The future is here, and like it or not it’s not about flying cars or time travel devices, it’s all about cryptocurrencies and the online market. While there has always been a desire to digitalize the market ever since the credit card was first introduced, this has never been a fully viable option until the rise of Bitcoin and the potential for profit that this brought. The first cryptocurrency came out in 2009, and now we’re looking at over 6,000 cryptocurrencies to choose from.
But why appeal to an already existing medium and not start your own while the market is still young? This is a question that many people have asked themselves in the past couple of years, which led to such an increase in numbers overall. So, in this article we will be directly showing you exactly what you need to do to easily create your own cryptocurrency and possibly make a whopping profit off of it as well. If you want to be part of the future then you will need this knowledge, even if you don’t plan on creating your own currency per se. So, here is everything you need to know about the crypto market and how you can create your own digital asset:
What is a Cryptocurrency
Essentially, a cryptocurrency is a virtual currency which is backed up by a blockchain. It is used in the virtual medium to facilitate the exchange of products and services. Since it is shielded by cryptography however, it is a lot safer to use than traditional money because counterfeiting and double-spending the same cryptocurrency is nearly impossible.
What Makes a Cryptocurrency Wanted?
If you are planning on reaching the top charts then you need to make sure that it adheres to all three of these following requirements. If it doesn’t then chances are that you will never make a profit off of it, let alone have it become a worthy adversary for the likes of Bitcoin and Ethereum.
So, first and foremost, your cryptocurrency needs to have a purpose. The reason as to why this is so important is the fact that when you create a coin or a token you need to understand the risk of it being doomed to fail from the get go. In the virtual world usefulness is profitable, being useful gives the coin or token value in the world, which is exactly what investors are looking to find. You can use financial security as one of its main selling points, you can look at the global financial crisis that took place because of the pandemic and you can use that to your advantage, advertise it as a way for people to gain back what they lost, a way to look past that dark age and into the bright future.
Secondly, you need to build trust and confidence in the world of finance. If you want to get the attention of the investors then you need to prove to them that your coin or token is useful to them and that it’s a safe investment to begin with. The main reason as to why Ethereum is one of the top cryptocurrencies out there is the trust and confidence that its investors have in it. They stood the test of time, they endured a lot of hardships but because they all stuck together and they didn’t pull out, it is arguably one of the largest and most secure cryptocurrencies on the market. If you want your coin to do the same then you will need to attract loyal investors that will not pull out from the moment that your coin seems to drop a few figures in value.
Last but not least you need to know what you are doing. This might sound redundant but you’d be shocked to hear just how many people actually know nothing about blockchains, coding or cryptography despite being pretty prominent figures in the crypto world. This is why you need to take advantage of a proper team of coders that know their stuff before actually trying to invest in the crypto market with your own coin or token. You need that talented team to be able to think everything through, that team needs to know what they’re getting themselves into and more specifically, they need to make the coin or token flow into the eyesight of potential investors all around the globe. They need to picture a future in which the coin or token you created is synonymous with profit, and you can’t do that without the perfect team to back it up.
A Coin or a Token?
When it comes to creating your own crypto empire, you need to fully understand what you are getting yourself into. So, if you want to put your name out there then you’ll need to decide whether you want to create a coin or a token to begin with. Here’s the difference between them:
- A Coin has its own blockchain
- A Token is built upon a preexisting network such as NEO or Ethereum
Another notable difference between the two is that if you choose to base your cryptocurrency off of a token then you already have most of your job done for yourself. You have essentially built your empire on the back of a pre existing technology that has proven to work efficiently. But if you choose to work your way up with a coin instead you will need a much more experienced team of developers to get you through the job. Each option has its perks and advantages, there is no real good and bad choice over here. It all depends on what you find to be more convenient.
The best cryptocurrencies out there however have both coins and tokens. The difference in this is that each cryptocurrency can have thousands of tokens existing at the same time but only 1 coin per se. You can have practically unlimited amounts of tokens, and they can all coexist without you breaking any laws of physics, but if you choose to go for just a coin then that’s all you’re going to get.
For example, if you choose to go for tokens, you can always go for Ethereum as your platform. Ethereum based tokens are known as ERC-20 tokens and they are essentially the most popular on the market. If you choose to base your tokens on the Ethereum technology then you and your team will need to learn Solidity.
Here are the main differences that you’ll want to take into consideration when choosing between a token and a coin:
- Blockchain – A Coin has its own Blockchain while a Token is built upon an already existing blockchain
- Money – Coins take a lot more money to be created and advertised while the expensive part about making a token has already been taken care of by the technology it was built upon
- Time – A Coin can take a lot of time to be created from scratch while a token can literally be created in no time.
