Published on January 29th, 2019 | by Sunit Nandi

Out-of-the-box approach to make a cryptocurrency

Often in the industry, a person thinking beyond the borders of convention has the capacity to create impact. If you are a potential crypto creator, you might find these tips handy having the touch of almost being trendy.

Times have changed from the old mouth to mouth communication to propagate an idea. You can easily say hello to your colleague on the other side of the globe and garner a business proposition.

Get away from your comfort zone and get geared to create your own cryptocurrency. Only when you consider moving away from arm-chair luxury, you can make a difference.

Thinking beyond the borders of convention on how to make a cryptocurrency

The basics to create a digital coin

The market of cryptocurrencies is extremely volatile. What is there today may be missing tomorrow.

If you want to leave a dent with your venture, you have to aim for the long run. Your long term goals have to be clear. Short term achievements are momentary and you will not benefit from the same.

Be a hero right from the beginning and work to be on top of the game. You as a stakeholder must know in and out of even the minutest transactions and happenings. Since the stakes are high, know how to user your money wisely.

Handling competition

You are bound to phase stiff competition. To handle competition you have to become mentally tough to take firm decisions.

Layoffs may become a routine and you may have to take nasty decisions to offload what you see as barriers to your endeavor. In your bid to start your own cryptocurrency there can be risky situations where competitors may steal your valuable ideas.

You may have to put up with shocks like some phase of your counterparts getting approved and you facing rejection. Your emotional balance may be put to a trial but you must not lose your cool.

Getting and reading the right material

A good reader is always a good leader. The more you read white papers and other material the better equipped you are as a visionary.

Read original white papers from the founders of cryptocurrency. Make notes and revise them. Learn what loopholes they got stuck into and try to avoid the same pitfalls.

Also Read, What Is Plaguing The Cryptocurrency Market?

Building a fanbase

The more you build a sphere around yourself with the right set of people, the better your outreach would be. When the key idea behind your effort is marketing, logically it makes sense to broadcast the message.

Become active on social media like Twitter and other high visibility platforms. Create groups and invite people to join them. It can be bluntly put as become popular.

With the multitude of options available in the domain of social visibility, you have to factor time to have a presence in the most prominent of them. Let your interest be varied when you do posts so as to keep it natural.

It is also a strategy of optimization that many reputed enterprises should call out and increase your standing as an idea worth dying for. It so happens that even if an idea is mediocre the hype it creates attracts masses. However, keep your crypto idea weighty.

Managing emotions during crucial phases with the right aim

When you embark to make your cryptocurrency, there will be rough seas. Your emotions may play havoc and as a responsible stakeholder it forms your responsibility to manage them.

Be even minded when it comes to success and failure at all the phases of your crypto undertaking. You may find it hard during Initial Coin Offering or difficult to manage bounty programs.

You should make up your mind to not be an overnight celebrity. Such things never do happen. Success comes at the cost of much hard work and involvement. Even if your effort reaches only a handful of people, work steadily to reach nationally and overseas.

Also Read, Why You Can’t Trust More Cryptocurrency White Papers

Conclusion

This discussion has discussed boundary conditions and how you can scale beyond them in your effort as a cryptocurrency creator. Note well that you may have to adopt such offbeat attempts in order to make a difference.

Well said! This may be your appreciation to this discussion but may have something to add. Go ahead and have your say.

Tags: approach, crypto, cryptocurrency, out of the box

About the Author

Sunit Nandi I'm the leader of Techno FAQ. Also an engineering college student with immense interest in science and technology. Other interests include literature, coin collecting, gardening and photography. Always wish to live life like there's no tomorrow.