How To Create Your Own Cryptocurrency?

As of the end of September 2018, there are more than 2 thousand different cryptocurrency projects in the world. Each month their number is only increasing. For example, at the beginning of this summer, the CoinMarketCap website indicates that there were about 1,600 coins, i.e, globally speaking 400 new ones appeared in 4 months. In this article we will talk about the nuances of creation of your own cryptocurrency and discuss about how much it may cost and how you can do it. So, there is a lot of information, let’s get started.

Content:
(please, click the topic to scroll down to it)

  1. Why do you need to create your own cryptocurrency?
  2. What shall you thoroughly consider while creation of your own cryptocurrency?
  3. What are the main ways to create a new coin?
  4. Conclusion

1. Why do you need to create your own cryptocurrency?

At the very beginning it is necessary to determine the value that your coin will have. There is a huge number of projects which have been created and launched for fun, for example: TrumpCoin, PutinCoin, etc. Such coins will hardly ever become successful nor get at least into the TOP 100 projects.

An idea that underlies your future coin creation shall solve some major problem or improve the already existing product. Also, the coins that will be used as the settlement means within a particular platform (a service, a game, etc.) are considered as promising.

2. What shall you thoroughly consider while creation of your own cryptocurrency?

Suppose, you already have a clear idea about the purpose of your future offspring, therefore let’s talk now about the nuances that will affect the algorithm of the cryptocurrency creation.

1. Define, whether it will be a coin or a token. The process of creation of  these two types of cryptocurrency assets is significantly different. The coin runs on its own blockchain, and the token can be launched by using a third-party platform (Ethereum, EOS, NEM, etc.). Due to its assignment the coin often serves only as a payment mean, but the token can have various applications.

2. If you decide to create a coin, you also need to make a choice between a completely new product written from a scratch or a fork of one of the most popular coins. It should be admitted that writing a code from a scratch is rather a hard work that requires to engage a team of experienced programmers and to spend a couple years. Thus, this kind of venture is quite costly from a financial point of view.

3. Emission. When you launch your own decentralized project you should carefully consider this issue. It is necessary to calculate everything properly. If you issue too many coins or tokens their value will decrease. And if, on the contrary, you make a very limited issue, then you have a risk that the coin will not be able to maintain a sufficient traded value. It is necessary to think over the working algorithm of your cryptocurrency, as emission control directly depends on it.

4. Mistakes and success. Before launching your own project, carefully scrutinize the history of similar coins. Analyze what can be done better, which mistakes shall be avoided, etc. The pioneers who were the first comers to the market paved their way from their correct and erroneous decisions. It is necessary to use this experience.

These are only the main aspects that are of the greatest importance, in fact there are much more nuances, but it is impossible to describe all of them within the frameworks of one article, since they have a purely individual character.

3. What are the main ways to create a new coin?

There are several options for creation of the cryptocurrencies, let’s take a closer look at them:

  • Hard fork means changing the source code of the already existing coin but continuing to run on the same blockchain. Creation of such a project takes a relatively little time, but you still have to deal with the code. The following aspects are subject to a change: name and abbreviation, number of coins, block size, reward, logo, etc. As a rule, the codes of popular coins are in the public domain. You can download them from the Github resource.
  • Writing your own blockchain. As it was mentioned above this option is the most time-consuming and expensive among all others, but with the right approach you can create a completely new project that will make a revolution in the entire industry.
  • Launching tokens on the third-party platforms. Currently the most popular tokes are the those who have the ERC 20 format, which are created on the platforms such as Ethereum, EOS, NEM, etc.. It is worth mentioning that tokens can be created either by using a ready-made template of a smart contract, or you can write your template manually. The first method absolutely does not require any specific knowledge in programming. For a successful launch, you only need to specify the name and abbreviation, emission and number of symbols after comma. If you have a desire and an opportunity to write your own smart contract, then you can potentially create a token with almost any function. Its development can also take a sufficient amount of time and require substantial investments.

4. Conclusion

At the moment, the creation of a new cryptocurrency is not really surprising. If desired, you can launch your own decentralized project in several hours, even being alone, without any investments and programming knowledge. But if your goal is to create a fundamental cryptocurrency which will be able to compete with the market leaders, then be ready for multi-million dollar expenses and a long development process.

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Three Hellish Days for Cryptocurrency: Reasons of The Fall of The Currency and What To Do Next?

The current condition of the cryptocurrency market raises a number of question from traders. For the third day, the industry is either trying to revive Bitcoin and other cryptocurrencies, or just watching the collapse of the course.

The question of what caused the collapse of the market and what should do those who still have cryptocurrency  – makes world crazy. That is why, The Coin Shark have found answers for all of these questions and analysed per minute history of the fall of currency of Bitcoin.

The Chronology of the fall from 14th to 16th November

Wednesday, November,14 , Bitcoin break another 2018 bottom.  According to data of CoinMarketCap, at 11:34 UTC the rate of the first cryptocurrency behaved stably, being at $6 365.

