Have you ever thought about creating your own cryptocurrency?
For a long time I've had the idea and one day, I finally decided to go for it! So I’m going to give you 5 things you need to know before you create your first crypto token.
1.)Token Vs Coin
You need to know that at first, you’ll be creating a token, not an actual coin. There can only be one coin on a blockchain but there can be many tokens. That native coin is used to fund any token or smart contract on the blockchain. So unless you plan on building a new blockchain you’ll be creating a token. It’s a much easier process.
2.)What Blockchain are you using?
You need to know what blockchain you want to build your token on. There are over 30 blockchains to choose from currently and they all have different attributes and uses. I built my first token (HazelCoin) on the Solana network because they have little to no network fees and fast transaction speeds.
3.)What are you going to be using your token for?
Will your token raise money for your business or be something you send to your kids as a reward system? You may even eventually want to have your crypto (token/coin) on an exchange to be traded. Tokens can have a lot of different uses so you should know or have an idea of what you plan on doing with yours.
4.)It doesn’t have to be hard
If you’re not familiar with code you can hire a developer to do the coding for you. But if you want to be completely hands-on you can learn the coding language or just enough needed to build your token. And now with new Dapps (Decentralized applications), it's even easier than ever to create your own token using their coding system.
5.) You don’t have to spend a lot to create your token
Your token can be created with little to no money invested. There are platforms that can create a token for you, even for free! HazelCoin was created with less than $50 total. With a little research, you’ll find the best fit for what you want to accomplish.
Want FREE HazelCoin? Here are two simple steps: First download a Solana wallet (I recommend Phantom Wallet), and second leave a comment with your Sol address. Then I will send HazelCoin(HZC) to a lucky few!
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