Bitcoin Forum

Since there are hundreds or even thousands of Cryptocurrencies out there around the world, I am rather interested in what are the processes of creating a new cryptocurrency. I’m interested in things like how do people decide when to make new cryptocurrencies, what are the logistics in making the new coins and how do they promote their new coins to the public or certain groups of people in order to facilitate its usage. 

Making and establishing a company that have a product of a cryptocurrency is quite hard. Competition in cryptocurrency world now is really tough thinking there are thousands of active coins out there.
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Well the first ever crypto-currency was made out of necessity, where people required an anonymous and decentralized payment option that protected their ID from the government and other people.

The other crypto-currencies were like this as well, with a lot of other coins like stablecoins, eth, etc all be created out of necessity.

Then came the shitcoins, the shitty BTC forks no one wanted, the shit-icos that no one needed, and all the other exchanges with fake volume and coins that will never g anywhere

making and establishiing a crypto is easy.
sustaining a need for it is hard

most crapcoins are not actualy solving a real world problem but just made as a proof of concept to show how something can be done

for instance there are crapcoins that show how mining can be done via hard drive size proofs. yet the currency itself after the mining concept cant be usd to buy a doughnut because no merchants use it in exchange for their doughnuts

for instance there are crapcoins that show how 'medical records' can be logged and made immutable to be a proof of concept that medical records can be made secure. however no national/local medical infrastructure uses it themselves and wont for the simple fact that the creators of that blockchain never even bothered to get it implemented within the medical infrastructure

Just a few search of how to make one will show you thousands of results. Even if you don't know how to create as long as you have the capital to pay for the developer, you can have your own.

There's no requirement on making one, everyone can do it. Promotion is everywhere, they do bounties, paid ads on different known crypto related websites.

many crypto circulating, almost every day new crypto appears, even in coin marketcap there are thousands of cryptos registered, they used to promote crypto in various ways, through campaigns, bounty, airdrop, ico

People decide to create cryptocurrencies cause of curiosity I think. They tend to have their own made coin because they see the flow of being part of this community, they are exposed to what is happening in this kind of field. I hope the interest in creating a new cryptocurrency is not just to create but to have a big purpose in developing and improvising technologies with the connection of blockchain, smart contract and other programs we are currently using. A cryptocurrency which doesn't have a use case will be a part if this so-called shitcoins. Before promoting a coin make sure, it is well polish and working...

Truth be told, what you want to know might not have even popped up in the minds of many crypto creators. I mean, asking the necessary questions such as "what are the necessary logistics in creating a new coin" or "how should they promote their new coin to the public or to a certain group of people to facilitate its usage" are great and brilliant questions that are probably not present in the minds of the developers when thousands of shitcoins were created.

Token creation is very easy. Copying other project's designs, codes, documents, and so forth makes the entire project easier. Promoting the project to this forum, Twitter, Facebook, Telegram, and so on is totally free. These are just the recipes of many new tokens.

Just because of Bitcoin that being successful and now is on the mainstream, they create their own base on the usage on it that we did not found in Bitcoin. And because of gaining interest towards the digital ecosystem and make their own cryptocurrency. They can make various profits on it those who had invested and the collaboration in making partnership on other businesses.

Through the Initial Coin offerings (ICOs) or maybe Initial Exchange Offering(IEO) companies are offering their digital tokens for sale and raising funds to their project. In short, there's a big money awaiting in making our own cryptocurrency.

At least before you create cryptocurrency think carefully about the goals and benefits for what. and think of every development that you will do in the future. You must have a plan ahead that has not been done by the coin developer . for that roadmap and other plans must be well scheduled. because crypto was created not only because it follows technology. Sometimes if the purpose is clear and has many benefits not a lot of partners will certainly support and that means it will facilitate the promotion.

They don't just create coins when thry want to. They also have to cosider things like if they're capable to handle it and maybe if they saw something lacking with other coins and they want to innovate it. Or maybe they just see it as a profitable business... It depends actually on the creator but of course in order for it to success, they have to hire people who will promote their coins in different social media platforms just like what most are doing. It ain't easy for new coins since there's already hundreds and thousands of coins out there in the market so it's hard to compete. But with proper strategies and promotions, the coin can excel.

