Bitcoin Forum

Original Post: https://bitflate.org/post/2019/11/20/why-create-a-cryptocurrency-in-2019.html

Bitflate is a cryptocurrency with constant inflation of 7% per year.

It’s 2019. I’m pitching my idea of Bitflate, a cryptocurrency with constant inflation. I’ve got a lot of NO feedback. Investors tell me the age of tokens has passed. We don’t need more tokens. Crypto enthusiasts tell me I’m just forking Bitcoin. It’s been done so many times. There’s no new innovation.

Bitcoin is the king of cryptocurrency. Ethereum is the king of token platform. Bitcoin has sidechain, Lightning Network. Ethereum has programmable blockchain. Everyone should start building on top of these platforms. We don’t need to reinvent the wheel.

We don’t have the platforms we need

We have many platforms. I’m most familiar with Bitcoin and Ethereum. Their economics operate under the same assumption: limited supply. Supporters of these platforms value this property. Price rise is a big incentive to motivate communities. At market level, we can see token growth as a kind of inflation. As more projects launch, people have more tokens to choose. In 2019, the prevailing view is we have too many tokens. We need to innovate the technology. High profile investors continue to put money behind projects that experiment with technology.

I’m a software engineer. I have seen smart and innovative technology in crypto market. In Bitcoin, we have Lightning Network for scaling, sidechain for launching derivatives. In Ethereum, we now have solutions building 3-4 layers on top of the main chain. There are other platforms improving components of Bitcoin and Ethereums.

I have come to the conclusion that technology is not the problem, at least right now. We have enough technology to solve any problem in the next 5-10 years. We don’t need more solutions to solve imaginary problems. The real problem is our base layer is missing some economics.

Bitcoin strength and weakness: limited supply

Bitcoin has successfully bootstrapped using limited supply. Its limited supply and halving increase market price. I think Bitcoin would not survive if it didn’t have this property. There is economic and social movement built around Bitcoin. People promise liberation from the existing monetary system. Despite of the hype, the main use case of Bitcoin remains Store of Value. It remains and likely continues to be a speculative asset. With Bitcoin, we HODL. The feature that defines Bitcoin hinders its adoption. Its strength is also its weakness.

Ethereum and other tokens face the same challenge. People in crypto don’t recognize this. If users don’t make transactions with tokens, there is no point building layers on top.

Experiment with monetary policy

I’m making the case for new experiment with monetary policy. With Bitcoin, we already solved the Store of Value use case. But we need to rethink limited supply. The world needs more than Store of Value. Life isn’t just work and stash. Crypto needs to grow up and accept reality. We need to stop preaching a limited supply money future. We need to create a cryptocurrency that people want to use.

The missing platform: cryptocurrency with constant inflation

Bitflate is a cryptocurrency with constant inflation. It is experimental. My experiment is simple. I take what is working in Bitcoin and change monetary policy. I think it has the technology we need. Bitflate does reward halving until the 4th halving. Then it starts inflation of 7%. The reward schedule is as follows:

0: 50 (supply: 10 million)
1: 25 (supply: 15 million)
2: 12.5
3: 6.25 (end of halving)
4: 6.56 (start of inflation 7%)
5: 7.02
6: 7.51
7: 8.04
8: 8.60
9: 9.20
10: 9.85 (supply: 31 million)

Other tokens have constant tail emission. Bitflate has a percentage, exponential increase. Even with 7% inflation, Bitflate supply is still limited. This is an incentive for early adopters to acquire Bitflate tokens. I think an inflating crypto has different economics. It discourages HODL. It’s not a long-term Store of Value. When people transact more often, we will see crypto moving. The market needs an inflating cryptocurrency. This is why I create a cryptocurrency in 2019.

Join Bitflate Discord community: https://discord.gg/utnEyp8

simple answer
profit

long answer
there are already so many cryptocurrencies in play that whatever you want to build a platform of is possible right now with the existing ones
also all the new coins that are released right now will have a hard time paving the way for themselves for the same above reason

Why create a cryptocurrency in 2019? well for me new coins are suppose to do better than old coins in terms of features and tech but this is not how i see things today, its now all about profits

Tell me is bitflate you made mention not created for gains? lol ;D

New cryptos are made to implementation new concept, idea, thought. it can make crypto more well-known to many people
Unfortunately, many people take this for its own sake, they just wanna take money from investors
that's the cause tarnish the good name of cryptocurrency in general

Bitflate seems like a very unique idea! Probably the most fresh idea in crypto market I have seen this year! I have seen majority of the token companies are building various platforms and products and 99% of them are failures because they try to solve problems that don't exist!

