creating your own crypto currency - Bitcoin or Altcoin

Webguy2024 Level X⁵

July 13, 2016, 8:41 am

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I was looking into creating my own crypto currency. After a few visits to some tech sites and GitHub, I found that it doesn’t appear to be a difficult task nor, will it take too long to build since the blockchain is open source and the code is readily available. What I found was that with good C++ coding skills you could have your own crypto currency – or coin in as little as 30 minutes. I was getting excited about the prospect of having my own coin until other important factors started sinking in on what it would really take.

Getting miners on board via marketing to this niche could be a hard to get a good adoption rate especially when first starting out and not many transactions are occurring with your coin. On the other side of this is the marketing to the coin users and building a community around the coin. Facilitating user’s adoption rate via marketing while, simultaneously building trust for your alt coin would be an ongoing and full time business. I think that this would require significant funds for growth and business operations. Additionally, coding for updates, potential bug fixes, security and more would also be required. Oh yeah, your coin will need a wallet, got to build this, right? I am not sure if I missed anything, please add if I did! creating your own crypto currency - Bitcoin or Altcoin

creating your own crypto currency - Bitcoin or Altcoin

What are your thoughts about building your own bitcoin, would you consider it?
Where would you market to get the miners onboard?
How would market to help build a community around your altcoin?

Please feel free to add your thoughts related to bitcoin or altcoins as I am interested to learn as much as I can.

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Lynne

I just don't understand Cryptocurrency and it makes me feel stupid. I would never create my own crypto currency, how can I when I can't even understand it.

I do understand the theory of it, that makes sense. It is an online currency, great. What confuses me is where does it come from. Money has to come from somewhere right?

So I get that it is an online currency, I get that it can be cashed out into money... but mining it? I am completely lost.

10 years ago

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Webguy2024

Here is the real question, with an answer creating your own crypto currency - Bitcoin or Altcoin

Where does your money come from now? Answer: Central banks! Central banks have the ability to print money on demand, whenever and for whatever reason they say is necessary even at the peril of its citizens. Every monetary note that a central bank prints results in you losing purchasing power which means you get poorer while they get richer, (Example: costs for everyday items go up while your income stays the same or even goes down). Central banks use the money they print to buy everything of real value, gain control of strategic assets on a global scale while keeping out the competition. Monetary policy is used all the time to control people for political, economical and many other gains. Getting the picture? As they say just the icing on the cake when it comes to money, banks, power and control over everything of real value.
Bitcoin defeats this edge and put the power bank in the hands of everyday the people.

10 years ago

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vinaya

I have been taking interest in bitcoin since couple of years. I have even invested in bitcoin mining and trading. However, I don't understand the blockchain coding. If creating your own crypto currency is really easy process, I would be interested in this arena. I don't know C++, I wil have to check this programing language.

9 years ago

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MariaC

Well, if you are going to go on with a project as creating your own coin, I think you need to get people that can suscribe to your idea even before you start. If not getting people to take it on later would be difficult. As my mentor said, when you have an idea, do not go about asking people to join you. tell them about it and watch who is excited by it, that one would be a good part of our project.

9 years ago

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