How can I make my own cryptocurrency online for free

If you are reading this article, you are probably wondering how to create your own cryptocurrency online free of charge. Well, you are at the right place. So, let’s begin!First, you need to decide whether it would be a coin or a token. If you don’t know much about how to create cryptocurrency online free of charge and you are confident that you don’t want to pay anybody to do this for you, the clear choice would be tokens.

Cryptocurrency and what does it do

Your question is how to create a cryptocurrency for free, but before creating one, let’s find out what exactly cryptocurrency is. Cryptocurrency is any type of currency in digital or virtual form, which means that it does not exist in the physical world. First of all, it is necessary for the exchange of digital assets, including cash, and property rights.Simply put, it is virtual money that is issued electronically through complex mathematical calculations. They have no real physical form, are not backed by a commodity, and exist only on the Internet in the form of software code in an online database of specific transactions. However, they have their own exchange rate and can be used as a means of payment and as a financial asset in which to invest.Today, this currency can be used to pay for goods/services (in a number of countries), but it is especially interesting as an investment instrument. Among the main principles of its operation:

• Decentralization. There is no single issuer, which means you cannot change the rate or withdraw tokens from the exchange.
• Inflation protection. The final issue is known, which preserves the value of the asset.
• Anonymity. Many exchanges do not require personal data.
• High yields in the long run. The price of crypto depends on demand. Despite the high volatility (rise or fall in prices in the short term), its value increases in the long term.

Three causes to create a cryptocurrency today

It is available for everyone. Literally, anyone can learn how to make a cryptocurrency for free. There are at least three reasons to do that:

1. Convenience and speed of financial transactions

In some cases, namely, when buying on the Internet, cryptocurrency is more convenient to use than a plastic card. When shopping on foreign sites, a user pays for a parcel using a dollar account from an e-wallet. Transaction for various reasons can fail and you will be left without your phone case or other very important things.The P2P ("peer to peer") economy, in which two parties find each other and transact within one technological open platform, makes our lives much better. Everyone involved in the process needs their own money, coins, and points. These rewards help develop relationships with customers.

2. Simplify your business operations

If you have a business, you just need cryptocurrency to systematize the process. It will help increase profits, which, as the law of microeconomics says, is the most important thing any business strives for.A digital currency, like a loyalty program, will systematize and simplify the entire production process. Customers will pay for services with tokens, which, unlike conventional bonuses, will not lose their value and will retain their original programmed application rules.

3. Passive income

If suddenly your personal business is a case for "later, when there will be time", then your own cryptocurrency can become a tool of passive income. In case the coin will be backed by a fund like before the dollar was gold, it can be exchanged for the well-known bitcoin and then get the usual, everyone's favorite cash.Or maybe you are one of those who will repeat the success of bitcoin and wait for passive income from delighted users?

What is necessary to know before getting into this

There are absolutely no guarantees that it will be profitable at all, but still, there are some people who become successful. You can become one of them if you are lucky, confident, and, more importantly, believe in what you do. Do not expect instant profit. Do not rely on others too much – learn everything about how to make your own cryptocurrency for free. But hire a professional if necessary.

Coins and tokens — how to tell them apart

Many people confuse these concepts. Those who think about how to make a crypto coin for free should be ready for the rough road.A coin is one that uses its own platform and functions completely independently. Crypto coins do not require additional platforms to function. They function on their own independent blockchain, for which they are a native currency. Bitcoin, Litecoin, and Ethereum are coins. The latter two are so-called altcoins. This means that they are in some respect an alternative to bitcoin.Typically, tokens represent some kind of asset or function (utility). Since tokens are created as an add-on to an existing blockchain, when people think about how to create a crypto coin for free, in the end, they usually choose tokens as an easy choice.

Creating a token

Technically, it is very easy to create crypto for free if we talk about creating a token. Anyone can do it with the help of Ethereum. But without a few hundred thousand dollars and hundreds of man-hours to promote it, it's pointless.

Developing a coin

Making your crypto coin would not be a piece of cake. Building a blockchain is obligatory, but also there must be a full team ready. You can, of course, branch off an already-ready blockchain by copying it, but that will only make the technical task easier. But, a successful coin will bring more benefits than any local token.  So, creating a crypto coin free of charge will be harder but more profitable.

Choice № 1: Build a new blockchain and native cryptocurrency

There is a possibility to create a unique code and thus make a brand-new blockchain. It is only a way for those who are technical experts.

