Today few people doubt the prospects of digital currency, bitcoins are known even to children. People strive to earn it in different ways, and some are thinking about such a difficult thing as creating a cryptocurrency. There is nothing impossible in this, although you will have to try. Let’s take a closer look at the question of how to create a cryptocurrency quickly and make money on it.
Cryptocurrency is a fundamentally new type of money that is tightly included in the life of a modern person. With the growing popularity of such coins, many people are wondering how to create their own digital currency and make good money on it? In fact, everyone can develop such money, however, we will consider how to do this below in the article.
Why do you need to create your own cryptocurrency?
The reasons why a person wants to create their own digital coin can be a whole lot. However, they are often as follows:
- The user has his own Games server that needs to be monetized.
- The desire to receive additional income from their own currency.
- The process and principles of creating a cryptocurrency are interesting.
Of course, each user may have their own reason for creating a crypto coin, but the main goal is always the same – to improve their own financial situation.
Cryptocurrency creation process
Creating your own cryptocurrency coin is a complex process. After all, in order to realize your idea, you need to understand the principle of the currency, as well as have programming skills. Additionally, it should be borne in mind that coins with a good reputation are constantly growing in value and generate income for both developers and investors.
To create your own currency, you need to follow a certain algorithm.
Downloading the basic code
First of all, you need to select a special cryptocode, on the basis of which the cryptocurrency will be created.
This stage must be approached responsibly, since you need to predict which currency will be profitable in the near future, then take it as a basis (usually Bitcoin or Litecoin is also chosen). The code is usually free to download.
Installing Libraries and Dependencies
After the cryptocode, on the basis of which the currency will be created, is copied, you need to make sure that the PC has all the necessary libraries for the correct work with the code. Namely:
To install a dependency on OS Linux, you need to:
- Install software
- Open a terminal using the Ctrl + Alt + T combination.
- Then enter “sudo apt-get install build-essential libboost-all-dev libcurl4-openssl-dev libdb5.1-dev libdb5.1 ++ – dev git qt-sdk libminiupnpc-dev”.
- Confirm the action.
In the process of unpacking packages, it is necessary to allow the installation of some elements.
To install the dependency library on MAC OS, you need:
Replace software with MacPorts and install a suite of programs:
- Boost C ++.
- Berkeley DB 4.8 ..
After installing the programs in the console, you need to enter the command “sudo port install boost db48 qt4-mac openssl miniupnpc git”.
For Windows you need to install:
- Open-Transactions software.
- Visual C ++.
- After the library has been installed, you can proceed to action.
The next step is to come up with a name for the cryptocurrency (for example, Zukcoin, Blucoin, etc.). The downloaded code will default to the name FooCoin. All you need to do is change the base name to your own. Naturally, it is very difficult and time-consuming to manually change the name, since it is in 10,000 lines. Therefore, you need to use a program that can massively replace data in strings. It is necessary to change the following inscriptions:
- FooCoin – ZukCoin (example name).
- FOOCOIN – ZUKCOIN.
- FOO – ZUK.
- Foo – zuk.
It is important to make a detailed list of names that can be replaced.
Selecting and configuring network ports
Since all operations are carried out via the Internet, then for the program you need to configure the network ports through which all data will pass.
For cryptocurrency, you need to select 4 web ports. Namely:
- RPC and P2P.
- P2P and RPC for test connections.
Also, you need to select only those ports that cannot be used by other programs. In order for the web port to meet all the requirements, it is necessary to replace some strings in it. Namely:
- 2893 – ip :: tcp :: endpoint endpoint (bindAddress, GetArg (“- rpcport”, 55883)).
- 3169 – (! D.connect (GetArg (“- rpcconnect”, “127.0.0.1”), GetArg (“- rpcport”, “55883”)))
- 235 – “-port =” + _ (“Listen for connections on (default: 55884 or testnet: 45884)”) + “\ n” +.
- 271 – “-rpcport =” + _ (“Listen for JSON-RPC connections on (default: 55883)”) + “\ n” +.
After replacing the lines on the ports, you can proceed to the next steps.
Configuring Currency Generation
It is known that each cryptocurrency is generated in blocks, and in each block there is a limited number of coins. Accordingly, if you need to change the number of currency that is issued for creating a new block, you need to find int64 nSubsidy = 2 * COIN in the src / main.cpp file and change it to the desired number of coins.
Further, it is necessary:
- In the line static const int64 nTargetSpacing set the time frame for generating the block.
- In the src / main.h file, specify the maximum number of coins that can be mined in 1 day.
You also need to set a limit on blocks that can be generated within 24 hours.
The final stage of creating a cryptocurrency is the installation of corporate logos, icons and pictures.
If done correctly, you will end up with a great GUI application that will be used for both users and servers. Additionally, in this section, you can use various utilities that allow you to convert icons.
Other required actions
All questions regarding the security of financial transactions that users will perform are of a special nature. Especially when it comes to creating digital currency. Accordingly, in the process of developing your own coin. You need to create a custom key that will act as a reliable instrument for financial transactions in a secure manner.
How to make cryptocurrency successful?
Many developers believe that it is enough to create a digital currency and release it to the market, as it will immediately become popular, however, this is just a delusion. In practice, the development and release of cryptocurrencies is only half of the work done.
Therefore, in order for the coin to begin to enjoy success, it is necessary to study in detail the most popular currencies such as Bitcoin, Zcach, Ethereum and understand why they retain their leadership, despite the negative reaction of many countries.
Additionally, in order for the created crypto-coin to begin to be in demand, you need to perform a number of the following actions:
- Create a business plan and also hire specialists to promote the coin.
- Provide users with the opportunity to earn a new crypto coin in affordable ways. Namely:
- Collection from Cranes.
- Online casino games.
- Lotteries, etc.
Analyze the growth prospects of the crypto coin. It should be understood that it can take from several months to several years before virtual money becomes popular.
Investing and promoting your own crypto money, sooner or later, will bring the expected results to the creator. You just need patience.
Nuances and possible problems
Digital currency is a monetary unit that is not backed by gold, oil, gas, or securities. In addition, the coin is not controlled by any state in the world. Thanks to this, a person can enter, withdraw or transfer money to other participants, bypassing taxation.
However, on the other hand, virtual money stands out for its high value volatility and instability. That is, at certain intervals, the price of a monetary unit can sharply rise in price, as happened with Bitcoin, or it can drop sharply. Based on this, the creator of crypto money should always take into account the likelihood of risks.
Creating your own cryptocurrency is a complex process that requires good programming knowledge. However, if you release a currency on the free market, then it will not be popular if the creator does not invest in its promotion. That is why so that the coin does not replenish a number of thousands of other “faceless” cryptocurrencies, it must not only be created, but also well advertised.
READ ALSO: Alex Trebek Net Worth