How And Why You Would Create Your Own Cryptocurrency
TRANSCRIPTION with timestamps to follow video:
How And Why You Would Create Your Own Cryptocurrency
All right, folks. So welcome to this quick training on how and why you would create your own cryptocurrency. Now, this is not an actual step by step tutorial. It’s not a technical tutorial on how to actually do the creation of a cryptocurrency. Um, rather it is, it’s more of a strategic thing. Why would you do this in your business?
[00:00:21] How can you apply it? And yes, this applies potentially at least to everyone, including all of you. Who are listening to this right now saying there’s no way on earth that I’m going to create a cryptocurrency or that I would ever have a need to. You might be surprised. So you’re probably right about not having a need to, but you might be, be surprised at how applicable this is and, and, and the potential idea here.
[00:00:44] So let’s first talk about the, how we’ll get that out of the way, because that’s easy to talk about. I’m not saying it’s easy to do, but there are lots of people saying that it is easy to do, and apparently it is. Um, but more importantly, it’s, it’s easy to understand. How you would do so. Um, and, and what the means [00:01:00] of doing so would be so that you can circle back and chase down that idea.
[00:01:03] If you decide to do this, uh, I do want to however, offer sort of a disclaimer here that I’m going to be showing some tools and some websites and even, uh, some, uh, gigs on fiber that have not been vetted and are therefore not being endorsed or recommended in any specific. Okay. We’re talking about a hypothetical idea here.
[00:01:28] That’s all we’re talking about. It’s a hypothetical idea. And we’re looking at some examples of what you could find right now. Um, as far as the means to do this, if you were to search online. Okay. So big disclaimer, there no investment advice. We’re not actually advising you to create your own cryptocurrency.
[00:01:43] And we are not, uh, specifically recommending any of the tools or vendors or, uh, resources that you’re going to see in a. Okay, this is all just hypothetical. So, let’s talk about how there are tools out there that will in a, in a, I [00:02:00] suppose you could call it a push button, fashion, uh, let you create your own cryptocurrency, and you can choose which blockchain, uh, you want to build it on.
[00:02:10] Um, now the price of doing this varies, if you go on, uh, YouTube, for example, and search for create your own cryptocurrency, you’ll see people who have found ways to do it for, I can’t remember if it was free. , but I remember at least a couple instances of someone saying, uh, that they had found a way to do it for like $2.
[00:02:28] Right. Um, and so there, there, there are definitely very inexpensive ways to do it. There are also expensive ways to do it. Uh, and, and so anyway, this would be one example of a tool that you could, uh, potentially utilized to create a cryptocurrency token of your own. Again, this has not been. So, this is not a recommendation to use this specific tool.
[00:02:49] Just an example of the fact that there are things out there, same applies to this page here, a whole bunch of, uh, URLs thereof, uh, websites that either are tools that you can [00:03:00] use or that help explain how to do it, or have sort of a, a hybrid. Process where a, a part of it is just push button, but then there’s other, other portions where you have to actually edit a couple lines of code and copy and paste and stuff like that, or, um, where they provide it as a, a done for you service, where you actually work with a blockchain developer and, and they will create it for you.
[00:03:21] Um, I, as you can imagine, would lean towards that latter option, having an actual blockchain developer do things for you even. However, if you decide to do it just by yourself and remember, we’re going to get to why in a second. Even if you have, have, have, uh, this, this desire to just go out and use one of those tools, like the one on the previous slide and just do it by yourself and see what happens before you actually release it into the world, into the wild.
[00:03:46] It’s very important that you actually have a blockchain developer, at least look at it and test it. Okay. Because once you put something out there on the blockchain, it is very hard to undo it or reverse it or call it. [00:04:00] Okay. So, you could have a situation where you have a, a crypto token that is programmed to do things that either now or later in the future are going to be illegal.
[00:04:09] For example, just, just hypothetically speaking. It’s, it’s a, it’s a theoretical possibility. Um, and so you you’ll want to be aware of what your crypto token does. Remember, it’s a program basically, and you want to know what that thing. Right. And what it, what it will automatically do when it’s released into the wild, you know, uh, as it’s being interacted with.
[00:04:29] Um, and, uh, and so it’s, I, I don’t want to scare you away from the idea of crypto for that reason. It’s just something to, to do your due diligence and, and, uh, have a developer look at it and test it and make sure that that it’s, it’s going to be okay. All right. So make sure that you do that. Last thing you wanna do is create a cryptocurrency token and it becomes self-aware and, and enslaves the human race, you know, something along those lines.
[00:04:50] So, uh, you want to make sure you work with a, a developer is the bottom line here. Okay. And again, we are not vetting or, uh, specifically recommending any of these, uh, websites, just [00:05:00] letting you know what’s out there. And, and, uh, I’m giving you sort of a general idea for hypothetical reasons. Now, why, why would you do this?
[00:05:08] There are big C. And big actual, you know, like no kidding crypto experts, so to speak, um, who create cryptocurrency tokens for obvious reasons. And that is because they, they want to right there there’s business reasons to do so. There’s also, uh, people living in their, you know, mother’s basements, um, who like, let let’s say this gentleman on the left who think that they’re going to get rich by creating a cryptocurrency token via one of these sorts of, uh, uh, cheap and easy means that that we showed on, on the previous slides.
