With the development of the technology, new concepts have introduced the world. And this development affected most of the industries and fields available today. When it comes to the concepts which were introduced to the world in recent time, there are some that are worth discussing. Cryptocurrency concept is one of those introductions made by some people in the recent past. In an era of digitalizing, there is no wonder in the emergence of digital currencies.
In the present, there are so many types of cryptocurrencies available in the cryptocurrency market. And most of these cryptocurrencies come to the field with an ICO or Initial Coin Offering. When it comes to introducing a new cryptocurrency, it is important to launch an Initial Coin Offering. But when we consider about these ICOs, there are some factors that affect the success of it. Most of the cryptocurrencies fail, because they do not consider these factors much. So what are these factors and how to run a successful ICO? Following are some factors or tips on how to run an ICO successfully.
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Build confidence and legitimize your ICO
As a new cryptocurrency, it will not be easy to succeed in the market. It will be a challenging one. So it is important to build your confidence and it is more important to get everything done in the right way. Legitimizing is a crucial factor in any industry. People will not use your cryptocurrency if it is not a legit one. Many cryptocurrencies fail due to this factor. In the process of becoming a successful cryptocurrency, as mentioned before you will have to undergo various challenges. Since you are a newbie to the industry, chances of getting your cryptocurrency to trade with the top cryptocurrencies will be a bit hard. So first you will have to trade in the secondary market. So it is important to have patience and build confidence if you want to make your ICO a successful one.
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Set up a strong community team
Communication is everything. This is an important factor to get the trust of your users. People may have many questions regarding your ICO and it is important to deal with each and every one of these. Because to succeed in this industry it is really important to have a strong customer base. And to build that customer base, it is important to answer their questions. So get a team who can work with these issues efficiently and it is better to have them work for 24/7, then you will not be missing any user’s issue. So set up a strong community team which can cover your communication completely.
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Run a pre-sale
This is a very important factor for an ICO to become a successful one. You will be getting many benefits through this. This is one of the best ways to attract some investors for your project and by giving bonuses you can encourage people to purchase more and more coins of yours. So run a pre-sale with conservative bonuses and you will not regret the results.
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Understand Rules and regulations
Many cryptocurrencies fail because of the violations of rules and regulations in this field. Not only for this industry, any business or project can be failed if they do not act according to the rules and regulations of the relevant field. So it is really important to understand the rules in this field, if you want to run a successful ICO. These rules and regulations differ according to the countries or regions. So you will have to choose a country or region which has favorable conditions to launch your ICO. It is important to dig out regarding this so that you will not be facing any issues in the halfway through.
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Understand the issues in Cryptocurrency
When it comes to any industry, there are benefits and issues as well. So same theory is applied to the cryptocurrency industry. Users have to go through many issues like high trading latency, difficult account applications, poor customer service, exchange downtime due to high traffic and high trading fees. So you will have to consider these issues and it is important to find solutions for them, so that your ICO will win the hearts of users and it will allow you to run a successful ICO.
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Allocate some of your budget to exchange listings
This is another important factor that you should consider when running an ICO. You know that people are purchasing from your ICO, not to hold them forever. They will want to know about when and where they can trade their tokens so that they can make some profits. And some people may miss your ICO and they will be wanting to buy your tokens. So it is important for you to have some of your tokens in exchange listings. For that, you will have to allocate some of your budgets on this. By doing this you can satisfy both your flippers and holders.
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Have a vision for the future
It is important for any business to have a vision, so that you will be working to achieve something in the future and it is really important to succeed in any field. So in your ICO as well, you will need a vision which clearly describes your motives and targets that you have to achieve in the future, so that you and your team can work for them. Many cryptocurrencies fail due to lack of vision. They do not think about the future and that cause for their failure. You should make plans for your traders and staff so that they will be making profits through your cryptocurrency and that will allow you to succeed in the industry.
So it should be obvious that these mentioned factors affect for the success of an ICO and it is really important to pay your attention to these. As mentioned before, many cryptocurrencies fail due to the lack of these factors and you also will end up a failure if you do not consider these factors. So make sure you follow these steps and you will not regret the results.
