Name Price24H (%)
Bitcoin (BTC)
$33,233.00
-7.55%
Ethereum (ETH)
$2,221.91
-12.40%
XRP (XRP)
$0.56
-9.97%
Litecoin (LTC)
$99.03
-10.37%
Cryptocurrency, Featured

Nascent Crypto Wariness/Awareness For Smart Decisions

To see through the potential of crypto, you need to trust your instincts. First and foremost you need to study the business model fuelling its operation. If you trust that this model is capable of solving a chunk of this problem, you may consider it.

Casually scrolling through LinkedIn timeline, a stray update grabs your attention. You realize you’ve been power-scrolling when you have had to wind back a few paces to trace the right one. A cheerful message sends you an φ$. What of it? You look closely. It says φ$ is a new cryptocurrency designed by some Ivy League grad students. You skim through the lines until you reach the projection which states φ$, at its current growth rate, should equal 200 ETH in the next couple of years. Now you’re interested. You keep skimming, your visual tool comb for a pattern – any “https://” beginning or “.com” ending gibberish would do. You find. No time for anticipations. You tap.

You land on a classy-looking interface and it would let you no further unless you download. You realize you’ve come far and there’s no looking back. A much-traveled route to the Google Playstore and you’re in. Name and phone number, please? Sure.

You’re motioned to a “bulb” sign. You touch. Congratulations! Your φ$ mining begins right here on your phone. In your current “Navigator” position you earn 0.1φ$/hour. You may check again after 24 hours while your phone keeps mining. Meanwhile, you may contribute to the network by sharing an invite with your close contacts and get promoted to the ranks of “Pioneer” and “Ambassador” sequentially. That’s all for tonight. Stay safe, play safe!

And then it strikes you. Was it real or a scam? One way you could be a millionaire in a couple of years the other could drain your existing balance.

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This dilemma is of scores of people with the slightest interest in crypto. Knowing the plight of early adopters of Bitcoin, many people vest their hopes on newly forked crypto. However, not all crypto will scale the height Bitcoin has. To distinguish the real from the scam you would need the knowledge of the journey from inception to the launch of the crypto.

Here’s a view allowing you into all that goes into forking a cryptocurrency. In other words, how could you build crypto of your own?

Creation Of Crypto

A cryptocurrency may be a coin or a token. Creating a coin takes some doing. You must build your blockchain network, and even if you copy Bitcoin’s blockchain, you still need to have sufficient knowledge in decentralized technology to be able to add a variable or change the value of something.

Creating a token is easier. You may create your token by forking an existing blockchain. Fork cryptocurrency is created on top of an existing blockchain by utilizing the trust, popularity, and consensus mechanism of the underlying technology. Either way, you need basic coding skills and a thorough understanding of blockchain technology to accomplish these.

Binding It To The Business Logic

Now that your crypto is constructed, what do you do with it? First and foremost, define the idea you have behind the crypto. This could be the strategic plan that addresses a common problem. For instance, seeking to remove some intermediary.

Further, you need to put down rules for the creating of the smart contract. And finally, draft the white paper for the cryptocurrency.

This is generally accomplished with a software development team and a business development team.

Your crypto is now ready for its ICO.

Promotion

Now that your crypto is ready, it’s time for promotion. Spread the word far and wide through various digital media channels. Efforts must be made to garner a support community and make noise on social and professional media platforms. You remain active on these platforms, make statements, engage in debates seek suggestions, and most importantly hogg the limelight.

Differentiating Potential Crypto From A Scam

To see through the potential of crypto, you need to trust your instincts. First and foremost you need to study the business model fuelling its operation. If you trust that this model is capable of solving a chunk of this problem, you may consider it.

Also Read: Zero-Knowledge Proofs | How Can It Establish Privacy

Next, you may talk to like-minded people with understanding on the matter to discuss the possibilities and the fall-throughs. Once you agree, that the foundation seems concrete and the use cases are credible. Join the community of supporters. Follow them on social networking sites. Join discussion forums to gain further insight on them.

If you still get the greens from all of this effort, you may cautiously invest in it; being mindful of staking only the sum which you may afford to lose and not a significant portion of your fortune.

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