Choice № 2: Customize the existing blockchain

Just use the code of another blockchain. Most codes can be easily found because they are publicly available. All that is left is to find the suitable one and customize it. But to do that one should be an expert in all this and it might be wise to consult a lawyer about the copyrights.

Choice № 3: Develop new crypto on an available blockchain

A way for investors who are not experts in coding – everything is made on an existing platform, such as Ethereum. Many projects use ERC-20 tokens.

Choice № 4: Hire somebody to do it for you

Some things are better to leave for a professional. If you are busy or simply don’t have the necessary skills – just hire a person who does. He will do all the work for you with a guarantee that it will work.

Establishing a currency in seven steps

1. Select the right platform

You should select the blockchain on which the token will be released – BSC, Ethereum, etc. If you create a coin, it is necessary to develop a new blockchain.

2. Select a consensus mechanism

When there is a problem with selecting the blockchain, choose the mechanism which suits you the most. It determines how participants verify and validate transactions.

3. Developing blockchain nods

It is relevant only for developing a crypto coin. The architecture of the blockchain depends on your goals – whether it should be open or private.

4. Start blockchain development

If you are not an expert in blockchains, you'll need outside help to create everything. Editing key blockchain concepts and rules that are already working in a real environment is very difficult. To be sure everything works as it should, use a test network and ideally build a team

5. Check out if everything is all right

Select an audit company that will audit this project for vulnerabilities. The results can be published and it is a guarantee of security for all potential users and investors.

6. Verify the legal aspects again

When the technical part is over, it won’t hurt to consult with lawyers to find out if it is necessary to apply for permission. It may be wise to leave this part to the professionals.

7. Release your brainchild

Fixed offer tokens are usually mined at one time using a smart contract. Coins such as bitcoin are issued gradually. Set the speed of block generation and how much is the reward.

Picking a network and paying for token

The easiest way is through the Cointool platform or its analogs. Keep in mind that the creation costs 0.1 ETH.

 Creating a wallet

It is important to create a wallet address to simplify transactions. It looks like a unique set of letters and numbers for one particular currency and can be easily created by using a program installed on your computer.

Configure token parameters

In order for the token to work some parameters should be set, like the name, its ticker (for the bitcoin it is BTC), how it will be possible to get your crypto, and so on.

Pay to create a smart contract

After the setting is finished, you will be offered to pay for the validation of your little project. Do not worry, it won’t take much money.

Learn more about the contract

After the payment is complete, click on the window with the additional information – it wouldn’t hurt to know more about the deal you made.

What to do after

Coins themselves are not worth anything and do not mean anything, users will buy them only if someone "downloads" them to earn money.One popular way to promote tokens is to send most of them when distributing the issue to celebrities. That's exactly what the Shiba Inu project did, which sent half of its token issue to Ethereum co-founder Vitalik Buterin.

Then it won’t hurt to work with some bloggers in order to promote your brainchild.

Be sure there is a plan for your token

Actually, it should be step one. It is necessary to know exactly why you are doing this. Is this a “memcrypto” to have some laughs or it is intended as a source of passive income before you become a free crypto coin creator.

• Q: Does it take long to do all that?
• A: For a token – just a couple of weeks. However, if you want to make a crypto coin free of charge, it will be more like 1-6 months.

 

• Q: How much this creation will cost?
• A: It depends on what you have in terms of technical support. And, of course, be ready to spend some money on electricity!

 

• Q: Is it lawful?
• A: Yes, it is absolutely legit and easy. Anyone can do this.

 

• Q: How to list my cryptocurrency?
• A: You must complete online application forms. Please note that the application must be filled out by the founder or CEO of the project, since it may be needed to contact the key person of the project in case of listing problems.

 

• Q: How to create a BEP-20 token?
• A: Pretty much the same as ERC-20 – just use the Cointool. It is a platform that generates tokens with minimum effort from the user.

 

• Q: What does it take to make your own crypto coin free of charge?
• A: Step one – read this article very carefully. Step two – choose your option from the list above. Step three – be patient.

 

• Q: Can I create a cryptocurrency for free? Is it real?
• A: Yes, it is absolutely real. The easiest choice will be the Ethereum platform. Just follow the instructions above and think about how you will spend the money you will earn!

 I think after reading this you will never ask yourself – «can I create a cryptocurrency for free». Now you know – you can!