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5 Prerequisites You Need to Meet Before Conceiving A New Cryptocurrency!

The success of cryptocurrencies exploding in prices like bitcoins, ether, and the meme coin ‘dogecoin’ can compel anyone to see them as a lucrative venture. Launching a cryptocurrency is easier said than done because it requires an innovative idea, flawless blockchain development skills and an enormous budget. Other than that, once your coin is ready to hit the market, there is no guarantee it will be received with the same fervent hunger as the top contenders.

Bitcoin took almost a decade to reach a price above $10,000 which soon saw a fall and now it has an estimated value of $32,925. If you are serious about launching a new crypto coin and want to know what it takes, today's guide is just for you.

Let's get started!

1. Get Crypto Insights - To get involved in a cryptocurrency venture, you first need to understand the basic concepts on which it runs. If you have no idea of how blockchains work, chances are you wouldn't develop a coin that stuns investors despite having a competent team.

You must comprehend the key concepts like different consensus mechanisms, digital ledger, smart contracts, nodes, hashing, etc. Going through a crypto glossary can help while you study the market and allow you to digest advanced knowledge with time.

After you have become an intermediate learner you are ready to dip your toes in the crypto sector!

2. Understand Your Options - Want to cater a crypto product? You don't necessarily have to begin with a cryptocurrency. Instead, go for the easy way with crypto tokens. Unlike cryptocurrencies which are part of the blockchain, tokens are built on top of it. These constitute a portion of the block and store data of transition and help in its completion. Since a token is created by the minting process, it will not take the extensive amount of energy and resources cryptocurrency development requires.

However, creating a token too takes a competent team and a sizable budget. You don't have to wait too long when you go with a token because there is blockchains like Ethereum, Neo, Waves, etc. available for deployment.

Compared to writing fresh code, it takes less labour and saves costs.

On the other hand, a crypto coin is a pricey affair. A developer will on average at least charge $100 hourly for its creation, which can take a week or longer. When you add this cost to the high-power computer systems needed for maintaining the coin, your budget can go up to $5,000.

We have no intention of discouraging you but these are dry facts you should consider before making up your mind.

3. Forking or Starting from Scratch - If you are keen on delivering another shiny crypto coin to the world, you have two methods. First, you can take the codes of a popular pre-existing coin and make tweaks to it. This can be easily done by visiting Github where the source code is readily available. The second option is to code your cryptocurrency from scratch on blockchain platforms like Ethereum, Neo, EOS, etc.

While forking quickly gets the job done, another clone with a changed interface or few newly added functions is not enough to entice the world. Conducting extensive research and identifying the pain points of your community and launching a cryptocurrency that proves as a solution will help you stand out.

3. Building a Team - The number of developers who have core crypto development skills is limited even though the programming language used for its coding is old except Solidarity. Solidarity is used for coding blockchain on Ethereum. It is based on C++, Go, Rust, C#, Java and Python.

So, people who have a firm hold on these languages can write code for cryptocurrency. But, they also need to understand the crypto market and the real utility of the application before they start writing the code.

Along with expert coders, you will need community managers and a digital marketing team for promoting your cryptocurrency. With the vast number of coins entering the market, choosing one is a tough decision for investors.

The volatility and scams that occur in crypto trading make the new coins appear like a shady investment to buyers. However, with the SEC investigating illegitimate start-ups and the rules for restricting malpractices, people are beginning to believe in the value of new cryptocurrency.

To hold the trust of initial investors you must get your coin registered under the regulatory organization/ board in your country.

Taking this step will help you build a better team as you display a commitment to continue the venture even after the release of ICO.

4. A Killer Whitepaper - In the grand scheme of things, what you publish in the whitepaper can break or make your coin's image. It is a document that defines the success of your cryptocurrency. Generally, the whitepaper is available to the general public and so any potential investor can read it.

In fact, a whitepaper is the first thing people will search on your site to get an in-depth understanding of your cryptocurrency.

Following the typical format of a cryptocurrency, a whitepaper isn't enough, you need to take care of the following points:-

1. Quick Download - The file should be in PDF format since it can be quickly downloaded and opens without error on most computers and mobile devices.

2. Grammar and Syntax - While a person reading your whitepaper is trying hard to digest what your cryptocurrency does, grammar errors can confuse them. A badly written whitepaper also tarnishes your company's image. Thus, it is better to hire a professional writer or get your paper proofread before publishing it.

3. Language - A cryptocurrency can be bought by anyone around the world, they might not be well-acquainted with English. By offering your whitepaper in Chinese, Spanish, Hindi, Arabic and other popular languages you can widen your reach and earn more support.

5. Paid Promotion - As of now there are approx. 4,000 cryptocurrencies and the figures will only increase. This creates stiff competition for the newbies.

To get the leverage you can take the help of paid ads on LinkedIn and Twitter. A sound strategist will think of Facebook Ads and Google Adverts, but both have banded cryptocurrency due to the dishonest activities often conducted via them.

Blogging is another method to increase awareness about your coin. Running an email campaign is a direct marketing approach that works well for people visiting your site.

Last but not the least, to engage your audience you can simply offer free tokens for referrals and even bounty rewards.

Conclusion: Starting your own cryptocurrency start-up is a huge challenge. You need to have a large number of funds along with the technical prowess to understand the mechanism behind the coin.

To pique the interest of the public to first need to come up with a unique idea that creates hype around your cryptocurrency. It should have some utility none of the other altcoins circulating in the market can fulfil.

