Cryptocurrencies and blockchain are all over the news these days thanks to the market performance of bitcoin, and many people are jumping on this bandwagon. Here is a brief overview of what it takes to garner a share of this market.
Have an idea
This is the most important step. The critical beginning of a successful cryptocurrency is to solve a problem. A “neat” or “cool” idea may have garnered attention at the end of 2016, but the market has advanced to the point where a solid business idea that either addresses an unmet need and/or creates significant cost savings is required to stand out from the crowd.
The larger the market covered by the idea or the greater the cost savings that the coin offers means a better chance for success. Cryptocurrencies that target specific industries are increasingly common, so be sure that your coin is either the first in that area or has something unique in its approach that differentiates it from other coins.
Dentacoin is the first cryptocurrency engineered to disrupt the global dental industry, which is a large market worth more than US$440 billion. Out of this, about $400bn is spent on treating dental conditions that could have been prevented. Simultaneously, the costs for patient acquisitions are getting higher, and this is reflected in the end consumer price for dental treatments. This is an example of a great market with significant cost savings. The high level of fragmentation in this industry also makes it an ideal use case for the blockchain technology to be applied.
https://steemit.com/bitcoin/@pichreachsey/bite-into-cryptocurrency-with-a-well-crafted-launch