launch of your cryptocurrency. While we are seeing many marketing and promotional activities taking place simultaneously with the release of new crypto, it is much more efficient and effective to do it before the launch. 

Well, these are the main issues that you need to pay attention to if your cryptocurrency is to have a good start in the market and if you want to make the whole effort worth it! 


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Jerryloams
Jerryloams
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