Day 4

Subject: So you want to create your own cryptocurrency, [firstname]?

Hi [firstname],

After all we've talked about over the last few days you may be tempted to rush in and start creating your own cryptocurrency.  Before you do, though, there are a few points you need to consider.

First of all, what's in it for consumers?  Why would people want to buy into your cryptocurrency instead of Bitcoin or a token hosted on Ethereum?  It's already getting to be a pretty crowded marketplace, so what can you offer that nobody else can?  In other words: What's your USP?

In a way these are the sort of questions you should ask when launching ANY new product or service, but it's perhaps even more important when launching something like this, which so many other people are going to be relying on.  You owe it to future users and investors to really do your homework here.

Will you start your own blockchain or build on an existing one? We talked a lot about this yesterday, but it's worth considering again as you need to get this right from the start.

Is your currency going to be global or local? Your instinct might be to say “global”, but you may also want to think local – especially if you're going to create a token.  For example: You might want to get together with local merchants or your chamber of commerce to create a payment token that can only be spent in your city as a boost to the local economy.

You also need to keep an eye out for forthcoming regulations. Uncle Sam and his buddies in Brussels, Canberra, London and other capitals and financial centers won't leave cryptocurrencies unrestricted forever, that's for sure! In fact, cryptocurrencies are already BANNED in some countries.

Engage with the community first.  Subscribe to blogs and forums and learn as much as you can before you get started.

Warmly,

[Your Name]

PS. I go into more detail in my blockchain guide.  Grab your copy now from [link to sales page].
