Advancement of technology and various methodologies have made the task of creating blockchain smoother like butter. Let’s now discuss what are the steps required to create a cryptocurrency.
We are having 2 options to create cryptocurrency: either to create bitcoin fork or to create new cryptocurrency from scratch.
Creating a new blockchain
By creating your altcoin from the very first step, you will be able to build new and unique features of your choice along with the unlimited ability to set all the parameter of your very own cryptocurrency. Various advantages of using this method of creating a new blockchain are:
– A variety of options are available for customizing your coin and making it stand out in cryptocurrency market.
– The choice of the block size, max coin supply limit and the rate for issuing the new coins will always be in your hands.
– There is always an option of choosing minors for better selecting of cryptocurrencies.
Creating a Bitcoin fork
Creating a Bitcoin fork allows you to use the already existing, reliable open-source code for your cryptocurrency. In order to make a unique coin for your purpose, you can choose to use the code of closest coin that has the feature of allowing to change later according to your need. Various advantages of using this method of creating a bitcoin fork are:
– Since you do not need to go through the involvement of coding and developing, it saves a lot of time and effort on your end.
– You will already have the access to features like built-in decentralized exchanges that will allow people to trade your cryptocurrency for digital assets in cryptocurrency market.