Do you want to create a cryptocurrency? Perhaps you want to bring your created token or coin and carry out offerings in exchange for crypto tasks and their developers are dealing with. With that, most traders think that creating a cryptocurrency is not that a big deal at all, and knowing how much does it cost to launch a cryptocurrency is not something to worry about, as you only need to find an expert in programming, and you’re good to go. However, how much does it cost to launch a cryptocurrency?
You should know that almost 99% of cryptocurrency, if they make it to release, were meant to fail and, worse, will never pay off. You should know that developing a very successful crypto project is about making the traders famous and wealthy. And that being said, if you want to launch your cryptocurrency, you must know first how much does it cost to make a cryptocurrency, which will be discussed in this article. In this article, you will learn more about the major stages to prepare your budget.
Cryptocurrency Launching and Creation Cost
Being a trader is not only about being focused on your goal with regards to the market. You should also be prepared with your budget, especially when you’re starting up. Here are the components to know more about how much does it cost to launch a cryptocurrency:
Financial and Legal Matters
When you launch a cryptocurrency, one of the matters you should take into consideration is that you need to register it to legal entities. You should contain legal documents, including legal opinions. You should have an account with appropriate banks too.
There is an end-to-end legal preparation journey, and it may take up to a few months. The good thing is that you can put up a legal framework alongside arranging some procedural matters. With that, when allocating legal and financial matters, prepare at least $8,000-$16,000.
White Paper Development and Project Concept
On average, white paper development and project concept cost from $5000-$8000. You should understand that it takes about a month for the project to be completed.
Initial Offering (IEO, ICO)
Perhaps the safest primary offer and related processes cost $50,000. There is about 15-25% of your income that you have to pay for the offering. There are about 2-10 BTC for getting listed, and you have to take note exchanges come with all requirements when creating a project. You should have a promising concept and an acceptable development plan. With that, you may be able to know how much does it cost to launch a cryptocurrency.
Use of Technology
If you want to know how much it cost to launch a cryptocurrency, create wallets, and deploy nodes, it usually takes around $50,000. However, you can save at least $15,000 if you launch tokens built on the Ethereum blockchain. But take note that it may entail some inconvenience to your part.
Engaging in Crypto Exchanges and Market Making
Once you’re done creating a crypto website and sell some, perhaps you’re wondering how people trade their new coins. To encourage new traders and engage them in trading, then you need your cryptocurrency to be listed.
Knowing how much does it cost to launch a cryptocurrency when engaging in Crypto Exchanges and making of the market depends on the level of popularity. However, there are three kinds of exchanges you should know:
- Top exchanges require you to spend $1,000-$500,000 for the listing, selecting projects, and legal compliance. Moreover, most demanded exchanges allow only new cryptocurrency if the project has already proven its reliability.
- Mid-level exchanges, which would take to charge about 10-20 BTC for the listing.
- Exchange rated, which requires you to have about 2-7 BTC for the listing.
Why Is It Important to Understand the Cost to Launch a Cryptocurrency?
Knowing how much does it cost to launch a cryptocurrency is not actually about the money. It’s not that high if you will not take into account the coding part. What matters is the value proposition and project idea. If you come up with a very good idea, which will add to the value of your current process and system, then you can always find a partner or a sponsor who will invest in you.
When you decide to start on a new cryptocurrency like NEO, Bitcoin, Etherium, it will not take much of your money because you can raise the ICO amount. More and more investors will come and invest if they see the value and a very long-term commitment.
However, you should consider that you should also pay what is due to them when you put a person assigned to programming and web development. You must also consider the project concept you will be having, as there may be many works and very specific use cases. Also, there are platforms you will be using that have their costs as well. Learn more about cryptocurrency here!
While it is likely possible to launch your crypto through your efforts and without any help is not likely possible. Many traders don’t have the tech skills to create their tokens and websites, which you should always consider.
Learning how much does it cost to launch a cryptocurrency and starting up a project is not free or will get you rich right away kind of scheme. It must always be planned out, well-executed, and very well maintained. It’s always a great help when you already know the budget to be allocated and study the needs to consider right before starting.