In today’s time, it is impossible to ask an internet savvy individual who does not know anything about cryptocurrency. From blogs, social media websites, news and even on established financial authorities, everyone seems so obsessed with it. Let’s just accept the fact that cryptocurrency is changing the world as we know and it is happening in front of our very eyes. Dare to miss the bandwagon and you might just regret of not jumping into it.
As a result, here you are and have a great business idea or prepping to launch your startup and you like to welcome the remarkable opportunities of having your cryptocurrency. The thing that is stopping you now is, how you can actually do that?
Good for you, in this day and age, almost everything that we need can be located over the internet. Well, right before we get to the juicy part of this article, let’s define first what is cryptocurrency. Cryptocurrency is basically a digital or virtual currency.
This relies on encryption in generating new units and confirming transactions.
This carries full functionality of the currency together with the fact that it can run outside a single platform similar to bank.
Cryptocurrencies do not have banknotes. But, it has coins. Oftentimes, these coins are interchangeably used with tokens. So what’s the difference between coins and tokens? Allow me to explain to you.
Let’s start it with coins:
- Coins need their personal blockchain
- Coins could be used anywhere
- Coins can be used in buying tokens
What about Tokens?
- Tokens could operate only on existing ones
- Tokens can be used only on a specific project
- Tokens cannot be used to buy coins
Now that you’ve known how cryptocurrency is used and how it could boost your business, let’s take a glance on what it takes to make your blockchain.
- Learn about your use case
- Select a consensus mechanism you’re comfortable with
- Pick your platform for blockchain
- Design your nodes
- Build the internal architecture of your blockchain
- Take care of the APIs
- Design its interface both for “User” and “Admin” and;
- Make the cryptocurrency legal
There are several steps that you will have to go through and each step will require deliberate process before moving on to the next one. If you feel that this is something you can’t give your time on, then don’t. There’s a shortcut actually and it’s by buying the coins directly. In fact, if you’re a New Zealand resident, you can get a quick personal loan from Zebra Loans and use this to buy for your coins. Easy, right?