How to Create Your Own Cryptocurrency? | Binance Academy - Deepstash

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Making some sense of cryptocurrency development basics for beginners.

How to Create Your Own Cryptocurrency? | Binance Academy

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Crypto Development Option - 1

Coin

Runs on its own blockchain network

Requires advanced blockchain knowledge and coding skills

Blockchain development is more costly and...

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Crypto Development Option - 2

Token

Can be built on existing blockchains with an established user base

Fairly simple to create with pre-existing tools and open-source code

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Creating a token on an existing blockchain can leverage its reputation and security. While you won't have complete control over all aspects of your token, there is still a lot of customization available.

If you're looking to push the limits of what a coin or blockchain does, creating a coin...

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Options/ Differences To Consider When  Deciding Blockchain Strgy

Your choice of a token or coin will change depending on the customizability and utility we want.

-- The costs involved depend on the work needed, like external developers and time.

-- Before creating your own crypto, you'll need to consider its utility, tokenomics, and legal status. ...

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Legal, compliance, Rules Of Market Engagement

Countries around the world have their own laws and rules regarding cryptocurrencies. Some jurisdictions may even ban the use of cryptocurrencies. Consider fully your legal obligations and any compliance issues you might face.

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When To Go Token Mint

Creating a token on an existing blockchain can leverage its reputation and security. While you won't have complete control over all aspects of your token, there is still a lot of customization available. There are a variety of websites and tools available to create your own token, especially on B...

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When To Coin From Scratch

If you're looking to push the limits of what a coin or blockchain does, creating a coin with its own blockchain would likely be better. Creating a new blockchain and coin is certainly harder than issuing a crypto token. But if done right, it can bring lots of innovation and new possibilities. Bin...

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Cost of creating your own cryptocurrency

The costs involved are linked to the methods and setup you choose. If you're creating a coin and blockchain you'll likely have to pay a whole team over multiple months. A code audit from a reliable team can also cost around $15,000 (USD). At its cheapest, a simple token on BSC can be done for $50...

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People who are new to cryptocurrency often confuse the term "token" and "coin". This guide defines the two terms and provides some examples for a better understanding.

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