These cryptos first emerged as an alternative to some of Bitcoin problems then became an instrument to get more bitcoins and finally became designed to make their designers richer.
So in short, whenever new crypto was created without a technical successor supported or urgently needed, it is to make a category of people rich and if you pay money for that currency you contribute to enriching them.

I think because of an interesting moment a few years ago they arrived making crypto currencies and launching fake ICOs so that a lot of coins became worthless and even abandoned, if you want to make a new cryptocurrency you need to promote it by hiring bounty hunters, usually it's often done but unfortunately at the moment it doesn't look attractive even a lot of bounty hunters who leave because it doesn't produce from their work

Creating a cryptocurrency is not a big task really! If you are good in coding, you can do it easily! Or you can hire a programmer to do it for you for just few hundred bucks! You can hire a website designer to create a nice looking website for you for another hundred bucks!

However, marketing that crypto and making it useful to the people is the hardest part of the entire process! That's why we see thousands of projects but 99% of them has no/little value!

Remember, people don't really want to use two different cryptos for doing two different things! So don't just create a cryptocurrency just for the sake of creating one! Do it only if you have a feasible business reasons around it!

I guess many of those who decided to create a new coin dream to achieve the same success as Bitcoin or even bigger. Profit is definetely the biggest motive but there is no guarantee that new coin will be successful so there is always risk of failure.
Look.just how many ICO's have failed so think twice before you decide to go to adventure of creating a new crypto.

Very easy.

You just can go to fiverr and hire someone to create a token or crypto for you, https://www.fiverr.com/gigs/cryptocurrency.

So you can just one day think of creating your own because you think if can offer a real life use case. However, as far as logistics, they use this forum, by having bounty campaigns and then hire someone like influencer to spread the word around the crypto sphere. But the question, is the product really offer something unique, or will it be just to scam investors?

What spurs up most people is the greed to make their own riches out of the ponzy scam crypto projects that they launch into this space. When it comes to marketing there are equally marketing and promotional platforms that equally don't care about their reputation but the money they make hence launch any scam project into the space. The only cryptocurrency to ever invest in is Bitcoin.

I generally support your point of view however it's important to be reasonably critical of where Bitcoin is heading right now. I agree that at the start this was the only true crypto, but you have to DYOR and understand that it is now governed by a team of developers that don't really do much to make it more rich in usability. Maybe that's for the better, which is arguably true. But don't you think that at least Ethereum is worth something just because of smart contracts? Sure, the numerous erc20 shitcoins issued on Ethereum network are worth nothing, except, maybe, for things like BAT. But Ethereum was a game changer in some way. Still is. What do you think about it?

I can understand why someone decides to create a cryptocurrency. But why do people create new coins when they can easily create a token? When you create a coin, you have much more to worry about - if it's PoW, who will mine it; if it's PoS, who will set up nodes... If you create a token, you don't have to worry about those things because there already is a network that works pretty well (Ethereum for example) and you can focus on your project rather than on the mining or setting up nodes.

Maybe because they have more chances to gather a community that will support the project. They see a bright future creating a new coin than creating a token using smart contracts that are being used by scammers to scam people who run ICO during these past few years.

The only reason that I can see for them to necessarily create new Altcoins, is making some innovation of the old project by improving it a lot. Like for example, XLM is the decentralized version of XRP. and LTC the light version of Bitcoin. if you can see there's also a lot of cryptocurrencies that have their similarities and the others have some unique features that make the other project cannot compete with them. Just look the Binance way for recovering the hack funds of their client, they're the only ones who can do that so far.

Most company that creates their own cryptocurrency are just riding the trend.  They knew that this kind of technology is hot to the masses and they wanted to take advantage of it to cater client and customers.  Creating a token in a platform isn't that expensive.  They just need to spend much on marketing and advertising their new coin in order for the public to be aware of it.

I'm guessing in order to start you must have some idea of how to utilize the source code of Blockchain and Bitcoin technology. My guess is that you also have to be able to code & program a little. If you want to make a clone project, you just copy all of the ingredients in the recipe and go, but if you want to really innovate, you modify an existing Blockchain project and coin by making several new useful additions. If you really want to support the movement, you create an entirely new Blockchain from scratch or one inspired from another, then build a foundation and support community from the ground up.
  Just a guess  ;)

Some actually have a good idea which make sense but some are just there for money.
There were projects that were created that actually doesn't need blockchain but they did create one since there is profit to collect from it and that is just one reason why a team decide to create a coin. The Announcement threads they make contains how astonishing the amount of money flows in the industry like for example music industry collects about Millions of USD in a month to which they intend to grab even just 1/4 of it. Promoting the project on the social media sites where the wanna be investors and musicians are will help them get the money needed for the project.

