How to Make Your Own Cryptocurrency Coin
Cryptocurrencies are growing in popularity and stature, becoming more mainstream by the day. Think of Dogecoin. The creators launched the so-called meme coin as a joke in 2013, but it’s no laughing matter. Its earliest investors are multi-millionaires today.
If you want to get in on the action by creating your cryptocurrency, you may be surprised at how easy it is. Let’s dive into the basics.
What Is the Difference Between a Coin and a Token?
Tokens and coins are both cryptocurrencies. Coins, like Doge and Bitcoin, operate on their own blockchain. The token resides on top of an existing blockchain infrastructure, like Ethereum or Solana.
A blockchain can be thought of as a record of transactions made on a network. Coins have their own independent transaction ledgers, but tokens rely on the network’s technology to verify and secure ownership. Coins are used to transfer monetary wealth; tokens are representative of smart contracts between users. Contracts can be almost anything - loyalty points, social media networks, event tickets or physical objects.
How Are Coins and Tokens Sold?
Tokens are usually sold through an initial coin offering (ICO) in exchange for existing coins. You can buy tokens after the ICO by using an exchange. Anyone can create a token and run an ICO, but there are some compliance issues you should be aware of. Some legislation considers ICOs as securities, which means they are regulated by the SEC (Securities and Exchange Commission). They are working hard to stamp out fraudulent ICOs that take investors’ money without delivering on their promises. You should also know that not all tokens make it to an exchange, so proceed with caution.
How to Make Your Own Cryptocurrency Coin: 3 Methods
There are several ways of making your own cryptocurrency coin or token, ranging from technical and complex builds to simple, outsourced methodologies. Let’s look at three ways to build your own cryptocurrency token or coin.
Method 1. How to Make Your Own Crypto Coin Using Your Own Blockchain
If you have the right technical knowledge, you can build a blockchain or modify an existing blockchain at any time. It’s not as simple as it sounds. You do need serious coding skills, even with help from online tutorials. You can fork an existing blockchain by taking open-source code and making a few changes, but you will need to understand the code before attempting this.
Method 2. How to Make Your Own Cryptocurrency Coin Using a Launchpad
Crypto launchpads are sometimes called IDO platforms. These platforms can be used to launch new tokens and access crowdfunding, which can result in instant profits for the earliest contributors. There are two popular launchpads that we can recommend, PinkSale and DxSale
Make Your Own Crypto Coin on Pinksale
PinkSale is a crypto protocol that anyone can use to create their own token and initial token sale on PinkSale, with no code required.
- You can visit the homepage and click on Create and Token.
- Select Standard Token from the token type section.
- Complete the fields for your token name, symbol, decimals, etc.
- Click on Create Token.
- Confirm the transaction.
Congratulations, you have a token! This can be sold to the public or just to your friends and family for fun.
Make Your Own Crypto Coin on Coinscope
The process is just as simple via Coinscope. Simply visit the Coinscope create token page and complete the form with your token name and code. Then, you can pick a decimal starting and the amount of coins you’d like to issue.
Method 3. How to Make Your Own Crypto Token on an Existing Blockchain
If you don’t have the coding skills, you can build a token with a smart contract development and audit firm like Coinscope. A smart contract is simply an agreement between two parties that will execute when the conditions are met. That way, you can leverage the skills of crypto experts to launch your coin or token. This is faster, simpler, safer and cheaper because it doesn’t require the time and effort of building or maintaining a forked blockchain. Instead, it relies on technology in use for Bitcoin or Ethereum.
Your audit firm will help you improve the level of trust with investors and help you prepare for possible regulation and legislative requirements. They will perform a combination of manual and automated checks to ensure that the source provided through smart contracts is up to scratch, and guide you towards rectifying any issues.
Creating Value With Crypto
As you can see, creating a crypto coin is really easy. However, creating a token or coin doesn’t mean it has any value. You have to convince investors to support and buy the coin, which requires trust and transparency.
The best way to get support for your currency is through an audit and visible audit report. This will show your potential investors that your coin was created in good faith and can garner real value over time.
A trusted Blockchain Protocol Audit Authority like Coinscope is the best way to give your community peace of mind. Coinscope works with leading launchpads like DxSale, PinkSale and Unicrypt to help new coin creators find their footing and establish trust from the start.
Creating your own cryptocurrency is extremely easy. Launchpads can set up crypto coins and tokens in minutes at a low cost, but not all cryptocurrencies will succeed. The currencies that endure are the ones that establish trust and show investors that they are willing to go the extra mile.