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
- Three causes to create a cryptocurrency today
- What is necessary to know before getting into this
- Coins and tokens — how to tell them apart
- Creating a token
- Developing a coin
- Choice № 1: Build a new blockchain and native cryptocurrency
- Choice № 2: Customize the existing blockchain
- Choice № 3: Develop new crypto on an available blockchain
- Choice № 4: Hire somebody to do it for you
- Establishing a currency in seven steps
- Picking a network and paying for token
- Creating a wallet
- Configure token parameters
- Pay to create a smart contract
- Learn more about the contract
- What to do after
- Be sure there is a plan for your token
Cryptocurrency and what does it doYour 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:
Cryptocurrency is digital money based on a special digital software code. While ordinary banknotes can be counterfeited and used to pay with them in a store by taking advantage of the seller's inattention, cryptocurrencies cannot do that.
- 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 todayIt is available for everyone. Literally, anyone can learn how to make a cryptocurrency for free. There are at least three reasons to do that:
- Convenience and speed of financial transactions
- Simplify your business operations
- Passive income
If you are still struggling with whether you can really create a cryptocurrency free of charge, continue reading.
What is necessary to know before getting into thisThere 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 apartMany 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 tokenTechnically, 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 coinMaking 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 cryptocurrencyThere 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 blockchainJust 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 blockchainA 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 youSome 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
- Select the right platform
- Select a consensus mechanism
- Developing blockchain nods
- Start blockchain development
- Check out if everything is all right
- Verify the legal aspects again
- Release your brainchild
Picking a network and paying for tokenThe easiest way is through the Cointool platform or its analogs. Keep in mind that the creation costs 0.1 ETH.
Creating a walletIt 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 parametersIn 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 contractAfter 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 contractAfter 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 afterCoins 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 tokenActually, 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!