What are the requirements and technologies I need for creating my own cryptocurrency?
How to assign value for my own coin?
For example:
- 1 bitcoin = 279627.91 INR,
- 1 Litecoin = 2863.13 INR
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2 Answers
You will need a lot of experience and knowledge in many areas including cryptography, networking, programming, economics, and a lot of research into cryptocurrencies themselves before you'll be able to make one yourself.
Values are not assigned by the developers, just by the market, it is supply and demand which raises and lowers the price.
answered Aug 17, 2017 at 10:29
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1Don't forget that he needs to be able to convince people to use it. Sure, he can have his own currency all by himself, but if he wants any sort of value attached to it, he would need a market. No currency has any value if there is only one person in the world who wants to own it.– ArthurCommented Aug 17, 2017 at 12:35
When creating a new cryptocurrency, you must decide whether it will be a coin or a token. A coin exists on its own blockchain, while a token exists on an existing blockchain. The blockchain makes cryptocurrencies secure and decentralized.
Creating a token requires less experience and knowledge than creating a coin. Creating a coin usually requires a team of developers and experts. Creating a token also requires technical knowledge, but it can be created in minutes using blockchains such as Ethereum, Binance Smart Chain, Solana, and Polygon.