Cryptocurrencies are trending. Tokens like Ether or Bitcoin have become so popular that more and more people are deciding to try their luck with crypto trading. But a lot of people wonder how to create your own cryptocurrency. The answer may surprise you. Since it’s a digital currency, it’s relatively easy to create a new token. So, how to create your own cryptocurrency? Let’s try to find out!
How Long Does It Take to Create Your Own Cryptocurrency?
You will probably be surprised how easy it is to create your own crypto. How long does it take to create your own cryptocurrency? Well, without prior knowledge, you will need about an hour for this. If you’re in the loop, you may be able to get your own crypto quite legally in around 20 minutes. Moreover, you won’t have to make high investments. But still, there are some limitations. A token is just a token. If you’re also planning to create an ICO, there are much more aspects to consider as well as numerous legal provisions that you must be familiar with.
Due to the great popularity of cryptocurrencies, a lot of crypto enthusiasts are thinking about bringing their own coin onto the market. How long does it take to create your own cryptocurrency? Well, how was mentioned before, you can create your own token in just a few minutes. However, if you’re about to create a truly professional project, then there are still many things to consider. The following tips will help you to successfully start developing your own cryptocurrency. However, it’s only the beginning of the hard work.
Learn How to Create Your Own Cryptocurrency
Below are five key tips that will help you learn how to create your own cryptocurrency. They will help you successfully prepare your project and show you what to do next. Nevertheless, this is rather a complex topic that requires a lot of specialized knowledge.
1. Familiarize Yourself with the Topic
Prior to creating your own cryptocurrency, it’s important to first familiarize yourself with the subject matter of this extremely complex topic. You need to know what cryptocurrency is, what technology is behind it, and how digital currency works. In addition, you need to know what tokens exist and how transactions work.
2. Plan Your Project in Advance
There are around 3000 different tokens on the market. The number is steadily increasing. But developers always pursue a specific goal with their tokens. Thus, you also have to think about what the target of your token should be. Would you like to offer smart contracts or create new means of payment? Or do you have other goals? You can only get to work in a targeted manner if you plan your project carefully in advance.
3. Start with ERC20
Ether and ERC20 tokens are very widespread in the crypto scene. You will only find a lot of useful information as well as a number of ready-made code snippets when searching for these tokens. For this reason, it’s advisable to start with ERC20 and initially to give up other technologies and standards, as this usually requires more experience and effort.
4. First Try Your Hand at a Test Network
The temptation is great to get started with a new crypto token in a real network. However, real ETH is required for development in this case. You have to buy it with real money beforehand. For this reason, it makes more sense to start with a test network first. Here you get ETH necessary for the development free of charge and also have enough opportunities to experiment with your token.
5. Start Small
As with all new projects, the same rule applies here — start small first. Limit yourself to simple changes and adjustments, test them extensively, and then gradually start to implement new functions and possibilities. Just learn how to create your own cryptocurrency instead of thinking about an ICO. Even if your own cryptocurrency can be created in a few minutes, the road to a completely finished token is long and requires a lot of extensive specialized knowledge.
How to Create Your Own Cryptocurrency Token?
How to create your own cryptocurrency token? However, there are two completely different ways. The first one is creating a new blockchain. This is the most difficult way which you should choose only in case you have a unique idea, significant investment, and a strong development team. The launch and development of a cryptocurrency in this scenario can take up to several years.
The second way is cheaper and more practical. It’s about creating a token on an existing blockchain. It’s suitable for developers with limited resources who want to create an internal currency for a project.
How to issue a token on Ethereum? The Ethereum blockchain allows even people with no programming skills to issue tokens. This is a digital designer in which it’s enough to change a few lines in the source code of the ERC20 standard, and then upload it to the network. The process takes no more than 20 minutes.
How to create your own cryptocurrency token? What other useful tips do you know? Feel free to share them in the comments!