[00:05:38] Um, and then there’s also. Uh, the, the people who just do it as a joke, right. Meme coins, uh, is the term for that. So doge coin, for example, started out as a meme coin, uh, just as a joke. Um, but we’re going to talk about none of those. We’re talking about inexhaustible gratuity, being the reason to do this. This is something nobody else is [00:06:00] talking about.
[00:06:00] It’s the idea of creating a rewards program? Well, potentially a rewards program, um, or some type of an in-store credit program or some type of a free bonus consisting of those types of things. But instead of, you know, in-store credits in the general sense or gift cards or something like that, um, you’d be utilizing a cryptocurrency token.
[00:06:23] You create your own cryptocurrency token. Branded to you specifically, and that’s what you use for credits. You can use it as an affiliate bonus, right? When you’re trying to get people to buy things through your link, um, you can incentivize that by offering 100. You know of, of your tokens, right? So just as an example, we’ll call, we’ll call them sh bucks.
[00:06:45] Okay. Let’s say that, uh, your, your brand is sh farms and, uh, you want to create a cryptocurrency token called shoot bucks. And so if, if people buy certain products through your affiliate link, one of your bonuses is [00:07:00] 100 true bucks and they get those a hundred rou bucks and guess where they can spend those, they can spend those in your store, on your digital product.
[00:07:07] right. Um, another thing could be like a, a rewards program for sharing, right. Or refer a friend, that sort of thing. Um, earning credits, uh, for, uh, loyalty customer loyalty rewards program. Like, uh, if you have a SAS, right. A software as a service, and you wanna keep people month to month and you wanna, you wanna have a good stick rate where you can incentivize it by saying, Hey, every month that you stay with us, you’re going to get X number of shoot bucks.
[00:07:33] Right. That sort of thing. And so this is, this is just sort of an outside the box idea for utilizing cryptocurrency tokens that nobody else is talking about. And as we move forward in time here, we’re moving into an era in which more and more people have crypto wallets, even the people who don’t really like crypto too much or understand it too much.
[00:07:54] They’re starting to get to the point where even they have wallets, right. They have crypto wallets and so they can accept [00:08:00] cryptocurrency and they can use cryptocurrency. Right. Um, and so, and so that’s just something to, to, to be aware of, is, is this idea of creating your own cryptocurrency? I guarantee you almost, nobody else is doing this.
[00:08:11] I haven’t found a single person doing it. I haven’t found a single example. My guess is there’s probably a few somewhere on the planet who are doing it, but that’s how, how UN, untouched this idea is. So that’s what this is some type of a referral program or rewards program, loyalty program, or just an affiliate bonus credit kind of thing.
[00:08:29] Based on these cryptocurrency tokens that you created for your brand. Uh, and the question is how do you accept them? And that the answer is, I don’t know, cuz I’m not a blockchain developer, but there are blockchain developers who will help you set up a payment gateway where people can use your token.
[00:08:47] Now, once again, I, I know I’ve said this probably 10 times so far, same disclaimer, replies here. I have not vetted this particular vendor or this gig on fiber. Um, and so. Proceed with caution. Uh, I’m just [00:09:00] showing this one as an example, there’s a bunch on five are like this, but the keyword here, if you’ll notice, uh, in bold at the bottom, uh, under hello, that next line towards the end, it says, or even your developed custom token.
[00:09:14] And we reached out to this individual and, and just confirmed, Hey, if we create our own custom token via one of these other tools, can you set it up so that we can accept that token as. In our e-commerce store or on our website. Uh, and the answer was yes. And it’s even advertised right there in the title of the gig, your token as payment gateway.
[00:09:33] Um, and so, uh, and so that’s, that’s just, just be aware that that’s something that you can reach out to blockchain developers about, um, or if you wanted to do just the lazy manual route, um, you could, you could, you know, potentially you couldn’t do this at scale, but you could potentially have a system where, um, you give people a wallet address and you say, Hey, if you want to use your shoot.
[00:09:54] Right. Um, just, you know, email me or, or, or, or something like that, or have a form that they fill out to [00:10:00] semi-automate this, um, and then send your shoot box to this wallet address. Right. And then, you know, that’s how you would do the, the exchange and that’s kind of manual that would probably get old after a while.
[00:10:09] So again, you can’t really do that at scale, but you could theoretically do that or. More ideally you can hire a developer to create a payment gateway designs to accept your crypto token. Okay. So anyway, once again, I’m going to hit those disclaimers one more time, just to be totally clear. We’re talking about hypothetical ideas here.
[00:10:27] We are not actually recommending any of the, the actions that we talked about so far. We’re not giving you any type of investment advice, and we’re also, we have not vetted and are not recommending any of the specific website’s tools. Uh, vendors or gigs or anything that you’ve seen in this video, it’s just an idea.
[00:10:42] And it’s a very cool idea that again, nobody else is talking about, and it could be one of those cool opportunities, uh, for you to be one of the first in your space, who’s actually doing them. And, and that gives you an opportunity to sort of stand out as unique in addition to leveraging the actual benefit of, of, uh, of a program [00:11:00] like this, uh, in and of itself.
[00:11:02] So hopefully that was useful to you guys. If you think it’s, it’s kind of an interesting idea. Why not explore it? If you do explore it? Uh, good luck.