WHY SHOULD YOU CREATE YOUR OWN CRYPTOCURRENCY?

Posted by john smith on September 17th, 2019

Investment in Bitcoin has become the talk of the town in the recent years. The recent statistic report on cryptocurrencies stated that the price of the Bitcoin shot up around 200% this year. But it is just half compared to 2017’s price hike.

Why is it necessary to make your own crypto coin?

Quick Transactions

In usual business and trading, there are numerous middlemen who complicate direct transactions. There is a lot of manual paperwork, brokerage fees, taxes and commissions involved in the middle.

But crypto trading is a direct networking structure that totally eliminates the influence of middlemen avoiding doubts. This direct trade leads to greater clarity in establishing audit trails, less confusion on to whom the fees should be paid, greater accountability and trustworthiness between the buyer and the seller.

Privacy

Nobody wants their transactions and trading to be followed by any central authority. In every use of cash and card payment systems, the bank or the centralised system can track down the entire transaction history. This gives the authority the total freedom to have a check on your account balances, transactions and funds.

Contrarily, trading with the help of cryptocurrency allows the transactions to be negotiated within the two parties itself without the interference of any governance. This holds the privacy of your financial history and restrains from any hack or theft which is prevalent in the traditional system.

Easier global trade

Cryptocurrencies possesses a unique feature that they are not curbed over different local currencies. Cryptocurrencies possesses the exclusive tendency of escaping the charges imposed for exchange, interest, transactions charges, or other any other taxation by any country.

This peer-to-peer mechanism makes helps cross-border transfers and transactions to be conducted without complexities over currency exchange fluctuations.

Strong Security

Cryptocurrencies hang on to top notch security as the blockchain technology makes the transactions transparent for the parties. With these digital coins, traders are able to do business even where crime and fraud rates are high. The public ledger allows no one to double spend the currencies or hack the data.

Anonymity

Digital exchange platforms protect the personal information of the trader to be kept away from identity theft and hidden from prying eyes. The enhanced anonymity allows Payments in crypto coins can be made and finalized without personal details being tied to the transactions.

Create my own cryptocurrency

Creating a new cryptocurrency allows easier transactions and widen up the trade. Cryptocurrency offers a way to reach out to the traders who are looking for a new method to pay for their goods or services. It offers significant benefits to help the user to avoid the risk of fraud and enjoy complete anonymity to purchase what they want without being monitored. SHAMLA TECH provides trending services to make your own crypto coin with cryptocurrency development service from expert crypto consultants. Get into the new crypto market to enhance your business.

Creating a new cryptocurrency

You have to be sure about which one you want to create- coin or a token. Both of these come under cryptocurrencies, but with major difference. Coins operate on their own blockchains like whereas tokens depend on other networks to verify transactions and store them. That is tokens need not necessarily have a new blockchain. We can learn more about developing cryptocurrency and how to make a cryptocurrency boost your business; First of all let’s see the main steps you need to take into consideration to building a cryptocurrency.

Cryptocurrencies require extensive coding and calculating knowledge to complete. Of course, it is a bit complex some understanding on modifications is still essential, but still the wide web is full of tutorials and guides. Nevertheless cryptocurrency developers will help you to achieve it skillfully.

For creating a cryptocurrency with real value, it takes some time and dedication. Tokens are offered in initial coin offering or, generally crowdfunding in order to gain response from the public.

Types of coins

Bitcoin: Bitcoin is extensively seen as a pioneer and the early developed digital currency in the cryptocurrency market. Bitcoins relatively advances in its value as more people come forward to exchange them for goods, services, and even local cash as well. It allows people to trade with their Bitcoins almost anonymously, where to fake or copy Bitcoin is troublesome. Bitcoin uses the Hashcash proof of work system to limit new miners to the chain.

Altcoins: Altcoins are alternative cryptocurrencies other than Bitcoins that are launched after the success of Bitcoins. As the name suggests, it includes all other non-Bitcoin cryptocurrencies. There are hundreds of altcoins which holds their own range of procedural variations. Though functionalities are similar, they provide unique application enhancements that differ from Bitcoins. Leading examples of altcoin include Litecoin, Ethereum, Ripple and Dogecoin. Litecoin is considered as the closest competitor of Bitcoin.

Tokens: Cryptocurrency tokens represent a fixed or a particular exchangeable and tradable asset or a utility that works in an exchange platform. Tokens may also represent a customized unit of cryptocurrencies. Such tokens are tradable and compatible among the other participants in the blockchain. This functionality of building your own tokens is made possible through smart contracts; the security programmable computer codes that are automated and do not require any third-parties to operate. Tokens creation is much easier as it need not have a separate Blockchain of its own.

SHAMLA TECH helps you with all the guidance needed in creating your own cryptocurrency. Experience the ease of trade with reliable crypto consultants.

Source: Cryptocurrency Coin Development Services | Shamlatech