Anyone can create their own cryptocurrency, and you don’t need programming skills to do it. Many blockchain platforms exist that allow you to create your own cryptocurrency, whether for your community or for laughs. And, because crypto is open source technology, it’s fairly easy to do.
Using an Existing Platform
Don’t simply want to invest in crypto but want to participate on a personal level? It doesn’t take much to use an existing platform to develop your crypto. In fact, in many cases, it’s as easy as filling out a form online. You simply give your crypto a name, indicate how many coins or tokens you’d like to create and provide a few other salient details.
Among the platforms that allow you to issue your own crypto token or coin include:
If you do go this route, you can rest assured that your crypto will be more secure from the get-go. It will also likely benefit from any improvements, upgrades or added native features your choice of platform makes.
DIY From Scratch
You don’t need to depend on these platforms or any other, however, as you can construct your own blockchain from nothing. Certainly, this is a bit more complex than using an existing platform to facilitate the process, and it does require extensive training, coding and programming skills and a basic knowledge and comprehension of blockchain technology.
However, it can be quite useful if none of the existing platforms provide you with the functionality you require or desire.
You’ll need to build a distributed ledger in order to build your crypto from scratch, but doing so also allows you much greater freedom, flexibility and control over your ledger, your cryptocurrency and its qualities.
One way to do this, instead of writing your own blockchain code from square one, is to modify the open-source code of any existing blockchain project. You can use GitHub to find the open-source codes of most blockchains currently in existence. Once you have this code in your possession, you can alter it at will, adjusting its rules to ensure it permits you to realize the full promise of your creation.
Pay for Crypto Creation
A third option is to pay a third-party company to create your cryptocurrency for you. While you can choose to hire a freelance programmer on Fiverr, there are also plenty of established companies that build and manage distributed ledgers as a service. This business model is known as “blockchain-as-a-service” or BaaS.
These BaaS companies provide blockchain-related solutions for a range of business purposes and uses. Some can build you your own specialized blockchain, while others offer a blockchain infrastructure of their own that you can make use of.
Among the most well-known of these BaaS companies are:
- Amazon Web Services (AWS)
- IBM blockchain
- Microsoft Azure
Whether you build it yourself from scratch, utilize an existing platform or hire a service to do it for you, you can create your own crypto. Once you do so, however, just prepare for next work ahead of maintaining that currency, which will likely require a combination of a computer network, sales and marketing investments, teamwork and, possibly, additional coding. Only then can your crypto go into broader circulation.
What are the new crypto rules
Cryptocurrencies are already ruling the world as they are profitable in many ways. However, after the announcement of new crypto rules, people are skeptical about whether they should invest in them or not. You can read the following points to learn about these rules in detail-
- Tax increased to 30℅: One of the most significant announcements is increased tariffs on cryptocurrency earnings. Now, you have to pay 30% of the money you have earned through digital currencies.
It doesn’t matter how much money you have made. Paying this much amount is mandatory for everyone. It is impossible to prevent yourself from these taxes, especially if you earn money from cryptocurrencies.
- Fines and jail in the case of infringement: If you, by any means, do not follow the law of cryptocurrency taxation, you might face legal charges like a fine or even jail. So, you have to be careful about this if you invest in digital currencies and make money.
The government has revealed that the fine can go up to twenty crores in this situation. Well, that is an enormous amount when it comes to fine. But it is what it is.
Cryptocurrency owners should now become more careful about these things. Otherwise, you might increase the risks involved with digital currencies if you don’t pay attention at every point in time.
- 1℅ tax on all transactions: There is another tax that you need to pay on every transaction. One must also pay 1 percent of the tax on transactions you make for Tax Deducted at Source.
Like taxation on cryptocurrency’s earnings are mandatory. This one is also essential to focus on if you don’t want legal issues in the future.
- Crypto is not legal yet in India: Another thing that you should know about new rules is that cryptocurrency is not legal yet. We don’t know about the future, but after announcing new regulations, it is pretty clear to people.
Some people have this confusion regarding the legalization of digital currencies. As the government has imposed taxes, they will accept the use of cryptocurrency and make it legal. But according to some experts, the legalization of digital assets might take some time. One can not even predict how much. Until then, every cryptocurrency owner has to make decisions wisely. So, if you need any help, you can just click here.
Will taxation in cryptocurrencies change anything?
The taxation of digital currencies income will surely change the mindset of people regarding investing in them. The government imposed a 30℅ tax, which won’t benefit the investors. Earlier, the benefits were numerous.
The primary reason why the government took this step is to keep track of crypto payments. Apart from that, they are also thinking of creating their digital assets. But it is hard to know when they will come up with the same.
The Bottom Line
If you are interested in digital currencies, you should know essential things. Otherwise, it will be difficult for you to make profits and keep them stable. We hope this article helped you understand all the topics related to them in detail.