Nothing foretold troubles, but at 17:19 UTC began unexpected fall, which last till the 19:19 UTC, where the price of BTC remained in half-dead condition at $5 765. Therefore, the capitalisation of the marked fell to $102 billion.

After that, Bitcoin started to resist. In 20:04 UTC the currency show vital signs, increased to $5 858. But still, the end of 14th November was not a happy ending. In 22:48 UTC was settled a new record – $5 568.

Source: https://coinmarketcap.com/

If compare the data with an individual market, then on a Bitstamp the price of the BTC has already dropped to $5 534, and on the Kraken – $5 510. Last two weeks, Bitfinex exchange trade Bitcoin more than $6 000 per each unit.

It turned out, that the 14th of November was still far from the end of BTC fall. According to CoinMarketCap, Thursday, November, 15, at 17:04 UTC, Bitcoin shocked everybody with the course of $5 358. On Bitstamp the first cryptocurrency down to $5 446, and on the Bitfinex – $5 638. At this point, this is the lowest course from the end of October, 2017.

Source: https://coinmarketcap.com/

The condition of the cryptocurrency market for the last year is unstable. It is accompanied by unexpectable highs, as well as painful falls. But not only Bitcoin drop it’s price position on 14th of November. Together with it, into a deep red zone came the major part of other cryptocurrencies. In doing so, the total capitalisation fell by $190 billion.

Source: https://coinmarketcap.com/

At the writing of this article, 16th of November, the condition of the cryptocurrency market is still in critical position – the course of Bitcoin stood at $5 500, and Ethereum backed down the second place in capitalisation Ripple.

Source: https://coinmarketcap.com/

What caused the collapse?

Just think about it, less than 24 hours ago, it was possible to sell the BTC on a thousand dollar higher. Probably, it is impossible to define why “the foundation was cracked” under the cryptocurrency, as for the example it can be done in a regular market. In the digital, the effect is first  seen and only than the reason becomes known.

Reason #1: Contagious effect

On the basis of past, the cause of the fall have psychological nature.
For example, people are massively starting to buy cryptocurrencies or fanatically selling.

Reason #2 : Direct correlation

Each financial currency  pegged to its government, as for the example dollar – to the US economy. Cryptocurrency pegged with the people, which are both buying or selling it.

Reason #3: Global Bitcoin influence

Ironically, but there is a theory, that the general condition of the cryptocurrency is affected by Bitcoin. The value of all digital market is estimated in $182 billion, the $90 billion of which belongs to BTC. The majority of cryptocurrencies  should be transferred especially in Bitcoin, before the sale.
And now imagine, that selling of Bitcoin will start simultaneously several major players of the market. After this, the BTC prices are lowering, and this cause  the panic attacks more than ones: “ Buy everything and as quickly as possible, while the price is low!” – this makes the course to grow.

What should do the owners of cryptocurrency: sell or wait?

It depends on the inner aspects of each owner. Even when the course is rising – it still have cycles of fall.

Who and how will affect the collapse of rate?  

Cryptocurrency is the unstable tool. It’s system decentralised and doesn’t have the management center. Digital currency should strengthen the positions, so it can give the accurate forecast for the future. But, it appeared, that this fall will have no affect on ordinary users.

There is no denying, that in a consequence many crypto-business will close. Cryptocurrency exchange are in the minimum risk area, as in such cases the number of transaction increases.

Most of all, miners and the owners of the mining field will suffer the most. Since, the profitability depends on the price of extracted cryptocurrency. Within recent events, it is clear that mining is unprofitable occupation.

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Malaysia’s Banking Group CIMB Will Cooperate With Ripple

CIMB, Malaysia’s group of banks, signed an agreement with Ripple to develop a blockchain-driven remittance platform. DLT technology will help to promote banks in the South East Asian region and will offer more convenient services, according to the press release made by Ripple CEO Brad Garlinghouse.

The bank strives for resolving urgent problems in the system by implementing Ripple’s blockchain. The problems mainly refer to slow and quite expensive settlement process.

Ripple CEO said :

“We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience.”

He also added:

“Now, by integrating Ripple’s blockchain technology, [CIMB] will enable their customers to send vital funds to family, friends and loved ones more efficiently.”

They also decided that CIMB would go over its system and analyse the possibility to implement Ripple’s DLT in other spheres.

We remind you

Has Ripple’s XRP Entered Apple Pay?

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8 People Suspected of a Crypto Ponzi Scheme Were Arrested in Japan

According to the local news outlet, the enforcement agencies in Tokyo took 8 people in custody in connection with their possible participation in a gigantic pyramid scheme involving cryptocurrencies.

The police state that almost 6 thousand people became victims of the scheme and lost their crypto. The total amount of money stolen amounted to whopping 7.8 billion Japanese yen (almost 70 million dollars). Allegedly, the fraudsters were organizing different events and seminars and raised funds there, promising a huge return on the “investments”.

Out of 8 arrested people, 6 have already pleaded guilty. They will be charged with the violation of multiple financial regulations of Japan.

