Bitcoin Forum

Hello everyone!

I'm new to the altcoin realm so please excuse me for being an idiot  :)

I just wanted your opinion on whether it would be a good idea to start an ALTCOIN based on India. Our government is relaxing its policies on digital currencies so I was wondering whether I could start such a coin.

Thanks in advance!

Why not but you should not be the one starting out or else it will be a big flop,let a real developers who knows the ins and outs of crypto currency and how to market and create awareness,you admitted you are an idiot so it's hard for an idiot to manage a cryptocoin but much a great country like India.

It really doesn't matter what country you're from. You can create a coin if you have an idea of a purpose it could serve in the economy. Otherwise it would just be another shitcoin hoping to be pumped.
Its easy to 'just' create a cryptocurrency. But its a lot of work to create a great one that could possibly survive till crypto becomes mainstream.

Altcoins have no residence. If india is relaxing it policies to crypto is only Good. But they are relaxing it for any coin not just coin you would have.

I think India would be a good place to start an altcoin, even though the coin shouldnt relate to a country. It should relate to an opportunity in this country. 
I am sure it can be successfull, if you can get together a great team of developers, the same as support from private and/or official institutions.  Could tell them about all the advantages e.g. instant payment, easier payments, which could develop rural areas to have more access to the nationwide market without any hassle of opening an bank account and paying a lot of bank transactions fees. 
Anyway i think supporter of the technology in public or private sector are needed to make a project like that successfull.

It doesnt matter which country you are from, get the knowledge of coins and cryptocurrencies and form a team if you have the finance as well as an understanding of it. There are many altcoins which gets created every day but only the one which has good support and development will stay in the market. So take time and read.

I think that's a good idea, will be many people who know bitcoin

It can be a good idea but the chances of it getting very big are extremely slim. There are a lot of coins created nowadays so for a newbie like you it might not be the best move to make right now. Without the right the knowledge it can quickly end up to be  a sh*t coin. I'm not trying to discourage you just do enough research and try to be somewhat innovative.

There is not an absolute answer to this starting a coin is the easy part giving it support and development for years to come is the hard part since at the beginning it is unlikely it is going to be a successful project right away and you will need time to make the project a success.

Country coins were a huge craze back in 2014 but I think the idea has died back down since then because as others have said, cryptocurrencies transcend national borders. Certainly some coins are more popular in certain countries more than others though.

I'd be surprised if an India-specific coin hasn't been created yet since it is the second most populous country after all. Heck, even us New Zealanders got our very own coin back then (Kiwicoin).

EDIT: I did a quick search and couldn't find an India-specific coin so if anyone does start an India-based altcoin then it would actually be the first of its kind. The name Indiacoin is available too although the ticker IDC is already taken (IND and INDIA are available).

You might do better promoting existing coins to Indian people, crypto is cool because it crosses country borders and is truly international, but it is definitely based around English language, which is slowing adoption is some places, maybe India falls into that category.

I think one problem is that India has dozens of languages.

Hindi is the most widely spoken and is the only one that shares official status alongside English but only about 25% of the population actually speaks it as their mother tongue:


Source: https://en.wikipedia.org/wiki/List_of_languages_by_number_of_native_speakers_in_India

Don't worry.
At first, try to analyse about the crypto demand on your communities, Does it look good or not. If you have reached your answer and try to make a polling on your crypto community about your idea.
If there will massive support for your idea and you can try to take a next step such as thought about your idea and innovation.
But regarding from economic condition on Indian and I think it's possible to start an altcoin in there, as an alternative for bitcoin.

But id you don't have a knowledge about crypto and never try to make it.

Best advice ever.  And every single Indian in existence or in future existence can use bitcoin.  And if they don't like bitcoin, choose from one or many of the hundreds of other altcoins on the market.  There is absolutely no good reason to create another one. 

Regional coins traditionally haven't met with much success; that said, with India's population, a coin launched in India could be huge.

The name and the idea to me sound like a Ponzi scam, I rely don't believe we need a new coin but the market can take more for now

nothing is stopping you or anyone else from starting a new altcoin based on anything, and it may very well be successful even.

but in my opinion the main aspect of a cryptocurrencies is the decentralization and being global and when you add a centralization like this (being based on India) then it is restricting the coin and its adoption. a cryptocurrency should be global without anything restricting even if it is only its name to one place or group of people.

besides country coins like this are usually made by the government, and i don't need to explain why that is bad :)

I don't think it's required for a specific country. Make it same as the other altcoins that emerge from the state of being an ICO to a strong altcoin. If your concern is only towards India then it might not gain popularity or get a good market value. Better make a perfect plan, else in a short it gets end as a Ponzi.

country altcoin are not good anymore, now the new trend is segwit coin, coins that have segwit activated, or masternodes, it doesn't matter if from indian or whatever, the couuntry coins were good with auroracoin in 2014, but it's an old stuff already

So far pesobit is the only country related coin that is having a success,but all the others failed miserable like Auroracoin,so I doubt if a coin targeted for specific country will succeed but there's a coin for pakistan already that could be the reason why you want to have one for India.

I guess it is not a good idea to create another shit-coin,
especially if you are not able to lead or code such a project.

:P

people would not really care from where is the altcoins come from because as long as the development have good project or probably unique project who could makes people interested to those coins i think it would be fine so just share what project do you have and what is your plan and your aim to create new altcoin

Rather than create another crypto, if you are really good at coding you should consider creating a service for the Indian crypto community. Services are less hated by the crypto community and if your idea is well implemented you will have venture capitalists throwing money at you to develop it further.

http://www.azquotes.com/picture-quotes/quote-during-the-gold-rush-most-would-be-miners-lost-money-but-people-who-sold-them-picks-peter-lynch-72-28-53.jpg

I've spent the last week on Yobit (shudder) because its the only place I could buy a certain coin and I can tell you now, Indians are to trading shitcoins like Nigerians are to Email phishing. I'm sorry if this sounds racist but seriously there are hundreds of Indians/Pakistanis there pumping shitcoins day and night. Sorry but anything with focus on India would have to be pretty special or it would be the most pumped and dumped coin in the history of Crypto.

How about a mobile multicoin wallet in local languages? Then you can sell advertising space like other mobile apps.

It could be a springboard to other related projects.

Just please do not create TheBillionCoin for India! You will be driven underground... for life!