How Much Does It Cost To Build Your Own Cryptocurrency?
One of the first questions crypto people & non-crypto people ask when it comes to creating a new cryptocurrency is: How much does it REALLY cost to create a cryptocurrency? The truth is, the cost of developing a cryptocurrency depends entirely on your personal budget and goals.
However, in this article, we’ll show you how much it will really cost to put up a cryptocurrency for most people.
What Do You Need to Create a Cryptocurrency?
You don’t necessarily have to hire a professional cryptocurrency developer to create a cryptocurrency. Even if you’re not tech-savvy, you can create any type of cryptocurrency on a budget thanks to different hashing, mining & consensus algorithms available on the online.
That said, if you don’t have a clue what hashing & consensus algorithms you’ll need to create a cryptocurrency, chances are you’ll overspend your budget on things that you’ll never need.
No matter what type of cryptocurrency you want to create, it’s important to know what algorithms & technology you’ll need for setting up your digital currency.
While entering into the cost of cryptocurrency development topic, before you should get some knowledge about the process of crypto development
- Conception & White paper development
- Handle Legal and financial matters
- Utilizing Cutting-edge Technological matters
- Implement Initial offering (ICO, IEO)
- Crypto wallet & Investors dashboard development
- Listing a Cryptocurrency on the Popular crypto exchange platforms
- Marketing Crypto globally based on the Coin Owner Requirement
Project Conception & White Paper Development
Just as a crypto development firm starts with design, the keystone of creating a new cryptocurrency is the idea. The primary document called the White paper which contains a complete description of your idea, supposed to get the investors that the demand for your crypto coin or token will only grow. Project development usually covers the following steps:
- Choosing a base crypto coin for a fork, or a smart contract for a token; developing cryptocurrency characteristics;
- Developing the legal framework of the coin;
- Explaining product specifics and values;
- Planning the initial offering (ICO & IEO);
- Outlining a roadmap, Which overs. the basic project development plan with its milestones on the timeline.
Explore Here -> White Paper Writing Services
Handle Legal and Financial Matters
One of the primary development stages in developing the legal concept of the crypto coin which will help avoid tons of regulatory issues (including SEC prosecution and legal liability).
Algorithm & Technological matters
This step features the development of the algorithm & technological framework, engine, digital wallets, promo website, and personal account.
The primary thing to solve here is whether it will be a crypto coin with its own blockchain or a token dependent by the other blockchain platforms like Ethereum, EOS, Tron, Tezos and more. You will find the key differences between those approaches below.
Explore here -> The Difference Between Crypto Coin & Token (Step-by-Step Guide)
Implement Initial Offering ( ICO & IEO)
The initial offering of a crypto coin or token to the investors.
The initial coin offering (ICO) - It involves developing the investor account and heavy marketing expenses aimed at inviting investors worldwide. This process includes crypto coin promotion, advertising, and generating a community.
Explore Here -> ICO Detailed Guide
Initial exchange offerings (IEO). -This event is on hand as it doesn’t require creating an investor account, carrying out KYC verifications, etc. As all of it falls within the crypto exchange’s accountability.
Cost of Creating A New Cryptocurrency!
The crypto-based business model is booming and research shows that it’s been growing 3X faster than other business models. If you’re looking to step your foot into crypto-based business, it’s the right time to create a cryptocurrency for your business purpose.
Creating a cryptocurrency helps you expand your business around the globe, 24/7. Best of all, compared to other businesses, it’s easy to create a cryptocurrency without losing your savings.
Depending on your needs, creating a cryptocurrency can cost vary based on your Business needs and requirements.
Of course, you’ll need a crypto developer's guidance to create a cryptocurrency. While there are many cryptocurrency development companies, but choosing the right crypto development partner is a difficult one!
The cost of cryptocurrency development cost around 10k USD to 30k USD, it depending on the choice you make for the prior points. Once you have decided upon these points, you can partner with a trusted cryptocurrency development company to create and launch your cryptocurrency.
Why choose Developcoins for Cryptocurrency Development?
Developcoins being a leading cryptocurrency development company offers highly secure and scalable crypto development services at low development cost. Our team of blockchain developers have already crafted 30+ crypto coins & tokens of different complexity and are now working on coin development projects from-scratch using cutting-edge technologies. We are also Experts in Token Development on various Blockchain Platforms.
To create a cryptocurrency, we take similar source code, adjust it, and carry out the compilation. Generally, the development of a cryptocurrency consists of the following stages:
While creating a cryptocurrency we keep in mind and explain about deeply the entire coin development process like
- Creating a new blockchain/ Creating a hard fork of an existing blockchain
- Consensus Mechanisms like PoW/PoS/DPoS and more
- Block size
- Hashing protocol
- Compiling the crypto coin core and wallet for Windows/Linux;
- Deploying two primary nodes;
- Creating a block explorer and mining pool;
- Compiling mobile wallets for iOS/Android.
- And more
Our pool of blockchain developers has 5+ years of experience in producing smart contracts for tokens and creating blockchain-powered crypto coins. Our experts give the most relevant suggestion for your cryptocurrency development project and your valuable business.
If you want to create own Cryptocurrency? then Developcoins, a cryptocurrency development company is best for creating a Cryptocurrency that might cost depends on the complexity of the project and requirement of the client.
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