We remind you:

The Twitter Account of Google Was Hacked to Promote a Scam BTC Giveaway

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Cryptocurrency Prices Today, November 16: Cryptocurrencies Continue Falling after the Collapse

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.87% over the past 24 hours. The price at the time of writing is $5575 per coin.

Some cryptocurrencies keep declining, others are trying to return to the green zone:

Bitcoin Cash lost 5.51% over the past 24 hours and costs $418 per coin;

Ripple added 2.55% and costs $0.47;

EOS gained  0.28%, and its price is $4.56;

Litecoin grew by 0.46%, and its rate is $43;

Cardano lost 0.50%, and its value is $0.061;

Stellar increased by 4.68% and costs $0.24;

IOTA added 0.81%, and its price is $0.41;

Dash lost 1.03% and is $138 in value;

Monero dropped by 0.62%, and its rate is $88.

Ethereum fell by 0.35% over the past day. The cost of the coin is $177.

The total market capitalization dropped significantly to $182 billion. Bitcoin accounts for 52.8% of the total amount. In monetary terms, the volume dropped to $96 billion.

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Incredible History of Cryptospace Conquest

In November 2017, when the idea of conquering the news cryptospace arose, there were only 3 astronauts aboard our space ship.

The legend doesn’t tell us whether our commander understood the expression of another famous captain, “As you name the boat, so shall it float”, or just wanted us scare the hell of all the other participants of the crypto world, but he called it “The Coin Shark”.

Although our team had little idea how cryptospace ships are actually assembled, we decided to win new horizons at any price and began to prepare for the launch. This is the feeling when people ask you: “Are you ready?”, and you understand that you are not, but you still press “Start”, because when you fly up, there should be no fear.

3,2,1 – Start!

The first time we found ourselves in the universe of cryptocurrencies, we were in zero gravity. Not quite understanding how and where we should fly, we looked around to neighboring ships, until we found our own style of flying. Thanks to the imagination and talent of our graphic pilot, the shark has become the most enviable bride of the cryptospace: bright, original and visually “tasty”.

So we first learned what Bitcoin was and rejoiced at its first record mark of $20k. We got acquainted with the notion of “blockchain” and “mining,” we were no longer afraid of the word “volatility,” and we were happy to talk about this with our space readers.

Later we realized that in order to increase the speed, we need to expand our team. We began to focus on English-speaking users, and also added the Chinese version of The Coin Shark. From that moment on, our editors have been adding high-quality content fuel to our system. They added speed and multi-language to our portal.

Also, we recruited many wonderful people who work every day to ensure that the shark conquers the crypto space as professionally as possible. We are not just floating, but gaining momentum, giving a screw to our spacecraft and setting new goals.

Our team improves the content and focuses on reliable sources from different parts of the world to be the first to tell the most recent and interesting information, wrapping it in a mixture of unique space characters and comics.

We celebrate our new victories: our publications are gaining their own views records, we are invited to top world conferences dedicated to cryptocurrency and ICOs, John McAfee and Forbes CryptoMarkets read our news, we more and more  are distinguished among thousands of other media outlets about cryptocurrency.

Thank you for sharing our journey in the crypto space. In the end, but for you, dear readers, The Coin Shark simply would not exist.

Since the launch, The Coin Shark has been maneuvering every single day up to this day. And most importantly – we still have a full tank 🙂

Welcome to our cryptospace!

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CEO of Coinbase Joins Billionaire List

Despite the fact that the cryptocurrency market an all-time fell apart for the past day, some still manage to hold their positions.  A notable example is the 35-year-old CEO of an American cryptocurrency  company Coinbase, Brian Armstrong, which, according to Forbes, became a billionaire.

The end of October Brian finished with another attracting investments for his company. The amount of collected funds stood at 300 million dollars with an estimate of 8 billion. Based on evaluation, Armstrong’s  share equals to 1.3 billion dollars. In January, Forbes held an estimation of Armstrong’s capital, which varies from 900 million dollars to 1 billion.

It is quite possible, that Armstrong’s personal cryptocurrency holdings received a financial hit, due to the fall in value of BTC, ETH and other cryptocurrencies in recent years. This fact Brian did not commented to Forbes.

Coinbase was founded in 2012. The main headquarters is located in San Francisco. Today, the company steadily conquers and strengthens the leading positions as the largest cryptocurrency exchanger and the US Exchange.  This year, all services owned by the company have about 20 million users, 1.3 billion dollars of revenues. The main revenue stream the company extracts from the commision, which is set for an operation. That is why, the fall of the crypto industry is unnoticeable for Coinbase. The company continues to develop in front of collapse of the stock market.

Within the last investment wave, the company had attracted Tiger Global Management, Wellington Management, Andreesen Horowitz, and other major investors. Coinbase stated, that the remaining 300 million dollars will be spent on enhancement of global connections between fiat and digital currencies.  

We want to remind you:

Coinbase Exceed $8B in Valuation Becoming One of Its Kind In the Whole Crypto Space

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