But this is the first time, I am seeing something fresh that directly  functions with the economical parameters! However, utility is something that you shouldn't forget! Having a crypto which takes care of the inflation is good, but make sure you create platforms where people can utilize it! Otherwise the entire ecosystem will jeopardize!

Of course, Bitflate is there for making money. :)

We need more experiment with monetary policy, not tech. For Bitflate, I believe the market needs an inflating cryptocurrency. I myself look forward to new ideas with monetary policy, not tech.

People are creating new Cryptocurrency for profit and to follow the footsteps of Bitcoin and other top altcoins. We all know how cryptocurrencies could change the economic situation so people are trying to create new ones to make big changes. However, it's necessary for a coin to be functional to attract more investors and to gain the trust of most people. That would bring a huge impact on its growth.

Bitflate is going to stay close to Bitcoin platform. Its only difference is the monetary policy. It follows the latest release of Bitcoin Core, currently 0.18.1. I intend to keep it up to date. Bitcoin is Store of Value. Bitflate is transaction coin. I think Bitcoin platform has a lot of firepower. It's got SegWit and sidechain. We should be able to implement other layers on top of it.

I anticipate Ethereum, Litecoin and other chains will launch their inflating parallel blockchains. It'll be exciting. :)

Creating a new cryptocurrency is to create new innovations that have been made or to rival the old innovations to make the most of the benefits provided by each project, and of course the profit. New projects make it easy for us to generate enough profit from them compared to the old coin that dropped down time.

New coins are been created to either scam people of their money or built them for the sake of making profits out of them, this is whats happening around 99percent new projects, every single plans they have points back to making millions of out people

Creating new coins and tokens should be to do better in all aspect of the old crypto coins, this is why few investors believe that buying promising new projects will bring better profits than old projects but this is not the case in crypto space today, there are scammers in every corner of crypto space

New cryptocurrency must be able to provide better innovation than competitors.
It is common for example transaction fees, how do you make innovations for these problems because we know that bitcoin has a fairly large transaction fee.
Sometimes the problem is that they have a good vision, but the action is very minimal, which ends in a scam or something.

This question is what keeps making many developers to create cryptocurrencies. The fact is, each team believes they have a different thing to offer which already existing are falling to do; now this is how it's meant to be. But nowadays, many are creating different cryptocurrencies for profit while less than 1% are actually in for the Technology. So to answer your question from my own angle, some are creating for profit while few are creating to add value.

There is no reason to create a new currency now, just to speculate and get rich. Bitcoins already exist, new projects should be born on the upper layers solving real everyday problems and bringing real added value.

The irony about it is that they will always promise one or many things their cryptocurrencies will solve but will still end up not delivering just 1, so most times I ponder just like you and ask, why this coin? However, even in the midst of these, there are still genuine coins and upcoming projects which are still trying to remain relevant it just that the bad eggs and hype one keep springing up and sweeping People. Even next year we will see more coins but I think more people will be smarter next year.

This seems to be something unique compared to many projects that make the same thing under different names and little variations. End of the day every project is much focused on profit making with real time usage accessibility. The market has got lot many players to compete against each others. If this projects have reached the market during the year 2017 it could've got a huge return for the investors.

You are right but there are some good coins that are still available in this market and create lots of opportunities for other investors to make money. Now what investors need is profit so before they invest they will consider many times. I think any new coin needs to be researched and always monitored the trading volume to know exactly what is happening.

Of course, this is the most widely used way of investing. However, if that coin shows sign of scam then you should stay away from the beginning.

People are supposed to be created a coin not just for profits because if they just aiming for profits they're just gonna be think about the price, exchanges, interest, and all the thing that can affected the price instead of the people should make a coin for the usefulness in the future that can make a better payment for human being

If he wants to create a new coin, he can. But claims are huge, and I understand from his ideas that he will make a coin with the limitless supply that everyone uses which better than ETH and BTC. But I have never heard about a valuable asset that has an unlimited supply in the economy.

I'm with you on this, the driving force and the motivating factor is still profit, profit and profit, because all these past coins and tokens that has existed create a crowdfunding and are now gone has a good road map, some of them has a good platform and had a chance to be adopted, whatever coins or tokens you are creating now, has been created this inflationary coins of yours is not new I have read it so many times, just do your research.