It all started like this when bitcoin was invented and boom in early years other scientist are developed the first altcoins and others followed at first it was good until when the epic bull run came more and more altcoin/token thanks to ethereum many scammers are now can create their token to it.

I think some people or team tend to create new coins to provide a financial aid for their their projects. I learned that from participating in ICOs back in the day. They promote their coins through this forum, they hire bounty hunters to desseminate the news and the existence of their project. They also use some social media platform like twitter and Facebook for promoting.

I couldn't agree more man. Just think of bitcoin, it underwent from a lot of judgement on its early years like what do we get from using it, what benefit can we get from that, what's use of that, when we already have a fiat, some sort of that, But bitcoin made its way and look at it now.
Making cryptocurrency is real easy, actually we can made any cryptocurrency right now but what really cryptocunrrency should possess is the purpose. When are we going to use it, where are are going to use it. Sustaining the use of cryptocurrency makes it hard to be in time for usage, just look how many dormant coins we have in the market. It says it all man.

Creating a new coin/token is pretty free nowadays. Also people have a wide variety of blockchains and platforms to create their token. The hard part is creating a viable sustainable ecosystem for the token value.

I think that cryptocurrencies are created to fulfil different intentions, it might be that probably they want to experiment with blockchain technology and how it can benefit their businesses and organisations since it is relatively new. However, I think the very first thing to consider when creating your own currency is to think about its  utility, what will the people use the currency for or there might be reduced demand

I agree with you, being able to establish utility for your assets and maintain the token's ecosystem is very crucial, this might drive new potential investors to invest in your project and increase the demand of your token

The most important aspect of a coin is why it is being created, there are thousands of coins out there but very few of them have any significant function so for the most part they are useless, the rest is relatively easy, promoting a coin is done through bounty campaigns in this forum or you could let people discover your project, if it is any good it will get popular if you give it enough time, but most coins do this backwards they use all their resources in promoting their project and no resources in trying to create something that could last and be of benefit to the community.

Thanks to ethereum blockchain and erc20 token, everyone is now free to create his dapp and launch tokens. You are free to launch your project that doesn't necessarily means it will be a success, there are so many projects which you have to compete.

The creation of cryptocurrencies has been based on the gaps seen in the financial world and the crypto space or based on the flaws of other existing crypto coins. New coins are basically created as an improved version of already existing cryptocurrencies. But nowadays, developers just create crypto coins without having any particular aim in the crypto space. These coins are mostly described as shit coins. If you are thinking of creating a new crypto coin, it should solve a particular problem in the crypto space and the financial ecosystem.

As for me, most crypto creators want to follow the footsteps of Bitcoin.  However, only a few among thousands of coins survive because of different reasons. Its something to be sustained financially and that's one of the common reason why most new altcoins fail. It should also be functional so investors would prefer to adopt it just like Bitcoin and Ethereum. Creators and developers must set a firm roadmap for them to track their goals.

Find a need and fill it. Well, that is what it should be. The honest truth is most coins devs want to exploit and rip people off creating a coin with absolutely no use or value.

It should be about finding a need and filling it then figuring out how you want the coin to be distributed and if you will have a premine and if so how will you justify it. A good plan with a clear future.
Something people can see happening and something that makes sense. The promotions they do here on the forum with bounty. This is the cheapest way by far. Other than that they can advertise in crypto-related forums and social media. The budget and what needs to be bought to keep the coin alive and how you will attract people to it. This is just some of the very many things to think about when making a coin.

If they saw an opportunity they will start a business but they have a lot to consider first. You need to create a community as well for you to have instant crowd that will support you. A unique idea will also be a great help for you and will eager you to do business in cryptocurrency. If you have smart agenda then that's the thing why people create crypto. It's an opportunity for us since it's a new technology that can grow more.

The reason for this is they cannot alter the main crypto in the market that is already working fine and good, as a result, forking is needed to create a new crypto for various purposes and development. There are also cryptos that are mainly created for investment purposes, even though it doesn't possess and new capabilities and characteristics, they are launching it to back their project with investment from people. Most of it comes from the smart contract platform by Ethereum.