Due to the overflowing number of coins on the internet, you might also require to invest in the promotion of your crypto assets. Another important aspect to make your coin a success is building a community that values it and helps you find your future ambassadors.

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5 Methods to Generate Profits from Bitcoin for Cryptocurrency Rookies

Anyone aware of Bitcoin's history knows when they become a cryptocurrency owner, they are dealing with hot sauce. Its value can variably rise or dip without any prior warnings. Still, spikes in bitcoin prices in the last couple of years make it a lucrative asset. 

So, let's dive straight into the methods you can use to become a bitcoin owner without wasting any time! 

1. Mining - If you are a cryptocurrency geek, you might already know by now what mining is and how it works. But, for those who don't, here is a simple explanation.

Much like the ores and minerals which are extracted from the earth's surface, bitcoins are mined from a network of nodes by the miners. However, instead of using axes to dig out the coins, these professionals use a high-powered computer system called a mining rig. 

Mining needs additional resources and a greater amount of electricity than a regular PC to run. So unless you are willing to spend at least $3,000, don't even think of becoming a miner. Plus, you need an intermediate level of knowledge and analytical skills to make real profits from your mining endeavours.  

When you begin mining, completing the task isn't enough. In a true sense, you are part of a race where countless miners(over 200,000) are trying to solve the same intricate puzzle as you. The person who succeeds in solving the game first is rewarded with a portion of bitcoin. 

Mining can also be done on cloud servers. That eliminates the need to buy a whole new set of equipment or upgrading your system. 

2. Receive Payments in Bitcoins - Are you a business owner or a freelancer? For merchants and people selling any kind of services, a simple way to own bitcoins is to accept them as a payment mode. 

When Microsoft, Starbucks and Esty are already accepting cryptocurrency as a payment mode, you can't doubt its credibility. 

All you need is a bitcoin wallet that handles all your transactions safely. 

3. Invest in Crypto Start-ups - While bitcoin is the king of the crypto economy, other humble players who are yet to see the limelight also possess significant potential. There are over 4,000 cryptocurrencies in existence, as per the data from Statista. Investing some time looking into the up and coming alternatives can bring you success without pulling out any money from your savings. 

For Example, Titan Coin comes with a market cap rank of #1388, thus requires little funds to own. However, given the immense growth, it went through in the past two years, it might serve you as a profitable asset at a later time. 

Even if you don't want to invest in any altcoin, you still have another option. Many blockchain start-ups offer the investors bitcoins as dividends once they begin making a profit. You don't have to possess any special skills to become an investor.

However, keep in mind to make significant profits, you must identify a company that has the potential to grow exponentially in the near future.

4. Trading - Becoming a bitcoin expert doesn't take much. A person who is curious enough to understand the crypto economy and has a firm grasp of technical subjects can master this art. 

If you are willing to go that far and possess sound analytical skills, you can step into the shoes of a cryptocurrency trader. But, be warned, the market is highly volatile. There are instances when experts who have easily predicted the undulating path cryptocurrencies take are blown by unexpected turns the charts take. 

So, before you become a trader, you should gain a sound knowledge of different trading techniques and factors that affect the value of bitcoin. 

Essentially, you need to study the historical disruption in the value of bitcoin and precisely identify the pattern that is followed and the underlying causes.

Depending on your level of expertise, you can go for either of the three options -

a. One Day Trading - To gain any monetary benefits from single day trade, you have to put a large sum into the market. It is extremely challenging to generate profits from this tactic as day traders have to keep an eye on every change in the value of the cryptocurrency, be it a smaller or large one. By withdrawing their invested amount when the bitcoin chart is at a peak, they make handsome profits. 

b. Swing trading - Here, the timeline is longer. A trader can take as long as weeks or a few days to maximise the initial investment depending on the figures. It comes with long-term benefits as opposed to one-day trading. Also, you don't have to stay updated every minute to get profited from this strategy. 

c. Arbitrage Trading - The market price of an altcoin depends on its popularity, speed of transactions, cost of production and utility. Though Bitcoin, Etherum, Tether and Binance Coin are words thrown around all the time when crypto is discussed, plenty of altcoins exist that have a brighter future. 

By analysing their potential and trading them for the high-priced bitcoins, you can invest in a range of assets that will turn into bankable investments later. 

Or you can simply sell these altcoins to frivolous buyers at a higher price on a cryptocurrency exchange platform to create a revenue stream.

5. Crypto Faucets - To build interest and awareness of the general public in cryptocurrencies which are still new compared to fiat money, many sites and applications offer crypto tokens after competition of simple tasks. 

Compared to the time you devote to doing these easy tasks involving watching videos, visiting other sites, playing games and more, the reward you receive might not bring you joy, but at least you can become a cryptocurrency owner without any initial capital!

Since the amount you receive is small, like the tiny droplets dripping from the faucet, such sites and apps are called crypto faucets. 

Conclusion: Crypto currencies are here to stay, so your desire to become a bitcoin owner is justified. How you should go around owning it depends completely on your budget and skillset. A crypto veteran can foresee the trajectory of bitcoin and earn profits in relatively shorter periods, while a beginner has to be patient, understand the market and choose methods with minimal risk. 

You don't always have to invest in bitcoin to become a cryptocurrency owner. Instead, completing simple tasks and receiving payments in the form of crypto coins will instantly open doors of cryptocurrency for you. 

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