Simple; because they all believe they can make a change but along the line then realized there is more and Instead of looking for ways to overcome the challenges they tend to either abandon the project or come up with excuses.
This is just the nature of a good number of projects this year, I can hardly count projects which stuck to their idea and never let go this year.
Seriously I thought the aim of creating any project is to make impact but many projects has shown other wise as they are after their own pockets. Therefore we should be careful of most of these projects with unachievable ideas. The reason for creating a cryptocurrency should be to make positive impacts.

amazing, very good post. I just learned that this crypto system should we often have to make transactions so that the value of crypto continues to move, and if we just keep quiet then the value will be silent. it makes perfect sense and the problem of limited supply can be overcome immediately. by doing transactions every day then we will keep the crypto value moving and when the supply finally runs out, there must be a new crypto for its successor, and it must continue not to be stopped.

I am now able to draw the conclusion that the failure of ICO which has launched its token to the market exchange which then lost its value must have been caused by no transaction at all. all token holders only wait and wait, while if we are silent then the token or coin will not experience any movement at all. Your steps are very innovative, this should be appreciated and should be done by everyone so that everyone no longer waits for long-term HODL. but trade every day and keep the market moving so crypto values ​​continue to move up.

I also think like many people who told you NO. we must learn to use ethereum and bitcoin. No one will need Bitflate in a few years, so what's the point of using it

Yes, our generation is Millenials and we can freely work and earn ordinary money like those working in businesses and even higher.
Bitcoin really helps a lot for people who like to work freely but still have financial freedom. It has opened up an open market for countries that are still overshadowing the definition of "financial markets". The crypto market has really changed my mind for the past ten years. It has also made the life of a Millenial better as I make more and more money.

i am agree ,too many shitcoin now in crypto market . and ofcourse this coins really harmed many inventors. I think too many people try to be rich man from crypto market by creating use less projects. Existing coins already complete ,and it could applied in any field. So we didn't need new projects again. Except this projects developted new version of blockchain that wil used in real industry or able to adopt in real life.

Yes, as you said, they made a new project just to take money from investors and enrich themselves. This makes crypto in 2019 the place for scammers and the most in crypto history. But we have to fight scammers by reporting them on this forum and posting them in a special thread for scam projects.

Basically inflation is really real only on Bitcoin, Ethereum and other giant Coins. This limited supply concept in my opinion is the best, making prices more stable, pumping, and market movements that actually occur. strange to me if there is a project to make their tokens with an infinite supply. Crytpo is always preceded by concepts of new ideas or innovations, but sometimes strategies, developers and teams who are not focused on creating inflation that has no movement. The concept of Bitflate is interesting to me, maybe lately I will monitor it.

But most people now create new tokens just to take profit from selling tokens, they are not really serious in dealing with their projects.
So it will be difficult to determine which projects are made for the development of crypto and currency.

I think this particular problem of not supporting the founders of each Blockchain's generation is the reason that all of this shit coins projects have cropped up over the years. Bitcoin and Blockchain can be seen as the first generation Blockchain and the foundation of cryptocurrency as we know of it today. Ethereum would be the second generation of Blockchain with the introduction of smart contracts and tokens. I do believe that the third generation of Blockchain was EOS with its delegated proof of stake consensus algorithm.

Scammers are just taking advantage of it because they know that there will be some people who are gonna fall into their trick, no wonder why some of us are not into new cryptos because we can't see the real purpose of it and we can't change the fact that some of them are not worth it. It's true that it makes the cryptocurrency speculative because of people like them but we can't get rid of it, we just need to face it and learn from it. I'm not underestimating the power and capabilities of new cryptos because I know that there is still some of them who can prove themselves that they are also profitable and worthy like bitcoin.

I think that you are too late to join the party. We already have thousands of promising crypto projects but look at the price, nobody is interested in using them and buying the tokens.
Even you create a successful project, there is no warranty that price of the token will grow.  :-\

Up to 80% of altcoins do not receive the attention of people and this makes investors face a lot of great risks in investment. I think it is difficult to predict the future of those coins because you cannot be sure of the new price increase so it is best to choose only the projects that are available in this market. I personally never choose a new coin but would consider it if it works.

Personally, I believe that everyone wants to create a new cryptocurrency. But for the discoverers of crypto, time has passed. And in order to become a leader in the invention of cryptocurrency. It is necessary to create something new, so that there is a demand for this product. So I wish everyone great innovative achievements in the field of cryptocurrency.