As mentioned previously, both of those options have their pros and cons. For the most part you will need to find the better suited one for you and your brand, don’t let anyone tell you which is the better one for you if they don’t know your exact situation. You can build your empire on a single token, or you can do the same thing based on a single solitary coin.
The most popular coins out there nowadays are the following:
If you choose to base your token on one of those then you will need to really think things through before actually making your choice. Remember, this will be the foundation of your cryptocurrency, it will literally set you up either for greatness or for failure. Ethereum is the most popular technology out there because it offers quality 3rd party options and a hardware wallet which oversimplifies everything to the point where you don’t need to overexert yourself to comprehend what is happening. For the most part, your team will need to be a lot more experienced if you choose to go for a coin instead of a token, but even for a token you will need to have a great set of minds working in tangent otherwise your empire will crumble before it’s even reached its peak.
How Much Does It Cost?
The main problem that every coin or token creator has to pay close attention to is definitely the budget that they are willing to dunk into their new creation. It can really take a fortune to get started in the market, you will need to develop smart contracts, tokens, audits, whitepapers, marketing, public relations and most of all you will need the perfect team to work endlessly to make this all come together.
That last part right there is the trickiest one to pick out from a crowd because there isn’t an abundance of professionals out there that haven’t already been taken by some other company. Since this is a fairly new medium, not a lot of people have experience in the field which is why the few ones that do tend to charge a lot for their work. The usual rates start around $100 per hour, but if you want a real expert to help you make it out there, you’ll need to sink a lot more money into them. Essentially, you will need at the very least around $8,000 every two weeks just to get things started and that’s nowhere near the end of it all. An audit can cost you between $3,000 and $10,000, and all of the aforementioned tasks that need to be taken care of will take a huge chunk out of your wallet to get you started.
As time moves on those numbers will only get higher and higher as you will be forced to shill out a lot more than you are making for a very long time before you actually start a profit. This is why you don’t see random coins and tokens being released on the daily. Is the potential to make a profit out there? Yes. Is it bound to make you a profit eventually? No. This is the exciting and scary part about creating your own cryptocurrency. You most likely won’t make a dent into the wallets of the Bitcoin or Ethereum investors out there, but you can actually get to the point where you can live the rest of your life making money without doing anything too.
How to Create a Token with Guarda Wallet
In case you didn’t know by now, Guarda is a custody-free multiplatform cryptocurrency wallet which helps you store, manage, transfer and receive virtual coins or tokens. The great thing about it is that it’s 100% safe, as it has been one of the main wallets used to store Bitcoin, Ethereum, Monero, Polkadot, Tezos, Tron and other such competitive virtual coins.
If you wish to create your token with Guarda Wallet this is what you’ll need to do:
Name your Token – This is a vital step because it showcases how your cryptocurrency will look on the market
Set up the supply – You will obviously need to specify the number of tokens that will be issued
Deploy a contract – Once you’re done with every other step on the lilst just click deploy and your token will be created and published
Visit Guarda Wallet’s token generator page to get started!
How to Promote Your Token
If you have decided on a token instead of a coin then you will need to know how to promote it in order to make a profit. There are several ways through which you’ll be able to do this:
- Listing to exchanges such as Uniswap
- ICO’s – Initial coin offerings help companies raise fund for their project
- Marketing – Social media, press, sponsored content, blogging, email marketing, promotions, news etc
- Whitepaper – presentation for investors to understand your product
- Community Advertising – Manage your community and keep in contact with them
If you’ve already followed all of those steps above then right now, you’re simply supposed to take part in the waiting game, as even with all of the right preparations in hand you will still need a fair amount of luck to get recognized on the market.
How to List Your Coin with Guardarian
If you chose to go for a coin as opposed to a token then the next step you need to take is you’ll need to have it listed with Guardarian. Why? Because this is the best way to gain brand awareness and pull in new customers from all around the globe.
How It Works:
- You make a listing request on their platform
- You check the details to see if they’re perfect for you and your brand
- You leave your information there for them to contact you afterwards
- You wait for the call and if they do call you will be able to settle on a contract with them
Why Would You Choose Guardian?
- More than 50+ fiat currencies
- Wide coverage
- No hidden fees
- No registration
- Large choice of payment methods
- Opportunity to be listed and included to ChangeNow and Guarda Wallet
When listing your coin with Guardarian you are allowing the community to use your asset as they continue increasing its value on the market. On top of that you get a fully customised widget with the platform which will ensure that you know exactly what is happening to your coin.
So, there you have it, you should know by now how to make a cryptocurrency and all that this entails. While it may seem like quite a handful to manage and properly advertise, we can assure you that it is all made easy when you have a properly trained team to back you up. So, as long as you keep in mind what we talked about in this guide you should be all set on your way towards creating new assets for financial security!