The world of today is starting to look more like a science fiction novel every second. When Bitcoin appeared, it was a revolution, but now, there many more cryptocurrencies that are as popular. Sometimes, it is difficult to follow this ever-changing market. It can fluctuate faster than what the public is familiar with. But like those who invested in bitcoin ten years ago has shown us, now is the time to be brave and to follow modern technology. So if you are interested in following the trends among already existing crypto coins, or maybe you want to find out more about this world, simply check out macobserver.com. Information is always the key to success, so it is a smart move to get us as much data as we can. And if you have decided that the best move for the future is to create your own Cryptocurrency, here are ten tips to make that vision a reality.
1. Understand the purpose
Cryptocurrencies are a tool and a beneficial one indeed. But every means has to have a reason or a purpose for its existence. We don’t buy a hammer if we don’t need one. We should apply the same principle here. There are crypto coins out there that serve a specific goal, for example, digital payments that are without a fee and are quick. So always keep in mind what is the goal, and never lose that from sight.
2. Legal issues
No one is an expert in every single area of human knowledge. Furthermore, when it comes to law and legal issues, we can be sure that it will be easy to miss some vital rules related to crypto coins and starting a company in any country. That is why it is always a good idea to find a legal team of professionals with experience in this industry. Unfortunately, the assistance of lawyers will not be a one-time thing. Countries tend to change their laws, so having a team that tracks all of that is necessary.
3. The budget
Perhaps it is already obvious, but let us state that devising a crypto coin from the inception is not easy or something possible without starting funds. There is an exception if you are a superhuman and can develop, document, and market the product alone. So have in mind that developing may cost as much or more than 100 000 dollars, same with legal counseling. Security audits could be up to 10 000 dollars as well. And marketing will have to be paid around 10 000 dollars weekly. Keep in mind that legal issues and marketing are not something we can just pay once and forget about it.
4. Analyze the market
Before placing any product on the market, a thorough analysis is a must. Without investigation, we can not understand market trends and predict the prices of crypto coins. Without understanding what is happening in the market, you can not set up a successful crypto exchange or predict how will your crypto coin do in the market.
5. Developing team
If you can develop the cryptocurrency alone, maybe skip this tip. But it is more likely that a team of good developers is necessary to make the dream you have a reality. The problem is, the demand for skilled blockchain developers far exceeds their supply. Make sense if we think about it since this a relatively new industry. There are not many people with experience. But because so many people have made a profit with Bitcoin, the demand for new crypto coins is still growing fast.
6. The interface
It is impossible to overestimate the importance of communication in life and business. A good interface that can enable a swift and stable connection between the blockchain and the users will be of vital significance. It is one of the things that can instantly attract or dissuade people from our product. So make sure that the first impression your product makes is a good one.
7. Get help from external auditors
Developing and legal team will not be enough for a successful crypto company. Whenever we are dealing with money, people prefer to have everything under perfect control and as safe as possible. That will be the job of security audits. Even the largest firms go to external audits from time to time. That helps them to keep security at the highest level possible. So anyone who wants to make as much of a profit as large companies should emulate them.
8. Deciding on where to start
Was researching the market done thoroughly? Then the next step should not be that hard. Deciding the country where you will begin this adventure is of crucial concern. The factors to consider are the laws and general government policies and tendencies. Not all countries are equal when it comes to how responsive they are to this still new market, so make sure to pick a good pond for fishing.
In the era of the internet, promotion is everything. Even if the team that you have made the best possible cryptocurrency, if people don’t hear about it, there will be no profit. That is where promotion shines. Picking only one way of the promotion will not cut it either. Press releases, using social media, blogs are all an absolute must. In modern times, if it is not on social media, it is as it doesn’t exist.
10. Nourish the community
Promoting is just the beginning. Without staying in touch and nourishing your community, it will be difficult to make a profit. With a good interface you have, communication between users and developers will make it possible to stay competitive in this booming industry. Whoever becomes the first client of your crypto coin will be the most faithful supporter and will be a member of your marketing team, without any salary needed.
Quite obviously, there are many possible advantages of having your cryptocurrency. But as it became apparent, it is not easy, or everyone would do it. Having professionals at your side is necessary, so make sure to be ready to hire a lot of good people. It will cost resources, take time, and experts will have to be a part of your project. Nevertheless, the result will be worth it, especially if you have followed our tips.