Kasfia Rashid - “Money Matters with Kash the Bookkeeper”
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Hello! Welcome to Money Matters, the accounting show with no numbers. This season we are going back to the basics of business…. Plot twist…. The basics have changed! Last week, we scratched the surface on cryptocurrency with a crash course from P.Niles. This week we continue the conversation about digital currencies and how to MINT YOUR OWN!
Yes, you read that correctly..Today, we are going to talk about how to create your OWN CURRENCY! Did I hear someone say Kash Koin? Let's get into it.
Show Objectives - The Why
Anyone else have the Duck Tales opening scene stuck in their heads, or is it just me? You know, the scene where Scrooge McDuck is diving head first into a tower of gold coins! Ok, so yea, that’s tots on my bucket list. Given that it is a cartoon and that the physical properties of actual coins would hurt terribly does not dampen the absolute epicness of being able to dive head first into a tower of coins. Now, to put a twist on it, what if all those coins had your face on it! (spoiler alert- in the cartoon they actually do have Scrooges face on them…) Well with digital coins this once upon a time concept can become a reality.
There are several advantages when you have your own cryptocurrency such as lower operational cost, transaction anonymity, elimination of fraud risk and accessibility to a whole new customer base.
But, Kash, I don’t know a thing about coding, you may be thinking. Hey, me either lol. In the past you had to be a coding expert (think CIA Hacker type) to even consider making, branding, and then USING your own coins. Not to worry, that’s no longer the case! In fact, according to coinswitch, you can be on your way to making your own currency before the end of this show!
If you want to go a step further to create a coin with real value for a broader audience to mine, buy, and sell, and you don’t have coding experience, you’ll probably want the help of one or more developers. Even if you use a service to build your currency, you’ll need to maintain it—know that this won’t be cheap or risk-free. The subreddit r/coindev and sites like CodementorX will connect you with crypto developers for your project.
What You Need to Know - The What
First, to be able to create your own altcoin you’d either have to build your own blockchain (requires high coding skills) or use a cryptocurrency creation platform. The primary reason why able persons choose to create their own customized blockchain is to gain complete control over their cryptocurrency.
If you are interested, there is many a ‘Create Your Own Cryptocurrency’ course available presently. However, an extensive ‘create your own cryptocurrency’ course is bound to cost you a lot and is often pretty lengthy. That being said, the fact remains that this isn’t necessary unless you want to become a professional altcoin maker.
You can always use the fast, modern method of making cryptocurrencies by letting experts from a cryptocurrency creation platform do the technical part for you. Although this also might involve initial costs, it’s often more feasible for the common user.
Apart from these, the best and the free method of creating your own cryptocurrency is to use existing open-source code from any existing platform and tweaking it your preferences. This is the method recommended by us and used by many, especially if you are an amateur and don’t have a lot of money. This requires very simple coding which you can easily learn by watching a good ‘Make Your Own Cryptocurrency’ tutorial on YouTube.
What You Need to Do - The How
Before jumping right into the development of your own crypto, there are some key business-related decisions you’ll want to consider if you want your project to be more than just a fun project.
1. Define a purpose for your cryptocurrency
If you’re going to create a cryptocurrency, there should probably be a reason for its existence. Otherwise, what reason do people have to use it? Once you have a purpose for your cryptocurrency, be sure to explain it in a white paper, along with other aspects of your project.
2. Consider the legal implications
As the blockchain space has grown, so has regulatory scrutiny of the space. You want to make sure that everything you’re doing is legal throughout the entire process by consulting with a legal professional.
3. Define a budget
Creating your own cryptocurrency is no easy task and will likely require some financial resources unless you can take care of things like development, documentation, and marketing yourself.
While costs vary from project to project, here is a rough estimate of what you can expect:
Category Time Cost
Legal Counsel Ongoing $20,000-$100,000+
Development 15 minutes - 6 months+ $0-$100,000+
Whitepaper and Other Documentation 1-2 weeks $5,000-$7,000, or about $500/page
Security Audit 1 month $3,000-$10,000+
Marketing Promotion 1 month - 3 months+ $10,000/week
Listing (on Sites that List New Projects) 1 month+ $10,000+
Of course, you can do this all yourself for free. However, if you don’t have the necessary expertise, know that sourcing it may cost you.
4. Hire a strong development team
Unless you’re developing your crypto yourself, you’re going to need strong developers to help bring your idea to life. This might be difficult since demand for blockchain developers is through the roof, while supply of skilled blockchain developers remains low. Nevertheless, finding the right team is crucial, since blockchains deal with peoples’ hard earned money and need to be technically sound.
5. Hire external auditors
Found the right developers to create your cryptocurrency? Again, since it’s peoples’ money on the line, you’ll want to double and triple check that your security is top notch. This is where external security audits come in.
6. Promote your project!
Even though making your cryptocurrency might seem impossible in itself, remember that after you make it, you need to promote it! You could have the best project in the world but if no one knows about it, it’ll be hard to make progress and grow the network.
Press releases, social media - especially channels popular with the crypto community like Twitter, Telegram, Reddit, and Discord, and blogs are a good place to start.
7. Nurture and grow your community
After promoting your project, you need to make sure that you engage with and nurture your community. Answer their questions and provide updates on your progress. Many projects have community management teams for the sole purpose of growing a loyal user base. Your early adopters will become your biggest fans and marketers so don’t neglect them!
Click here to join Coinbase and to get $10 in Bitcoin!
Connect with Portia:
FB Kronos Digital Asset Group or @KDAG2021
Previous: Digital Marketing with Lynne Holloman
Next: Crypto Currency Crash Course - With Portia Niles of Kronos Digital!
Written by Kash the bookkeeper
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