A few years ago, creating a cryptocurrency was a task that was only available to a few expert cryptocurrency programmers. Currently there are very simple ways to create cryptocurrencies and it is available to the general public without the need of coding knowledge.
What Is Cryptocurrency
Cryptocurrency is a digital asset for use in online transactions. That is why it is also called Digital Currency. Cryptography is used in these currencies. Cryptography is an electronic peer-to-peer system in which many computers are connected to each other over the Internet and operate without the need for a central server.
This means that transactions through these computers are not recorded on any central server. This is the reason why cryptocurrency transactions are out of the reach of the government and banks. Therefore, tracking them is almost impossible. Hence, the cryptocurrency is also used to execute illegal activities. But still, this currency is very popular on the internet and has a bright future in terms of digital assets.
Popular Cryptocurrency Names
Although many cryptocurrencies have been created around the world after the success of Bitcoin, here is a list of some of the most popular cryptocurrencies that can also be a good investment option.
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Cardano (ADA)
- Binance Coin (BNB)
- Ripple (XRP)
- Dogecoin (DOGE)
- Tron (TRX)
- Dash (DASH)
- Bitcoin Cash (BCH)
Things To Keep In Mind Before Creating Own Cryptocurrency
The first step towards creating cryptocurrency is to select a blockchain. Blockchain technology is a basic requirement of every cryptocurrency that appears in the world today. A blockchain contains details of every cryptocurrency. This is a Ledger Book which shows all the details of your live cryptocurrency.
Even today, coding knowledge has its own importance to create a cryptocurrency. Most of the world’s cryptocurrencies are created using C ++ code. All those crypto builder platforms which helps us to create your own currency online free are made up of pre-set codes. In this case, you do not need to write any code.
Apart from this, the security of the currency is also very important. Because the biggest threat to digital assets comes from hackers. No matter how powerful your currency is, if it is not secure, it will not be able to last long in the market.
Marketing of new currency is also very important so that it can be recognized in the market and the demand for your currency can increase. To do this, you can go to merchants and ask them to accept your cryptocurrency as a form of payment or work on some good projects to make good use of your crypto coins.
Once the market demand for your coin starts to build, you will need Crypto Miners. Crypto miners create new cryptocurrencies and approve cryptocurrency transactions that occur digitally. Crypto-Mining does everything your cryptocurrency needs to function efficiently. For this, it is necessary to have some software and hardware and have basic knowledge of Coding to run it.
Start Creating Your Own Cryptocurrency With Wallets Builders Without Codes
We have chosen Wallets Builders for many reasons:
It is easy to use and can be accessed via the web.
Creating a cryptocurrency does not involve advanced programming of any kind.
Allows you to configure various options. Among them the consent protocols, logo of our project, etc. are pre-finished.
Provides access to the source code. This allows us to freely improve our project later and gives us a convenient way to create your own cryptocurrency online free.
It offers wallets for Windows and Linux platforms.
Now that we know some of the characteristics of Wallets Builders, it is time to go to their website and learn about this platform. To do this, just click on this link, and you will be able to reach the main website of this platform. Now we must begin the process of creating our own cryptocurrency.
Step 1: Start your project
The first step that Wallets Builders directs us to to create a cryptocurrency is to the basic information of our project. Enter your correct Email address for a safe start in our cryptocurrency. In our particular case, we will select the Free plan. We also selected the PoW based on the SHA-256 hash function. Press next and create your own virtual currency by following the steps below.
Step 2: Details of your cryptocurrency
In the next step, define the name of the cryptocurrency and its symbol. For instance, we have decided to name the cryptocurrency “CoinGraph” and as a symbol we have defined “CGH“. In both fields, you can choose whatever you like the most. However, you should keep in mind to give it an original name and a unique symbol. This will help to prevent people from confusing your project with an existing one.
In the case of the “Address Letter” we have chosen the letter “C“. This means that the addresses of our cryptocurrencies will all begin with the letter C. With this we could clearly identify that it is our CoinGraph address.
At the “Coin Unit” option , we have decided to name it “Graph“. This makes mention of the smallest possible unit of the cryptocurrency. In this way, our Coingraph coins can be divided up to eight decimal places, where the smallest unit can be termed as Graph. This is a default option for all cryptocurrencies. For example, a Bitcoin is divided to a maximum of eight decimal places, and the smallest possible unit is called Satoshi.
