Did you know that there are different forms of money? Not only fake and true. These categories were important in the 20th century. Now we have digital money, cash money and money that can be accessed through online media or even plastic money. In the last decade, however, the whole world has seen an even newer form of money.
It is nothing more than a crypto currency. Virtual currencies or crypto-currency are digital resources that can be used as a means of exchange. Some of them are certainly noteworthy. Here we can mention Ripple, Bitcoin or Dogecoin. In the network you will find even more cryptocurrencies. We have to remember that they work in a digital domain.
Technologies that stand behind cryptocurrency
The noise around Bitcoin itself is the main reason for the increase in demand for digital currencies. However, cryptocurrencies are the result of a technology that is called Blockchain. It is basically one of the most revolutionary technologies. It appeared on the market in 2007. This technology is a network-based system. Its data is recorded and stored in blocks. Each block contains information on various topics.
Creating your own virtual currency
Since it is not regulated by the government, we can create our own coin – a crypto – without any permission or authorisation from the government. Some knowledge of coding and programming will certainly help us. However, a virtual currency can also be created without this knowledge.
Let us define the source code
Source code is an intelligent agreement. This contract really contains all the information about the virtual currency. The source code is very similar to the prospectus of the company. The purpose of issuing a coin and its character is contained in the source code. If the goal is well defined, it is certainly easier to raise money through the ICO.
Define your own currency
Do we want our crypt to be like Bitcoin? Or maybe we even want it to be better than it? If we plan to duplicate a very popular currency as well as a popular currency, it is certainly advisable to make various kinds of changes in tokens. All the shortcomings of Bitcoin in its original version can be replaced by adding new functions to the code. In order to obtain favorable results, it will certainly be best to study Bitcoin from scratch.
Bitcoin source code itself is publicly available and can be downloaded from a variety of websites. We can also create a new coin under our own name and continue to develop it. Thanks to the introduction of further improvements. This step of our coin distinguishes it from other virtual currencies.
Initial offer, the so-called ICO
The first step in building the virtual currency architecture itself is the assumption it is to implement. The second, in turn, defines the currency. Both of these stages are the most technical elements of creating a virtual currency. The third step, in turn, is to raise funds directly through the so-called croudfounding or assigned more to the cryptocurrencies ICO. This step involves nothing more than selling our coin. The ICO process is completely dependent on building user confidence. Nobody will really fund our coin if the purpose is not clear.
We need to promote our coin
Sell your coin in such a way as to attract more investors. Satoshi was actually able to bring Bitcoin to that size thanks to a planned and well implemented marketing strategy. The only way to make our coin a success is through an attractive action plan.
The coin itself must look like a low risk investment. What is more, it must offer high value. Many critics are as aware as possible of mass adoption by issuers. Our coin should be a source that creates a very high value for investors.