Are you serious about investing in cryptocurrency, but the requirements scare you? What if there’s a way to own and profit from cryptocurrency without going through the complex process of token creation?
Cryptocurrency is becoming increasingly popular, and people are investing and trading to profit from it. Many new crypto coins and tokens are also evolving, leading to another appealing trend. This has made crypto fans eager to explore the opportunity of creating their crypto coins or tokens.
So, where is the perfect place to begin? There are many ways to mint tokens and coins. Our article will guide you on how to mint your digital currency.
What is cryptocurrency mining?
Cryptocurrency mining involves the making of new tokens and crypto coins. This is done through verified data block creation and uploading such onto a blockchain. That also includes proof-of-stake, a system used to authenticate transactions.
At face value, creating one’s cryptocurrency might seem difficult. However, with the proper knowledge, the process can be overcome in just an instant, as long as you understand and can identify what type of currency you intend to create- coin or token.
Why should you mint your cryptocurrency?
The fast-increasing demand and acceptance of cryptocurrency have led many to develop their cryptocurrency. Reasons you might want to join the crypto world include:
Raising Capital
You can raise capital for your business via Initial Coin Offering (ICO)BOM. Thus, ICO means issuing your new digital currencies to investors in exchange for funds. It’s one of the most innovative ways to kick start your start-up.
Financial Flexibility
Financial institutions like central banks cannot monitor, track or control cryptocurrency, meaning you have more financial flexibility. The good thing is that you can create your currency to meet your business requirements.
As a means of exchanging goods and services, you now own not just a source of income but also help others to have a cryptocurrency they can transact with. Minting your crypto token ensures financial security if well handled.
Savings and Security
Making transactions with cryptocurrencies are very secure, and having a unique token for your business saves cost. Since transactions are easy in crypto, you don’t need to spend extra money to record and track transactions.
Branding your business
Getting your digital currency adds value to your brand. It gives you an advantage over competitors as customers will see your company as the future business. Moreover, having your cryptocurrency also promotes customer trust in your organization.
Trading
You now have assets that can be tradable on the global market.
How can I make my cryptocurrency?
Before you think of minting your cryptocurrency, you should decide if you will create coins or tokens. Creating tokens is not as complex, time-consuming, and expensive as developing a native coin.
To mint a coin, you need to build a new blockchain that supports it, but tokens operate on an existing blockchain. There are available options for you when deciding to create your cryptocurrency. From the least to the most complex, you can:
1. Hire a blockchain developer to make a digital currency for you
You can hire a company to develop and maintain a new blockchain, token, or coin for you. These companies can customize your cryptocurrency to any degree you desire. They are known as blockchain-as-a-service (BaaS). Some of the most popular BaaS companies are; ChainZilla, Amazon Web Services, Blockstream, and Microsoft Azure.
2. Develop a new digital currency on an existing blockchain
You can create a new digital currency without building or altering any blockchain. Platforms like the Ethereum blockchain can host the digital currencies of many distinct developers. The outcome of this will be a token. As earlier stated, tokens operate on existing blockchains.
Although creating a token needs some technical proficiency, anybody with an average computer skill can most likely make their token with less difficulty. Let’s look at the main steps involved in creating a new token.
Determine the blockchain platform: Choose the blockchain that will host your token. You can use Binance Smart Chain (BSC) or Ethereum.
Create the token: The operations in creating a token differ depending on how you want to customize the token. Making a very customized token usually needs extensive technical knowledge. But free online tools like WalletBuilders can speed up the token-creating process.
Mint your new token: Now, you can mint your coin. If you use a credible platform like Ethereum or BSC, you can issue your tokens without needing the services of a lawyer or qualified auditor.
Read on to find more information on how to mint your token and make profit.
3. Modify an existing blockchain’s code
You can also use another blockchain’s source code to build a new blockchain and coin. This method still needs technical knowledge because you may decide to alter the source code to meet your design goals.
After adjusting the source code, you will still audit your blockchain and get expert legal advice. Once you’ve done that, brace yourself to mint your new coin.
4. Establish your digital currency and blockchain
By writing your code, you can build a new blockchain that supports a coin. Understanding blockchain technology and developing coding skills usually require extensive technical training.
If you want to mint a new cryptocurrency, the best option is to create your blockchain to support that coin. When you do it well, it can bring new possibilities and many innovations.
Perfect examples of this can be seen in Ethereum, Polygon, Binance Smart Chain, and Solana. To create a new blockchain, you need to:
Choose a consensus mechanism: A consensus mechanism confirms and validates the authenticity of transactions on the network. It also maintains the security of the blockchain. Commonly used consensus mechanisms include; proof of stake (PoS) and proof of work (PoW).
Design your blockchain architecture: Do you want your blockchain to be private, public, permission, or permissionless? The decision will depend on why you want to create the coin.
Audit your blockchain and its code: Blockchain auditors can review your blockchain’s code and coin to spot any vulnerabilities. Then you can publicly publish the audit and act on the vulnerabilities found.
Verify legal aspects: Before you mint your coin, it’s best to seek advice from an expert legal. These experts confirm that your crypto coin complies with all necessary laws and rules.
Mint your coin: How you mint your coins is up to you. You can mint all the coins at once or mint them gradually over time as miners certify new blockchains for transactions.
