How to Create Your Own Cryptocurrency? Table of Contents. Tech Blockchain Tutorials. A cryptocurrency , also known as crypto, is a type of digital asset with multiple use cases. It's primarily a way to transfer value between people digitally, including monetary value, ownership rights, or even voting privileges. Crypto differs from other digital payment systems because of its roots in blockchain technology.
This basis gives cryptocurrencies more freedom from central entities like governments or banks. Bitcoin is the most famous example of a cryptocurrency. It has a simple use case of transferring monetary value to anyone across the globe without the need for intermediaries. Its blockchain records all transactions and ensures security and network stability. Cryptocurrencies can roughly be split into two categories: coins and tokens.
The difference between them is simple. Coins have their own native blockchain, like Bitcoin, for example. Ether ETH has the Ethereum blockchain. Coins typically have a specific utility over the whole network, like paying for transaction fees , staking , or taking part in governance. Tokens are built on pre-existing blockchains. They might have some similar roles to coins, but tokens mainly have utility in their own projects.
You can also use it to pay for certain transactions in the PancakeSwap ecosystem, like minting Non-Fungible Tokens or playing their lottery. The same is true for the thousands of ERC tokens issued on the Ethereum blockchain. Each token is part of a specific project with different use cases. As mentioned, creating a token is much simpler than creating a coin.
A coin requires you to develop and successfully maintain a blockchain. You could fork create a copy another existing chain, but this doesn't solve the problem of finding users and validators to help your network survive. Nevertheless, the potential for success with a new coin can be higher than just making a token.
Here's a basic overview of the two options:. Coin Token Runs on its own blockchain network Can be built on existing blockchains with an established user base Requires advanced blockchain knowledge and coding skills Fairly simple to create with pre-existing tools and open-source code Blockchain development is more costly and takes time Token development is faster, simpler, and relatively cheap. Creating a new coin can take a lot of time if you develop your own blockchain.
However, forking a previous blockchain can be done speedily and used as a base for your new coin. Bitcoin Cash BCH is one example of a forked project. To do this, you still need a high level of blockchain technical and coding knowledge. The success of your project will also rely on getting new users to your blockchain network, which is a challenge. A token will usually be enough for Decentralized Finance DeFi applications or play-to-earn games.
Both BSC and Ethereum have a massive amount of flexibility and freedom for developers to work with. Both these networks provide ways to make a variety of tokens based on pre-existing standards. BEP and ERC token standards are leading examples that almost any crypto wallet provider can support. Both networks allow for the creation and customization of smart contracts that enable you to create your own tokens and decentralized applications DApps. With DApps, you can create an ecosystem that provides more use cases and functionality to your token.
You could also look at sidechains that use the security of a larger chain like Ethereum or Polkadot but also provide some customization. The Polygon Network is attached to Ethereum and provides a similar experience but is cheaper and faster to use.
After picking a blockchain, you'll need a method for creating your token. You can also find ready-to-use tools that create tokens based on the parameters and rules you provide. These are usually paid, but they are a more practical option for users not familiar with smart contracts.
If you want to make your own blockchain and coin, you will likely need a team of blockchain developers and industry experts. Even if you look at forking a blockchain like Ethereum or Bitcoin, there is still a huge amount of work required to setup your network. This would include encouraging users to act as validators and run nodes to keep the blockchain running. Cryptocurrencies can play many roles. Some act like keys to access services. Others even represent stocks or other financial assets.
To understand and map out the process of creating your crypto, you'll need to define its features from the beginning. Tokenomics are the economics that govern your crypto, like total supply, distribution method, and initial pricing. A good idea can fail if the tokenomics aren't correct and users aren't incentivized to purchase the cryptocurrency. For example, if you're creating a stablecoin but cannot peg it correctly, no one will want to buy or hold it.
If you're creating your own blockchain or aren't sure which one to pick for your token, think about the consensus mechanism you want. These mechanisms determine how participants confirm and validate transactions on the network. Most blockchains use Proof of Stake as it has low hardware requirements and many different variations.
This step is only needed if you're creating a coin. Not every blockchain allows the public to validate transactions or run nodes. The decision between having a private, public, permissioned, or permissionless blockchain is important. Your blockchain architecture will depend on what your coin and project are attempting to do. For example, a company or country creating a coin might run a private blockchain for more control.
Head to Remix , an online application for developing and deploying smart contracts on blockchains that are compatible with the Ethereum Virtual Machine. Right-click the [contracts] folder and click [New File]. You can do this by clicking the icon outlined below on the right. Copy the BEP smart contract code into your file. Modify the name, symbol, decimals, and totalSupply for your coin.
Click the icon shown below on the left side of the screen, check [Auto compile] and [Enable optimization], then click the [Compile] button. Click the icon highlighted below on the left-hand side of the screen. Once the smart contract is live, you need to verify and publish your contract source code. Next, right click BEP Now click [Verify and Publish] at the bottom of the page. The standard blockchain transaction fees to withdraw funds from the exchange will apply that varies on the asset and the network load.
For example, the fee to withdraw BTC is 0. Users on the platform can trade using 50x leverage to control a larger position to take advantage of small price movements. Similar to the Crypto. The user-interface for the derivatives market is similar to the spot exchange as shown below.
A benefit with using the Crypto. To obtain the bonus, the deposited assets must be held within the Crypto. However, the additional interest is paid in CRO tokens, not the asset. There are 8 stablecoins that can also be deposited to the Crypto. Related: What Is Crypto Staking? A Beginners Guide To Staking. There are no setup charges or annual fees to starting earning rewards at supported retailers using the Crypto.
To apply for the Crypto. Depending on the amount of CRO tokens staked within a Crypto. Customers that do not stake CRO tokens can still apply and use the Crypto. However, are not eligible for additional benefits and card rebates. The amount of rebate does vary with the amount of CRO staked on the app, which also allows bonus interest to be earned.
There are limits to the rebates per month and customers should check the website for details. Once the lock-up staking period has expired, the tokens can be transferred to a Crypto. To further their long term goal, the Crypto. Online business can choose to be paid in Bitcoin, Ethereum, Litecoin or the Crypto. For online shoppers, Crypto.
The app provides generous incentives in the form of cashbacks and rewards for spending crypto. The safety of funds and information held by a cryptocurrency platform is a vital consideration when selecting an exchange considering several cryptocurrency exchange hacks in recent years. There are several comments that compliment the user-interface and ease-of-use on the App.
While most of the reviews on TrustPilot for Crypto. There are a few comments that complain about slow customer service. However, the Support section on the website is very comprehensive and covers all topics on each of the products offered. Before depositing real funds to the Crypto.
The digital currency app has quickly become one of the best crypto exchanges in Australia that accepts Australian Dollars AUD via a bank card transaction. Customers no longer need to pay foreign exchange conversion fees to buy crypto using the Crypto. To conclude our Crypto. In particular, the Crypto. Overall, the Exchange is one of the better cryptocurrency trading platforms to choose from.
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A rating between poor 1 star and best 5 stars with 0. For more information on the rating system, read our cryptocurrency exchange review process. Kevin is the founder and chief editor at HedgewithCrypto that he started in which has reached over 1. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space.
ID Verification Requirements. Depositing Fiat Currency. Depositing Cryptocurrency. What Are The Fees? Supported Cryptocurrencies. Trading User Interface. Placing Trades. Trading Fees. Cashback Rewards. Card Rebates. Security Features. Customer Support. Frequently Asked Questions.
How We Rated It. HedgewithCrypto Score. Trading Fees: None 3. Promotion: None available at this time. Key Features Crypto. Ease of use. Deposit methods.