If you launched your project in 2017, people will be in a hurry to support, join and invest in your project, they will sing hallelujah for creating a project like yours, but this is 2019, investors and bounty hunters are wiser now, they have seen enough, so many similar projects like yours, that failed investor's expectations, so many funds are invested in a non sense project, I doubt if your project is unique from all the project that come and go.

I think if that's the case then ethereum and bitcoin are beaten by new currencies long ago.
Since there are too many cryptocurrencies already in the market, creating new cryptocurrency wont be of much use and will be challenging to make it successful.

why create a new coin? simple to make profit / gain but is not very easy, create a new coin is very easy with wave and minereum platforms, is everything else that is difficult to create a valid, credible project that has future market developments and know how to do an effective aggressive advertising campaign, if you don't know how to do all this you can create a new token with your name for your vanity...

Cryptocurrency the good name, especially for investors left with nothing. It seems to me has plenty of innovations because these innovations and have produced many similar projects.

You are right that there are many coins in the market but those that need to be evaluated are essentially evaluated. New shitcoins are already created every day, we want a coin that can bring a new breath to the market. I do not think price is of great importance in this regard, every coin already has its own deserved price, and it will also find its price, good or bad.

By forming new niches that are realistic and can solve problems that would otherwise be in demand. Of course, there are factors to benefit from the proposed project. But at least taking part in developing welfare is a good contribution to increase utility.

You might want to seriously listen to that feedback.  Tho I don't know the specifics of what you're proposing, just take a look at how many coins and tokens are already on the market and how similar they are to one another.  If you're serious about making a new coin and want to make it attractive, it's got to have some advantage over everything else that's out there right now, else it's going to be just another shit coin.

Uh, yeah.  That's why so many coins made it to the market in 2017-18 and also why so many of them are now dead.  Unless you can attract a following, which most devs of new coins can't do, there's no chance anyone is going to mine it or want to own or trade it.  And honestly I don't think we need any more coins released at the moment, because they're all basically the same.

Everyone can say anything, anyone can do anything even a new project like the OP is working on. The problem now is how you can attract people to join and be willing to spend money on yourself. Making a project is easy but what's difficult is to consistently develop it. No need for complicated matters and promises at the beginning if in the end the project only runs for a few years. We are in a time when investors have realized that this is only a game of money for developers.
Goodluck OP!

There are so many reasons why there is still a need to create a cryptocurrency in 2019. Not even counting the personal and greedy reasons that scammers and greedy developers have in mind. They will never run out of reasons on their own. I guess the real reason is that the world has yet to fully convert into blockchain and tokenizing the traditional businesses. There is a reason to be more transparent also. This will be done through cryptocurrency with the help of the blockchain. There is also a need to make transactions really fast.

Bitflate dev here. I think if I launched in 2017, I wouldn't have been able to compete in ICO rush. People would have laughed at the idea of adding inflation into crypto. Many still do. Everyone was jumping on the next big platforms. Most of the coins were pumped and dumped. It'll be very hard to get my idea across. I propose running a parallel blockchain with inflation. It is fairly strange and weird. It is against the idea that made Bitcoin successful.

But maybe, my idea is launched at the right time. In 2019, ICO rush is over. We've tried a lot of technology, platforms. Adding more layers to Ethereum won't make it better. Lightning Network isn't going to make Bitcoin more transactional and drive adoption. Will halving make price go up? Litecoin is showing us that it may not. There's less noise in the crypto market. It's time to revisit the core tenet of crypto: deflationary supply. We need another blockchain with inflationary supply for transaction.

Bitflate introduces 2 new ideas: inflation and a reward schedule for early adopters to bootstrap inflation. They're both about economics, not tech. I think we've tried enough tech. I studied many blockchains. I decided that we only need these 2 changes. I need help with Core client and wallet development. If anyone is interested, please reach out. Join our Discord channel: https://discord.gg/utnEyp8.

Bitflate is experimental. It's decentralized like Bitcoin. Anyone can mine, buy, sell the coin. I don't make any price prediction. I personally think it has potential. Not investment advice. Do your own research.

I'm not making a claim that Bitflate is better than Bitcoin. I think Store of Value and Medium of Exchange are 2 different use cases. Bitcoin is Store of Value. We need a coin with inflation to make crypto work for transaction. I don't see Bitflate directly competing with existing Store of Value. Bitflate will have 7% inflation rate. But its coin supply is still limited by inflation rate. After the 1st year, we'll mine 10 million coins. But to get 30 million coins, it'll take 10 years. See reward schedule below:

0: 50 (supply: 10 million)
1: 25 (supply: 15 million)
2: 12.5
3: 6.25 (end of halving)
4: 6.56 (start of inflation 7%)
5: 7.02
6: 7.51
7: 8.04
8: 8.60
9: 9.20
10: 9.85 (supply: 31 million)

So in this regard, I think it’s much better to use old coins than investing in New as old coins must have good features that every investor wants to have. We should believe the inability of old coins and creating new coins will need so much effort first to crest it and then to promote it. So those who offer new coin we should ask about the potential and features of that coin.

