Why would we create our own cryptocurrency?
Why would we create our own cryptocurrency?

By derwin25 | Worldinfo | 10 Aug 2019


The cryptocurrency revolution is here to stay. Increasingly, cryptocurrencies such as Bitcoin and Ethereum occupy an important place in the economic life of our countries, serving us for the purchase of goods and services, means of saving, and even financial investment instruments.

The creation of a virtual currency, decentralized and transparent such as cryptocurrencies, is a perspective that is attractive to hundreds of people, organizations and companies around the world. And thanks to the technological development that has occurred in recent years, it is a process that can be carried out quite simply.

In fact, today it is not necessary to resort to the method followed by Satoshi Nakamoto, the legendary creator of Bitcoin, who had to carry out his programming from scratch manually. On the contrary, today there is a range of services that allow the creation of a cryptocurrency with its respective Blockchain in a personalized and simple way. However, although the process is much easier than it was just five years ago, there is a question for anyone interested in the crypto world: Why would I be interested in creating a cryptocurrency?

Today there are 2440 different cryptocurrencies in the world, according to CoinMarketCap. Not all of these projects, not even the majority, have as their final objective the consolidation in the market of a virtual currency as an alternative to traditional fiat money, but they are platforms that serve other purposes.

The clearest example of the multiple uses that Blockchain-based projects can have is in the second cryptocurrency of the market by capitalization, Ethereum, which would have been born with the aim of serving for the realization of Smart Contracts, that is, to facilitate the elaboration of the contracts that are made every day to allow the development of economic life, such as property contracts.

In addition, from Ethereum the so-called tokens have emerged, a kind of virtual currencies without its own Blockchain, which are housed in the blockchain of another cryptocurrency such as Ethereum or Bitcoin Cash, and that are used in Decentralized Applications (DApps) to that users can access their services.

Therefore, the creation of cryptocurrencies is not always about trying to position a new currency globally, such as the aspiration of Bitcoin or Bitcoin Cash, but that each cryptocurrency is a vehicle for the realization of a project, whether the creation of Smart Contracts or the design of a payment method specialized in transaction security such as Monero, its possibilities being as endless as those of the Blockchain technology that brings it to life.

However, before attempting to launch your own cryptocurrency it is necessary that you familiarize yourself with the cryptoactive market, with the operation of Blockchain technology, and especially that you and your team correctly define their objectives, well, although it is legitimate to boost business interests private through cryptocurrencies, sometimes these can collide with the existence of other projects that go in the same direction as yours.


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