What is Cryptocurrency? What does it mean and how can we create?

Today, the word we hear the most among various business entities currently, is “Cryptocurrencies”. Cryptocurrencies are revolutionising almost every industry and is said to be the future currency. For a beginner, understanding cryptocurrencies might be a bit of a head scratcher, but it is not rocket science either! Let’s take a quick look at what are cryptocurrencies and what they do! 

What are cryptocurrencies? 

Cryptocurrencies are nothing, but digital currencies that act as a medium of exchange for other digital currencies and assets. Cryptocurrencies are backed by blockchain technology that helps control, secure and verify transactions with a chain of blocks coded with cryptography. Ever since the advent of the first cryptocurrency bitcoin, in the year 2009, cryptocurrencies have gained huge traction among potential investors and today, several industries like banking and financial institutions, healthcare, e-commerce, agriculture, media, travel and tourism industry etc have started adopting cryptocurrencies and blockchain technology into their spaces. Cryptocurrencies come along with many benefits that includes, 

  • High-speed efficient transactions
  • Elimination of transaction fees
  • Individual ownership
  • Records, transaction histories
  • Blockchain immutability
  • Global access
  • Flexibility
  • User anonymity
  • High-end security

Today, there are about 5,219 cryptocurrencies currently in the market. Previously there was a ban that was a huge barrier for cryptocurrency businesses in India. But on March 4th 2020, the supreme court announced lift of the RBI’s ban on cryptocurrencies which excited the potential crypto investors and widened the scope more, all around the world.   The demand and competition for cryptocurrencies is never ending and now it has increased more due to this. With this rapidly evolving trend, if you want to create your own cryptocurrency, you must conduct ample research on what the existing competitors offer, how cryptos operate in various industries and choose the best cryptocurrency developers in India, who will offer you the most unique and reliable services that will drive customers towards your business. How to find them? By taking a look at the following services they offer. Let’s find out what they are. 

Mandatory inclusions to create a legitimate cryptocurrency :

  • Solid, creative Whitepaper with clear vision about the cryptocurrency, purpose and benefits. 
  • ICO tokens development and effective marketing structure
  • Investor fundraising dashboard setup
  • Multilayered secure wallet set-up
  • Advanced blockchain technology integration
  • Smart contracts integration
  • Cryptocurrency coin creation and coin drop
  • Crypto exchange software development
  • Cryptocurrency mining
  • Enhanced security protocols integration

These are the most essential aspects you need to consider while creating your own cryptocurrency. For a hassle-free, crowd-puller business, the best choice will be to hire a well experienced cryptocurrency and blockchain development company, who will offer reliable, robust solutions. Blockchain App Factory, works with a team of crypto and blockchain pioneers who will offer cryptocurrency creation services with cutting-edge features and blockchain technology, that will ensure huge traction among global customers! Their services are quick and cost-friendly. They also provide personalised customization services according to your preferences and help you with cryptocurrency app development to manage your business efficiently and widen the scope among potential investors! So, why wait? Get in touch with them, create your crypto and become a millionaire!

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