That is the wonderful thing about this space,,, and the bad thing about it. But I prefer to think of the good side, where everyone is free to do what they want and in the way they want to do it.

Can you do it without money though? I think people should take inspiration from Bitcoin and create what they believe in without looking for money. Or go with Bitcoin and see how you can improve it without doing anything and earn from that recognition.

If you have an idea about something that can help to change the world then you should create a cryptocurrency. You should do it without basing on the date because as long as it can help to make the life of humans easier then it would get a lot of attention. Just focus on your craft and the profit will follow since cryptocurrency is always at the internet, it is so accessible.

Digital coin market has become the hot topic of present. it is grabbing attention of more and more people on daily basis who want to become rich by investing in cryptocurrencies. This has also grabbed the attention of scammers. The problem with investors is that they don't do any Research and just jump into the investment directly. saying promising words is enough for pulling innocent people to a project and they get scammed ultimately. That is why it is recommended to invest in old coins.

Everything that you described looks very interesting. I would like to see this when it will work. However, I do not fully understand the purpose of this experiment.

creating new projects only make failed possibility bigger . and ofcourse shitcoin will added again in cryptocurrency market. And maybe there are many inventors will be the victim from this projects too.there are many projects that actually need our help, if we have no skill in developting we could help to promote this projects so more people will know about this projects.

We don't know where inflation comes from. Economists generally agree that 2-3% inflation is healthy for economy. They don't have scientific evidence for it. Inflation seems to be an illusion to motivate us. I think inflation is a natural phenomenon. Even the physical universe inflates. When I look at cryptocurrency, its economics does not make sense. Everyone touts Austrian economics and deflationary supply. We end up just hoarding tokens. I think crypto economics is incomplete.

The purpose of Bitflate experiment is to find a way to incorporate inflation into cryptocurrency. Bitflate introduces 2 new ideas: inflation and a reward schedule to bootstrap inflation. Bitflate has 7% inflation for transaction use case, Bitcoin has zero inflation for Store of Value use case. Together, we'll have 3.5% average. Maybe, they'll make an ideal pair of cryptocurrencies.

If I could create a currency I totally would, there is a big gap in the "a blockchain that includes everything" market but unfortunately it is not easy to build one and also get funding and be famous at the same time.

I would love it if I could create a coin that both had dividend like structure where it is used for a utility, like an exchange coin that gives payments for the exchanges trading fees, or a casino token that gives dividends for what people lose and all that, anything would work really as long as people would earn, plus a staking type of structure that would also pay you for holding it, a dapp like system where it could build games on top of it, and really fast and cheap, probably free and on top of everything else it should have a smart contract system where you can create tokens on it as well. All in one.

You will become rich with investing if you invest a massive amount. Huge capital tends to be more near with the term rich as here, on this kind of industry what you risk is what you get or lose. This is why scammers are running after investors, because of this fundamentals.

Preferably newbie investors, what investors should possess is the knowledge of what they are entering to and so a bunch of researching is a must. These days investors did become greedy as they have seen the growing opportunities on digital investments without having proper skills and knowledge. Many investors got caught on net of scammers last year giving ICO projects less substantial growth in contrast with the previous years.

Investors having no good amount of knowledge are easy victims of scam projects and this is why it is recommended to learn about the coins and market first. This will give pretty much good idea about how system works. The most important is to develop sound understanding of bitcoin as all altcoins and projects depend on it. Scams are not only problem of digital coin market but all domains.

Just answer: new idea, new solution, new platform, new crypto currency for community and ecosystem!
Why don't do it when it can revolute the market ^^

New coins will always keep coming and most times they will come with a vision of revolutionizing the old ones. Unfortunately most of this new projects lack what it takes to achieve this aim and hence will be another shitcoin. Sometimes it will be cause they lack funds and support for further developments

Creating a new cryptocurrency is not so difficult if you have certain skills and, of course, finances. A more difficult task is to make it successful and liquid. Today it is not so easy to win the attention of a large audience and become a major player in the cryptocurrency market. Especially amid scam that thrives in crypto project sphere.