Bitcoin Forum

Looked through the forums and didn’t find any good threads about this topic so thought I’d start a new one.

My question:

What is some good advice for someone who wants to start their own new coin?

Couple points:
- this assumes you have a legitimate idea that benefits from blockchain and doesn’t already exist
- assume you have some dev knowledge and ability to get smart people to help

You'll get an answer like this: Why you have to create another coin? the market has too many of it and don't add another coin that's not really needed.

- It's difficult to think of something like that isn't existing anymore. Almost every industry in real world has been use by various tokens.

That’s a very fair answer and exactly how I would respond if someone asked me the same thing.

But I’d like to ask if people could answer the question based on these points:

 -  this is a new idea with a real world use case
 - this idea not only needs a blockchain it pretty much requires one to even exist
 - it would have real world customers who would benefit from using the token, not just speculative traders

Can you answer based on those assumptions?

This is the most important question by far. So many new coins are just trying to cash in on blockchain technology. What they are proposing (if they are proposing anything at all, and not just an outright scam) is usually easily solvable without blockchain, a coin, a token or an ICO. They are trying to create a solution to a problem that doesn't exist.

Advice for starting new coin:
- Owning altcoin is not the same as owning BTC. Your goal is to own more BTC or invest more altcoin? Remember to answer that question when building an investment fund. If your goal is to own multiple BTCs, be careful not to be too dependent on a coin.
- Bitcoin is VUA. Always keep an eye on BTC. It will ruin other coin very quickly if you do not follow up regularly.
- Invest in a hard-wallet: Take a long-term coin, do not trade your off the floor. Think about if a trading day suddenly collapsed and all the coins were gone, how would you feel?

Well if you are looking to start a new coin and your idea is wonderful and it is something that requires a blockchain then you can start by building a test net or a MVP then when that is done, then you will need to be attending crypto events to connect with people of like minds who will guide you on how to g about it. 

Get a team that understand the concept, develop your whitepaper outlining your ideas and make sure you have enough funds to kickstart your ideas implementation. I mean get more cash to start and never depend on investors for a start up funds like website development, or marketing. Later when things are set up, you can then request for private sales or pre sales.

I can't trust someone to create a coin. I will never try to create a crap coin to scam others. If you have known if yourself is incompetence to run or create a platform and it may better to give up. If you are trusting your code to the someone that has ability to create a backdoor and if there will be a hacked case and the investors will be fucked.

There are the following advice to starts new coin are as follows.
1.Good idea.
2.Good team.
3.Funds.
4.Website and whitepaper.