Altcoin?? You’ve heard enough of Bitcoin, Ethereum, and other digital currencies, right?
Well, the journey that started with Bitcoin alone today has 8500+ companions. And, anything apart from bitcoin is Altcoin.
The Altcoin value too has a reputation in the market today.
So, Bitcoin, with its fellow companions, has taken the world by storm lately, and you’re thinking to contribute to it.
But how? That’s the question!
The internet is overloaded with information for how you can earn bounties by investing in these digital currencies and mining them.
How about creating your own Altcoin? Yes, that’s a good idea, and possible too.
This radical idea of yours can become a reality since this article comprises all the information required to create your own Altcoin.
Basic Steps to Altcoin Creation
As you seem to be so keen on creating your own Altcoin and contributing to the cryptocurrency world with your unique idea, here’s the first step to start with.
Step 1: Determine a Community
You don’t have to build a community similar to what you do if you intend to rule social media websites.
This is an entirely new game.
Here, you wish to find a community of people who you believe would buy your currency.
When you determine a community, it turns significantly simpler for you to oblige their prerequisites. Subsequently, you can run after building a stable altcoin instead of going haywire with what you need to figure it out.
Keep in mind. You’re not here to turn out to be important for the observer sport. You’re here to win the game.
Using the community of people who’d wish to invest in your currency is the best way to do it.
Step 2: Coding
The next important step here is to CODE.
There are heaps of open-source codes available out there which you can use.
You can even enlist experts who can do the work for you. However, when coding, do recall one thing – blatant copying won’t lead you anyplace.
It would be best if you attracted some uniqueness to your money in order to differentiate it from the ones that, as of now, exist. It must be sufficiently progressive to make swells in the marketplace.
This is the reason that copying the code to use isn’t adequate alone to be at the top of this altcoin game.
Step 3: Get Miners On Board
The other step is one of the most significant ones in the process.
It is to get some miners on board that will really mine your own altcoins.
This implies that you need to make a specific arrangement for people associated with you who will truly get the news out on your money on the market.
It would be best if you had individuals who can raise awareness about your currency.
This can give you a head start.
Also, as is commonly said – well begun is half done; miners can lay the basis of a strong boat to your altcoin from the steady growing contest.
Step 4: Market Your Coins
The last thing you need to do within the job here is to connect with retailers who will ultimately trade the digital coins you’ve created.
As such, you need to publicize these coins at the milestone where genuine people would really want to invest in them. Furthermore, this, in no way, is a simple effort to make.
You have to win their confidence by permitting them to know that you have something worthy to give.
How would you start with this?
The most ideal approach to publicize your coins is to identify your target audience that understands what digital money really is.
All things considered, there isn’t any reason in trying to promote your coins to people who got no idea what cryptocurrency is.
Accordingly, you can see that building an effective digital currency is more about having awareness about market patterns where Altcoin price predictions are common and less about being a bad-to-the-bone nerd or a vanguard coder.
Assuming you have that cognizance in you, the time has come to make a heyday while the sun sparkles from the digital currency niche.
And don’t forget to keep track of the Altcoin price.
How to Spot Scam?
A fraudster would usually send you the link to a cloned website through an email or a text message, so if you are urged to click on a link sent to you through any of those mediums, that’s usually your first clue that it’s a scam.
Cloned websites usually have similar figures in the URL as the real website URL; for instance, it might have a ‘0’ instead of an ‘o’. So when you buy cryptocurrency in India, have a good look at a website URL before entering your login credentials. Plus, if there isn’t a small lock icon indicating security in the website URL bar, or no “https” in the site address, it’s most likely not a legit website.
Steps You Can Take to Avoid Cryptocurrency Scams:
- Find out as much as you can about the team behind the cryptocurrency you are about to buy. Check their LinkedIn or other social profiles. See if their activity there matches up to the number of followers they have or likes they get.
- Research, the team behind the exchange platform through which you want to buy cryptocurrency in India.
- Find out if the company behind crypto is a registered, legitimate company and if they can be held accountable if something goes wrong.
- Read through the project whitepaper to look for any inconsistencies, mistakes, or plagiarism. See if it answers your questions regarding the company’s background, objectives, projections, and the path ahead.
- See if the crypto company gives investors real-time, detailed progress reports through its website or social media.
- Contact the team with any of your questions regarding the project, and see if you get satisfying responses.
- Never share your password with anyone. A legitimate exchange would not ask for your password or any other personal information for that matter.
- This goes without saying: never click on unrecognized links.
- Check user feedback regarding an exchange platform/crypto agency on social media.
- Find out if the project has ever been accused of scamming.