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How to create a cryptocurrency?

Cryptocurrency is a monetary unit that has no paper equivalent and no main emission center. It is not backed by securities and other tangible items. Moreover, the cryptocurrency is not controlled by state regulators, although, according to experts, this issue will be raised more and more by the authorities in the near future. Therefore, it is quite clear what a cryptocurrency is at the present stage of economic relations.

Virtual cash is obtained using the computing power of machines and special software, and its amount is most often limited by the maximum limit of the issue of monetary units. The price of cryptocurrency coins can be expressed in any currency. Most often, the dollar is used for this.

The creation of the financial market for cryptocurrencies began with the emergence of Bitcoin in 2009. The initiative was taken up by many companies and individuals who launched several thousand types of cryptocurrencies on the market. But today, the search engine query on how to create a cryptocurrency remains one of the most popular. Although interest in Bitcoin itself has subsided a little.

Alternative cryptocurrencies: what are fork and altcoin?

All coins that are admitted using cryptographic methods today are called altcoins and forks. They differ in the complexity of production, volatility, quantity and, of course, cost. Bitcoin remains the most expensive cryptocurrency, although it has many worthy rivals in terms of popularity. Moreover, all cryptocurrencies have an unstable value rate, which depends on several factors.

Considering promising cryptocurrencies, one cannot fail to mention Litecoin, which is a fork of Bitcoin. This cryptocurrency is one of the most popular virtual funds. In turn, Litecoins programming code was used to create the Dogecoin currency. Therefore, this electronic money is Bitcoin forks and altcoins.

Today, new generation cryptographic currencies are being created, which have an open source similar to Bitcoin, but many innovations. As an example, it is worth mentioning the Ethereum system, Ripple and NXT, the codes for which were written from scratch. For this reason, many experts consider them a new generation currency, which should not be called an altcoin.

How to create your own cryptocurrency?

Bitcoin has shown incredible success. Of course, many want to repeat the achievements of the first cryptocurrency. So how to create your own cryptocurrency in todays competitive environment?

Encryption algorithm

In order to create a new currency, the platform absolutely does not matter. For example, Bitcoin is created using the SHA256 cryptographic algorithm. Scrypt remains popular as well. In both cases, ASIC devices are used for mining. Many currencies are created using the X11,13,15 algorithm. It is worth emphasizing that in recent years, the main focus has been on Crypto 2.0 projects. For example, XRP cryptocurrency is created using this algorithm.

There is an erroneous opinion, according to which, it is necessary to release a certain currency on the market, and in the future it will find a consumer itself. In fact, everything is much more complicated. Before creating a cryptocurrency, you need to perform a number of steps:

    Understand the technology of Bitcoin functioning, as well as find out why it is still held in the market, regardless of the pressure of the authorities of some states, and remains the most expensive cryptocurrency?
    Improve the Bitcoin program code. No one will be interested in a currency that is an exact copy of other virtual funds.
    Develop a business plan and assemble a team of professionals. We are talking about people who will work for the result. Employees should not just understand what cryptocurrency is, but be theoretically and technically savvy.
    Consider that the launch of the currency, as well as its implementation, may take several years. Based on this, you need to study the market, analyze the prospects for new cryptocurrencies, as well as their capabilities.

It should also be borne in mind that the cryptocurrency rate is not stable. That is, those altcoins that are popular today may disappear from the financial market tomorrow, and forever. But virtual cash, which has an impeccable reputation, is constantly growing, thereby allowing investors and cryptocurrency owners to earn money.
Creation of cryptocurrency as a type of business

Currently, the creation of new types of means of payment can be compared with the development of innovative technologies. Even before creating your own cryptocurrency, you need to understand that an ordinary fork is not able to compete in the domestic and international markets.

Traditional business involves generating income through the sale of goods, services, commission, access to the platform. All this is missing in cryptographic payment systems. The cryptosystem functions in an open form and this is its main feature. It is for this reason that the developer of the currency does not have the right to restrict his clients in the extraction of cryptocurrencies and even control over the platform. In general, the owner of the new currency is just a user. Its only advantage is an idea that can be fully implemented. You need to know that even the most promising cryptocurrencies are not protected from attacks by 51% of community members. This is especially true for systems in the early stages of development.

Promising projects

Most of the crypto coins are not of interest to users, since they are pre-mined. At the same time, some projects deserve attention. For example, many modern systems operate as platforms based on Crypto 2.0. High performance is demonstrated by DASH, which uses the X11 hashing algorithm.

Qiwi cryptocurrency. In 2015, the Kiwi payment service announced its desire to bring its own funds to the market under the name Bitruble. Blockchain technology is used to create electronic cash. The release of the new unit was slated for 2016. Currently, the project is under consideration by the Central Bank of the Russian Federation, since the payment systems of Russia can create a cryptocurrency and put it into circulation only after obtaining permission from the regulator.

Ethereum network: creating your own tokens

Ethereum is not just a payment service, but a platform for the operation of decentralized services operating in real time. The service works on the basis of blockchain technology and is designed to conduct smart contracts. Despite its young age, and the project was launched in mid-2015, it is very promising. At present, the capitalization of Ether exceeds $ 1 billion.

After creating the Ethereum Wallet, you can immediately start mining using your computers video card. Ethereum can be included in the list of promising cryptocurrencies, since each user in the system can create coins on their own. The currency created by the owner of the wallet can act as promissory notes, certificates, in-game and other items. A cryptocurrency created by the user himself can only be used for settlements within the system. Although it is possible that it will go beyond its limits.

Most people understand very well what cryptocurrency is and how it can be used. Its creation is even more interesting. Of course, this is a complex process that requires a good idea and large investments. Despite the fact that the achievements of the creators of Bitcoin are difficult to surpass, sooner or later someone will succeed.