Believe that nothing is impossible. In today’s modern markets even if you have one single idea that has the power to touch the masses, you are a clear winner.
This suggestion is also applicable to domain to create cryptocurrency. You do not have to run from pillar to post looking for great suggestions.
We have got it covered for you in your massive undertaking to how to make a cryptocurrency. You will hardly feel the need to refer any other material after going through this great discussion.
A pat on the back for great cryptocurrency creation:
The Initial Phase
The initial phase when you embark to start your own cryptocurrency will be riddled with lot of difficulties. Coming up with the idea that would hypnotize the market would be the most important challenge.
You have to think from the angles of:
- Does my idea have the power to market?
- Is it a novel project that no one has done before?
- Have I adequately searched the internet to look for duplicates?
- Should I go for Initial Coin Offering(ICO) or Security Token Offering(STO)
When you have successfully answered these fundamental questions, you get down to the actual process of making them a reality. You must keep in mind that you must not rush to coding or marketing your idea. The idea of instant stardom with large fortune is never the goal.
The Planning Phase
After the most crucial task of idea baselining, you now have the reins to plan your work so that everything goes in order. Please note that these sections are placed in the order of importance in the bid to make your cryptocurrency.
What important aspects you have to consider here are:
- Can I use a professional tool that would help me manage my time and my team?
- Can I adopt to methodologies like Scrum that can help me better plan ahead?
- Have I fully consulted my team to gather innovative ideas?
- Should I have short term goals or long term goals?
- How to keep my idea from getting plagiarised?
The above points are only the tip of the iceberg during the planning phase for cryptocurrency creation. We advise you to be more enterprising because at the end of the day, it is your money that is at stake.
You have to plan many action items factoring money and resources. You would need to attend many delegations as business development. You will need to burn the midnight oil and spend sleepless nights.
Planning would involve developing written and oral communication skills. This will be handy when you will have to write and understand already written white papers. A white paper is an important document that has the capability to go places.
You will have to plan whom to recruit and whose brilliant talents you can leverage. A lean and mean team is more powerful than a multitude of dull performers. You have to plan in advance detailed marketing strategies and other technological requirements.
The Marketing Phase
Often good marketing works better than the value of the product itself. While this is definitely not to deter you from coming up with good ideas, it is an indication to keep marketing strategy in full swing.
Marketing goals require:
- Is it economical going in-house or third-party?
- Am I clear on the latest technological advancements like smart contracts?
- Am I myself aware of marketing guidelines?
- Am I listening to my team’s inputs and not ignoring them as waste?
- With a huge number of social media channels, am I visible with my effort here?
You have to remember that social media has the power of the pen to make and break deals. There are a host of options available and you only have to choose what is most applicable for you. As a marketing guru, the whole world is at your disposal.
We have almost tried to collect steps similar to industry standard software development. Since this similarity is obvious we felt guiding you in this fashion towards a goal on how to create your own cryptocurrency.
We are curious to hear from you! All your great suggestions will definitely sometime be implemented. More than anything they are well accepted by the community.