Deciding to create a fresh, unique cryptocurrency for the web can be an exciting time. From inspiring your targeted online community to actively trading it, there are many steps to fostering a new coin. Make sure you have what it takes to develop and market the coin in mind.
Define the Purpose
Knowing what the coin you endeavor to make needs to have a purposeful statement attached to it. In other words, provide people with inspiration in their hearts and minds as to why your coin is worthy of their attention. Can it benefit or change previous and current coins? What is it ultimate purpose? They want to know especially what is in it for them as traders, investors, and speculators of your coin is.
Organizing what percent of your coin’s annual revenue will help determine how much the initial investors receive back in return for their well-earned support. Figure out what percentage you would like back if you were an initial investor, then aim for that mark to give back to the newly-born community.
Cultivate a Community
As with any online niche, there are communities specifically attracted to what you have to offer. Before any of the following steps, creating an engaged community is essential. Just like creating an online product, you must make sure it can be successfully marketable before you buy all the necessary stock to sell. Making sure people back up your purpose and vision is crucial before creating the coin at all.
You can find other like-minded individuals fit for small teams and solopreneurs on bitcointalk.org. The existing forums contain a wealth of connections, do’s-and-don’ts, and helpful advice to point your community creation in the right direction.
To Code or not to Code?
During this step, it is essential to decide whether to create a cryptocurrency fork or entirely new digital coin built on blockchain technology. For example, Bitcoin forks are daughter coins derived from Bitcoin’s open source code. Ask yourself if you want to tweak a famous, existing currency to mend its drawbacks to make it better or venture off on an unpaved road to build something brand new. Noticeably, the former indicates a swift coin takeoff, while the latter denotes more nerve and an overall investment of time and money to code from the ground up.
Keep in mind, there are pros and cons to both paths. While it might be lucrative to start quickly through an established coin’s code, the principal coin has full right to use your tweaks and improvements to better their coin further. The reason is freely available, open source code – everyone can share. If you keep something secret, no one will want to be a part of your coin offering. On the flip side, putting hard work into persistent action by creating a brand-new currency can reap greater rewards in the long-term.
Pitch to Miners
Now that you have hired developers or can develop the coin yourself, it is time to entice miners as to why they should take part in your coin. In order for your growing audience to even be able to use the coin in the first place, they need a way for the transactions to occur. Through mining, this becomes possible. It makes it possible for transactions to unlock and lock crypto wallets in a breeze. Whenever you thoroughly complete the coding, do not be too “sales-y” to the miners.
Of course, they are apart of the entire process of accepting it just as investors and merchants. But, they get the ball rolling, so they should be created with the most care first. Not to say that investors and merchants do not receive the same amount of respect, but keep in mind that miners are going to be the beating heart of your coin’s life.
Connect with Local Investors and Merchants
Instead of taking the world domination approach, going locally yields much better results. Reason being is that there is so much competition when you are starting out that drowning is likely inevitable. Obtaining local support to take your crypto-coin to the next level is what your goal is now. Moreover, people find the uncommon commonality of a local person to help out much more attractive than placing their trust with someone in a different country or halfway around the world.
In addition, this step can also bring great returns if your code is good enough to standalone in the first place. Networking will not hurt, but excellent code can do the talking for you.
To be frank, the probability of a successful altcoin is slim. But, that is the way the world works with any type of business. Be proactive and learn how to work around the bumps in the road ahead. If you never give up, you will get to where you want to be with your newly-risen cryptocurrency.