I think they consider many factors before creating new cryptocurrency that will spread around the world. They promote their coins just by using other apps in our mobile and computers. They advertise it and they allow people to explore it.

Its uses and how it will effectively enter the crypto world are also their mission for it to grow more. Once it partnered to another currency, it will grow as well as the another currency.

the purpose of the idea is based on the ability to stay ahead and have strong funds, you are ready at any time to make crypto, which certainly uses a team that is experienced in their field, do not just try to try to enter the market because of greed alone but make concrete evidence of the usefulness of the project you want to create.

You must know your purpose first, and as what you said thousands of cryptocurrency are already out in the market so its a big challenge to create a new and unique crypto. I don’t have no idea about the process but you must talked to your team about your plan and start creating strategies. There are so many ways to market your coin, bounties, social sites and many more so this is not a big problem anymore all you have to do is to spend money on this.

Whenever one feels the need to create cryptocurrency, they create it  :P tokens are easy to create, making a coin needs quite more understanding, regarding promotion, many publish ads, do airdrops, bounties, etc.

The decision to create cryptocurrencies is usually done base on the challenges or gaps seen in the crypto space and the crypto ecosystem. New crypto coins are either solving the disadvantage of other already existing crypto coins or introducing a different solution to gaps seen in the crypto ecosystem. Every cryptocurrencies in the crypto space has its own intended purpose and the solution it is introducing into the crypto ecosystem.  To create a crypto coin, you should have a particular problem the coin is likely to address in the crypto space.

They just wanted to take the ride and hope that they will going to get same fate with those successful developers who made a lots of money out from this business. The influence of previous coin/projects that made some good deals around this market bring desires to new developers to create
their own project, some will create genuine ideas but most will be a copycat from the old projects that already existing.

Creating a cryptocurrency is easy, because there are service providers such as ETH and Counterparty.
But what's difficult is to create a dynamic concept that can make the crypto grow bigger and last all the time.
The crypto competition is very big now, you really need to have good innovation.

I think there is no specific time when to make crypto, it can be done anytime.

People decide to create their own money when the irresponsible bank printing more and more money and people don’t want to hold their shitcoins fiat any longer, the more coins around also proportional to the more people distrust the fiat currency.

currently the coin making feature is quite easy but the concept of the coins that are made is indeed not much that is feasible. most people try to make it, as a study or out of curiosity. and several others make new coins for business purposes, unfortunately there are some businesses that do not have good concepts and produce shitcoin

I think it goes the other way around. If there is numerous number of paper money and cryptocurrency volume, it's the market price will not get bigger, that is why Bitcoin is on the top of the rank in having a huger market price. And with your conjecture about more people distrust the fiats because of coins, actually, in my opinion, its not. If there's more coins, more people will have a hard time choosing which coin where they can invest into. And it doesn't affect their trust to their fiats based from the number of coins created. It would be based on how good a coin or crypto is no matter how many it is, to replace the fiats in terms of primary currency.

to make tokens or coins is a bit difficult because you have to prepare a little capital and have an understanding of the coding and security of crypto fully and you must have good ideas or skills to gain the trust of many people so that later your project is launched is not in vain, but before You also need to know the difference between making coins and making tokens.

some differences:

coin
- Must have your own blockchai and need a lot of time

token
- is built on existing blockchain and does not require much time

First you should know that it's not all the coins that you see in the market that will end up being successful, some of them will turn out to be a failure and that's why you see a lot of dead coins that have been abandoned by the devs. There are many dead projects than the ones that are still up and running and lots of coins keeps dying off everyday.

Some people that creates coins have no purpose for it, they just create a coin for a fake a purpose and before you know it they will abandon everything to fail. Some are also scammers that will formulate a plan to draw investors and then make away with their money. Every coin is created for a project, and t is either legit or fake, and among the legit ones, some still don't make it due to some problems, like lack of funds.

Price is not a concern to cryptocurrency as any of them will fit the bill to be a medium of wealth transfer, but we can’t ignore the possibilities that the more altcoins around also contribute to higher bitcoin price, whatsay we would have bitcoin price at 1m dollar and also 3729492749 alt coins at the same time while the fiat money can not get you a decent BigMac with your humble top dollar offer.