Finally we come to the “Timestamp” option, an option where we can place a little message about our first block of our cryptocurrency. You can write an info that you like the most and that identifies with your project.
Step 3: Define the basic economic variables of your cryptocurrency
At this point, you will need to define three very important variables. The first one is the “Block Reward“. This value refers to the reward that miners will receive for the successful mining of each block of your cryptocurrency. In this case, we have decided to leave it at a value of 50, which means that for each block, miners will receive 50 Coingraph as a reward.
The next field is called “Block Halving” and it has a fundamental importance. This value tells us the block reward will be divided in half by a process called halving. The reason behind this reduction in the reward is to keep the issue controlled. Remember that if our cryptocurrency suffers high emission, this will cause its value to decrease. On the opposite, if the reward is very small, the miners will receive little profit and will lose interest. In any of the cases, choosing a good reward points for the block halving is vital for the economy of our cryptocurrency. With that in mind, you should choose the value that best suits your needs.
The last value in this page is “Coin supply” and refers to the total amount of coins that will be supplied. In Wallets Builder this value is dynamically controlled by the Block Reward and Block Halving values you have chosen. The reason for this is to ensure that the maximum supply is not too small and allows your cryptocurrency to develop.
Step 4: Setting up the coinbase and block generation
Now we reach a critical point within the options to create our cryptocurrency. At this point, the first option insight is “Coinbase maturity“. This option helps us to indicate the number of blocks necessary for miners to spend their rewards. Cryptocurrency miners receive their rewards in a special transaction called a coinbase transaction (not to be confused with the Coinbase company). This coinbase transaction is generated by the miners themselves. It serves to receive the reward of the block as well as the fees of each transaction processed in the same block.
Because it is generated by the miners themselves, delaying the claim of these funds helps two things:
- Prevent miners from generating blocks for any reason, charging the coinbase and then rejecting the block.
Prevent miners from generating an illegal coinbase and charging for it.
As you can see, this value is important for security, so choosing a high value is a good idea. To have a clearer idea, in Bitcoin this value is 100. This means that miners can only claim their profits after mining 100 more blocks.
The next field is called “Numbers of confirmations” and indicates the number of blocks necessary before a transaction is confirmed. In this case, the value of six that the platform gives us is excellent.
Next, we have the “Target spacing in minutes” field, which indicates the time it will take to mine each block. At this point, we will say that every 10 minutes, our Coingraph cryptocurrency must generate a new block.
And finally, we have a “Target timespan in minutes“, with which we will indicate the time in which the difficulty of the network is re-adjusted. In our example, we have indicated that every hour (60 minutes) the difficulty will be adjusted.
Step 5: Finishing the creation process
By choosing the free option, the Wallets Builders platform does not allow us to customize the logo of our project. But to create and test it, you must go to the email you registered in the first step and open the link that you have been sent. Once you click on this link, you will access a panel like this:
Step 6: Setting up the wallet and mining the first block
Finally, the last step to follow is to configure our miner and start using our cryptocurrency. Now run the wallet software according to the instructions given by mail. Once you run it, you will see the miner interface.
Congratulations, the cryptocurrency you have created works and is live. The process is almost as simple as the method used to create a web page.
Frequently Asked Questions
Can I have my new cryptocurrency listed on an exchange?
Yes, you can have your new cryptocurrency listed on an exchange. The question to ask yourself at this point is, is my cryptocurrency attractive enough to be listed on an exchange? Exchanges normally list only those cryptocurrencies that meet certain criteria.
How to create your own cryptocurrency for free or how to become a cryptocurrency creator?
You can always use crypto builder platform like “Wallet Builder” to create your own currency for free.
What is the difference between a cryptocurrency created in Wallets Builders and another created manually?
There is practically no difference. That is, a cryptocurrency created with Wallets Builders and another created using manual codings are based on the same blockchain technology. But still cryptocurrencies created with Wallets Builders are somewhat common. They are based on the source code of already established projects and use them to generate cryptocurrencies on demand.
How long does it take to create a cryptocurrency and how to create your own cryptocurrency in 15 minutes?
To create a cryptocurrency quickly, you can skip the coding part and create your digital currency with some free crypto builder platforms.
How much does it cost to create your own cryptocurrency?
You can always create your cryptocurrency with free of cost using free crypto builders. There are also some plans where you can pay a nominal charge for additional features.