How can you create your token?
To mint a crypto-token, there are specific requirements you need to put in place; this will enable you to have seamless operations. Below are a few considerations:
Token function
State what you will use the token for. Crypto has a wide range of use. Some can be used as a means of payment, others changed for Fiat money, yet others are kept as assets or security. So, whatever your token can do should be clearly stated from the onset.
Minting your token helps you decide where and how to use your currency and for what purpose. With over 15000+ cryptocurrencies today, crypto can be grouped into four, namely:
- Utility
- Payment
- Stablecoins
- Security
Choose blockchain system
Tokens work on existing blockchain platforms. You have to choose the one that best suits your token needs. Primarily used platforms are Binance and Ethereum.
Design your proof-of-stake
Proof of stake will enable your tokens to be uploaded onto a blockchain after being created. It helps in defining how to authenticate your transactions. The proof of stake will also help in easy navigation for users.
Conformity with local laws
Ensure that your tokens abide by the laws of the region where you will use it. Creating a token that does not conform to the laws is no use, as it definitely won’t see the light of the day.
How to create your crypto token and make a profit
Despite the plethora of digital currencies today, many still think that creating a token is rocket science. Let’s show you how to create one and make significant returns:
1. Decide your token function
When deciding on token functions, you need to state what the token will be able to do. The function will help you decide on the total supply of your token.
2. Code a smart contract
Crypto tokens are regulated through a smart contract- a crypto software that runs on a blockchain. For whatever function your token will perform, ensure that your smart contract can seamlessly carry out its token functions before it’s uploaded. You can get the services of a professional on this.
The software will tell the token how to behave in the digital crypto ecosystem. Your smart contract ensures user-friendly navigation for those minting and transacting with your currency.
3. Test the token on a blockchain
You cannot just create a token, immediately throw it on a blockchain, and start using it. You need first to run it on a test chain to be able to ascertain whether it fits or not. It saves you the stress of having to go over the creating process all over again should there be a malfunction along the process. Test running your process will help you get it right the first time.
4. Post token onto a blockchain
After testing and ensuring that all is set, you place the token on a blockchain. This means you have rolled it out for others to see and use; your token is ready for minting. You can now start minting your currency.
5. Start building community: Marketing
Utilize the power of social media. Advertise your token to internet users.
6. Presale
This is a great time to get people to participate in the new cryptocurrency by buying tokens and NFTs.
7. Token listing on other wallet services (like Coinbase and Binance)
Deploy your token on top exchange platforms like Binance.
8. Public Sales
Create a liquidity pool and unlock your tokens to the public.
9. Release Reserved Tokens
Releasing all the tokens at the beginning could crash the price.
How to profit from cryptocurrency without minting your coin?
Would you rather mint your currency or invest in an excellent coin to experience financial freedom? Think about it; take action now.
What makes BOM innovative and different from others?
BOM is a digital currency. You can swap it with other tokens like Matic, BUSD, and USDT, which you can use to buy and sell online. Let’s look at what makes BOM different:
Fee Redistribution
BOM has an enviable profit distribution policy. The smart contract will distribute profit generated by P2P transactions to NFT owners as much as they contributed. The amount each NFT contributed will be counted by the number of transactions by included customers.
Business owners or service providers integrating BOM payment plugins to their website get 70%+ of the transaction fee. Unlike other tokens, the transaction fee is not deducted in proportion to the token quantity but is reasonably adjusted according to the transaction amount’s fiat currency (USD) quantity.
Liquidity Pool and Marketing get 10% rewards, respectively. The three investors, team, and tech members that contributed to the BOM project get 3% rewards each.
Finally, 1% of the token is burnt for deflation.
BOM Business License (NFT) Profit
Remember that BOM’s tokenomics and fee distribution system is second to none. BOM shares profits with NFT owners, making it the best crypto investment for 2022. BOM intends to supply 20,000 NFTs to business owners. Users can buy any of the 20,000 units of NFTs and become co-owners of the BOM Project. That makes the business owner a BOM partner.
Owning BOM NFT gives businesses a license to integrate the BOM payment plugin into their gateway. As co-owner of BOM, business owners earn 70% of the transaction fees. The more transactions in your business, the more profit you get.
Marketing Rewards
Another innovative aspect of BOM is distributing profit to users that download the BOM app or share postings about BOM on their social media platforms.
Overall, BOM promises to revitalize how businesses transact with clients by offering a cheaper and faster payment service. Users can convert their fiat currency to BOM and store them in their wallets. BOM Coin is limited in supply, so it’s bound to rise in value.
How to buy BOM?
Customers can buy BOM Token & BOM NFT with these Matic (Polygon Native Token), BUSD, USDT, USDC, Tokens on the Polygon network by connecting their Metamask or any other type of crypto wallet. Available wallet connects options include:
- MetaMask
- CoinbaseWallet
- WalletConnect
If you don’t have these tokens, you can swap your other tokens into one of these tokens on DEX or CEX platforms. Tokens sold in Presale are locked by cliff and vesting period. Please find our complete tokenomics here.
So, the faster you participate in Presale, the faster your token will be locked and ready to sell for profits. Join discord or telegram and contact Admins directly to buy BOM tokens.
URLs to buy BOM NFTs and Tokens
Buy BOM through:
