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A Cryptocurrency is a form of digital currency that can be used for trading and other financial transactions all over the world. In the past decade or so, especially in the last few years, a variety of cryptocurrencies have gained massively in popularity. The rising value of Bitcoin and other altcoins show no signs of slowing down, making them a must own for most investors.

Cryptocurrencies are digital tokens comprised of sequences of encrypted data and bits that are stored and transmitted over an open source online network. These unregulated networks allow for a decentralized currency that can be uniformly used the world over without any interference from governmental of financial institutions. Due to their digital nature, they also do not lend themselves to forgery.

How to create Cryptocurrency

Creation of cryptocurrencies can be successfully attempted by just about anybody with the requisite knowledge of coding. Unlike physically available regular currencies which can only be issued by governments and banks, cryptocurrency can be mined by any user with the correct know how. The networks through which the encrypted bits are transmitted are open source platforms and consequently allow themselves to be modified.

The original source code is available for download on online code sharing sites such as GitHub. Any user attempting to create a new currency will have to choose an algorithm in the code that they seek to modify. By building upon the selected algorithm and its respective source coding a new fork and consequently an alternate coin is created.

If you are new to the world of cryptocurrency and lack the technical know-how to create such currencies, then there are a variety of online websites that can help you in that regard. These sites have detailed instructions for the average newbie to follow in order to develop altcoins. Sites such as CryptoNote, SHA-256, and CryptoNight allow developers to create and host alternate cryptocurrencies for free.

Further concerns

Creating new forks on existing open source codes and developing new altcoins might not be very difficult for any developer. But getting traction for newly-developed altcoins are a different matter. Cryptocurrencies are a relatively recent innovation. While attempts had been made to develop digital currencies as far back as the nineties, it is only after 2010 that Bitcoin gained traction and acceptance, thus, paving the way for other altcoins.

The legitimacy of these digital currencies is thus completely dependent upon sellers and buyers agreeing to use them. So while you may successfully develop a new cryptocurrency its usability depends on whether people and businesses accept it as a legitimate form of currency.

Often new cryptocurrencies are developed with the idea to improve upon perceived deficiencies in existing currencies. But your hard work and intellectual effort expended in developing a new crypto will go unrewarded if further time and resources are not directed towards getting your currency adopted.

Thus, it is apparent that creating a new cryptocurrency is an uncomplicated enough task for even less experienced coders. The real work comes after the development and comprises of dedicated effort in getting the altcoins traction. So, get on to creating altcoins and have fun coding.