It is easy to create a token and sell it in your project, that is why many people do their own token so shitcoins are everywhere. People thinks that when they do their own currency they can get more money because they are the ones  who develops it even though they dont have a solid plan on everything they are doing.

Creating Cryptocurrency is a great idea, if you know well and if you are good at coding then you can go ahead. There is more profit in creating crypto but after creating if you are successful then well and good because there are so many companies which has failed.

There are also bounty campaign you can hire it and make the work done through them.

Some people who wants to make their own cryptocurrency is establishing first an ICOs or projects in which they are producing a token and after the project becomes successful they are making exchangers in order to make it an alternative coins and etc. Just like what other people when they are starting bounty campaign, they are finding first a good bounty manager and they will use escrow in order to find a good bounty manager that will manage for those bounty hunters that will support and promote their projects, next one is they will find investors on which people will invest to the projects and when the projects become successful then it will be a new cryptocurrency coin.

I dint think that you will be able to able to create cryptocurrency if you don’t have blockchain knowledge, for you to be able to develop a cryptocurrency personally, you must definitely know about codlings to do that I think , but that does not mean you still cannot get any project done, because It is not everyone that has a cryptocurrency project that has the technical know-how.

What those people usually do is just to hire a Blockchain developer to create the project for them. They have the concept and the idea of the project they actually want to build the blockchain for and I am sure that if you give the idea to a Blockchain developer, they will be able to work it out for you according to what you want, but for you to be fully successful in the project, you have to work with some team that you can also share some ideas with.

Because they want a fair exchange of things and get rid of the taxation system, so they created BTC (http://okex.com).

I think its really a tough work to do. There are so many competitors and I think it really needs focus on it. Well, deciding to create crypto is something fullfilling as well. If you have all the resources, manpower, capabilities, knowledge and financially able then its might possible. I think its like creating your own product or company. You need to devote your time and effort on it.

I think it is not the need to create cryptocurrency but rather the desire to make money out of thin air.  Many cryptocurrency projects happen to be like that.  They just copy the hot project and make a little adjustment then boom, they will create another cryptocurrency and launch a crowdfunding strategy.

not just hundred , thousand but they are millions and billions  .  most are still up while others did already died and some are not yet listed or often called sh*tcoins   .  the process of creating a token was easy but i think the process of creating a quality altcoin is hard   . people decide to create one because they have a vision about creating a coin that can solve a certain problem .  promoting the coin will be dependent on your budget  . if you want your coin to get popular then you are going to prepare alot of cash

That should be the process all coins should have to go through, a coin should not be created unless there is a very specific reason for it and there is a hole in the market that they can fill, but that is not what we see, most of the time we see many coins being created for the most ridiculous reasons and this is what is causing many investors to lose faith in the altcoin market because they see that there are a bunch of coins that do not really have any justification to exist.

It won't be a hard process for those that just want to create it for their personal gain or those that wants to scam the community out of it, especially tokens the ethereum blockchain.
For the serious ones that want real use case for the coin, they will have to spend a lot of funds for Conferences, marketing, going through legal process and all of that.
I remember back in May when deflationary tokens were rolling out, those coins were just created with hype, then they dump on the holders. They didn't spend much because they copy other deflationary token codes to make theirs.

I think you are completely new to this forum and the world of Cryptocurrencies. Actually the whole journey started with just Bitcoin and rest of all the Cryptocurrencies came after in the process. But how do people decide to create it is an altogether separate question. Actually most of the people in Crypto world had some projects in mind. These projects used blockchain to solve some need of the people. Atleast this was how they were potrayed on paper. Now after they were brought to limelight a lot of funding was needed for these proejcts to became a reality. This was when the idea of crowdfunding came into the minds of people. What they did was collected money from people and in return gave them a coin just like a share in the company. However, this did not technically made you a part owner of the company due to no legality present but you still could sell these coins in market once they are listed on exchange. And these coins became Cryptocurrencies. Until some time people were creating own blockchain and own coins but then came the phase of Ether ERC-20 Tokens. These were created using smart contracts on Ethererum blockchain itself and were pretty effective and secure. But all this ended up in crowdfunding teams not working on the projects anymore most of them just ran away with the money and left behind plethora of Cryptocurrencies out of which mostly top 200 are actively used and traded.