Coin Runs on its own blockchain network Requires advanced blockchain knowledge and coding skills Blockchain development is more costly and takes time

Crypto Development Option - 1

Token Can be built on existing blockchains with an established user base Fairly simple to create with pre-existing tools and open-source code Token development is faster, simpler, and relatively cheap

Crypto Development Option - 2

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 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. Binance Smart Chain, Ethereum, Solana, and Polygon are good examples.

Pros & cons 

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. -- After your choice of blockchain, consensus mechanism, and architecture are all needed for the development stage. -- Next, you could consider an audit of your project and a final legal check. -- While pretty much anyone can create a cryptocurrency, developing a solid project requires serious work and dedication.

Options/ Differences To Consider When  Deciding Blockchain Strgy

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.

Legal, compliance, Rules Of Market Engagement

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 BSC and Ethereum.

When To Go Token Mint

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. Binance Smart Chain, Ethereum, Solana, and Polygon are good examples.

When To Coin From Scratch 

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. When we average this out, to create a cryptocurrency with some chance of success, you'll likely need to spend thousands of dollars on its creation, marketing, and community building.

Cost of creating your own cryptocurrency

Making some sense of cryptocurrency development basics for beginners.

Learn to create your own cryptocurrency coin or token with a mix of blockchain development, smart contracts, consensus mechanisms, and other tools.

Blockchain Development

How to Create Your Own Cryptocurrency? | Binance Academy

If you believe it'll work out, you'll see opportunities.If you don't believe it'll work out, you'll see obstacles.

25 Motivational Quotes On Success. Motivational is the word derived from the word ‘motive’ which means needs, desires, wants or drives within the individuals. It is the process of stimulating people to actions to accomplish their goals. 

Amazing Quotes

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Benford’s law is an observation about the distribution of first digits in unmanipulated numerical data sets. Benford’s law states that the first digit in naturally occurring collections of numbers is more likely to be small than large.

What Is Benford's Law?

In a number set 0 to 9911% of the numbers start with 1. Likewise, with every other digit from 2 to 9.In a number set 0 to 199more than 50% of the numbers start with 1 and less than 6% start with 2 to 9.In a number set 0 to 29937% start with 1, 37% start with 2, and 3.7% each start with 3 through 9.When number sets obey Benford’s law30% start with 1, while less than 5% start with 9.Benford observed that the first digits of naturally occurring multidigit numbers follow a different pattern.

Getting Technical 

Benford’s law can uncover fictitious numbers in random data sets because data manipulated for tax evasion purposes will likely deviate from Benford’s law, and in that case it is supposed that there had been a tax fraud act.The difference between the expected and observed frequencies is determined through use of a chi-square test. A chi-square statistic measures how a model of expectations compares with actual observed data.

Benford's Law and Tax Fraud

The chi-square test has the following steps:<ul><li>determine the expected frequency of the first digit;</li><li>determine the observed frequency of the first digit;</li><li>calculate the difference between the observed and expected frequencies;</li><li>square the difference (to eliminate distortion from negative numbers);</li><li>divide the result by the number of expected frequencies.</li></ul>When the value computed by the chi-square test exceeds a predetermined critical value, it is appropriate to accept the hypothesis of tax fraud.

Using The Chi-Square Method

Carrie Elliot examines Benford's law and considers how it can be used to detect tax fraud.

Money Related

Can Benford’s Law Detect Tax Fraud?

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Best Books To Understand Cryptocurrency

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Crypto Development Option - 1

How to Create Your Own Cryptocurrency? | Binance Academy

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What Is Benford's Law?

Can Benford’s Law Detect Tax Fraud?