Can Businesses Create Their Own Cryptocurrencies? How?

Cryptocurrencies are quite similar to traditional fiat currency in their purpose. However, the main difference is that cryptocurrencies do not possess a physical form or appearance, and that is why they remain in offline or online digital wallets. However, a rampant concern is regarding the creation of these digital currencies. Since nearly all cryptocurrencies rely on blockchain technology, the recent advances in blockchain made it possible for users to create their own cryptocurrencies.

Why Would Users Have Their Own Cryptocurrencies?

Well, any business can have its own cryptocurrency afloat in the market. It represents the connection and integrity of the business with modern technology. For further reasons as to why a business might want a separate cryptocurrency for itself, read the pros of cryptocurrencies below.

Pros of Cryptocurrencies

• Decentralization
• Scope of Unlimited Transactions
• Instant transaction processing
• Anonymity and Transparency
• International Acceptance
• Low-Cost Transaction Processes

Creating Cryptocurrency Coins?

You will require extensive knowledge and experience in blockchain programming and decentralization of networks, along with adequate investment. For some people, making a new cryptocurrency coin is as simple as investing 5 minutes. You can copy the code of Bitcoin (because it is open source) and make some changes, such as modify the variables and then have your own cryptocurrency at your disposal. Still, this process requires intense coding knowledge and practice to make changes that will result in maintained, promoted and supported crypto coins.

Creating Cryptocurrency Tokens?

Creating tokens is more flexible than creating cryptocurrency coins since you will have total control over blockchain. However, there are also multiple downsides to this process. It includes a greater investment and longer development periods. Creating a token is easy since you can use another cryptocurrency’s existing blockchain by utilizing the popularity, consensus mechanism, and trust of the underlying technology. Basing your own cryptocurrency on a powerful digital currency like Bitcoin or Ethereum will mean that you will be at less risk for scams and hacker attacks due to a secure network.

Where Can You Build Your Own Cryptocurrency Token?

Several blockchains offer the chance to create a personal cryptocurrency token. Here are a few of the most popular and biggest blockchains that let you do that:

• Ethereum

It was the first cryptocurrency blockchain that offered people the opportunity to create and exchange their cryptocurrencies under its flagship.

• EOS

In this blockchain, you can use any language that easily compiles into WebAssembly, such as C++, to create your cryptocurrency tokens.

• NEO

This blockchain focuses on the smart economy and allows users to create their cryptocurrency tokens under the NEP-5 standard.

Conclusion

In the process of creating your own cryptocurrency, you might encounter certain technical difficulties. While these may be due to your lack of experience in the said technology and the processes involved, you can find endless information on the internet. After investing proper time, energy, and money, you might be able to turn the dream of having your own cryptocurrency into a reality. It is important to give you this valuable tip that only qualified and highly experienced professionals in the blockchain programming field may be the ones to help you in this challenging venture.