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Title: What goes into creating a new coin? Post by: 140point6 on April 27, 2013, 12:14:24 AM I am willing to read up on the technical aspects or if someone would rather lay it out here but how do people create all of the alt-currencies to BTC? Does someone just wake up and say, oh I like BTC but I would rather have 50million coins instead... then what?
Just curious. Title: Re: What goes into creating a new coin? Post by: Sidorovich on April 27, 2013, 01:25:46 AM I'm new to this, but from what I've read, each coin is unique, so you can't get them without actually buying them or mining.
Someone else probably has a better explanation. Title: Re: What goes into creating a new coin? Post by: Kruncha on April 27, 2013, 01:39:35 AM Bitcoin is an encrypted software that runs through p2p (meaning it is not anywhere, but everywhere).
The design, when set off, has hard coded rules that can not be changed eg. 21m cap. The software stated that 50 coins would be made every 10mins for 4 years, then every 4 years after that it is halved. Miners income is planned to stay static based on more bitcoin users = more transaction fees. (overcrowding could be an issue) ALL new coins are issued to miners (at present time that is 25 coins every 10 minutes) If I've missed something, just let me know :) ALT coins are just copies of the current software (an improvement would be nice), and therefore unlikely to become any more stable than what bitcoin is now. K. Title: Re: What goes into creating a new coin? Post by: 140point6 on April 27, 2013, 01:46:44 AM Ah, I guess I was more curious about why do people adopt LTC versus BTC. What prevents a 1000 copies of BTC like coins from existing? Is it just adoption?
Title: Re: What goes into creating a new coin? Post by: Trongersoll on April 27, 2013, 01:49:28 AM I think what the OP how he can make his own ALT currency so he can become rich too. In my opinion the best way to do this would be to go to college and study math. You can't do well what you don't understand.
Title: Re: What goes into creating a new coin? Post by: felix123 on April 27, 2013, 06:27:03 AM Ah, I guess I was more curious about why do people adopt LTC versus BTC. What prevents a 1000 copies of BTC like coins from existing? Is it just adoption? Yeah, that happens, but Bitcoin already has a largeish network. You can actually use it to buy stuff. Unless other coins have significant advantage, it's hard to beat BTC.Title: Re: What goes into creating a new coin? Post by: BitcoinBoard on April 27, 2013, 11:01:01 AM Some other alt coins allow you to buy stuff aswell. Litecoin for example is also widely accepted througout the world
Title: Re: What goes into creating a new coin? Post by: tastycat on April 27, 2013, 12:40:49 PM Litecoin is not nearly as widespread as Bitcoin. Not by a long shot.
Title: Re: What goes into creating a new coin? Post by: corrow on April 27, 2013, 12:43:14 PM Well there are still little acceptance of Mother Bitcoin in normal daylife payment solutions. Don't see much potential in alternative Coins yet.
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