Bitcoin Forum

Based on the cryptocurrency projects that have seen good and sustainable success over the past few years, the recipes for success isn't just about having a good concept or a good team. To be successful in the blockchain cryptocurrency space you have to create a project that actually satisfies a pressing need either on-chain or in the real life.

A project is likely to be more successful If it solves a pressing on-chain problem.
This is even better because blockchain technology still has some way to go before it fully impacts the everyday lives or people like the internet does today, so there is still a need for projects that makes these blockchain integrations faster.

Such projects will always be a key part for the blockchain infrastructure in the long run and is almost guaranteed to be successful.

The cryptocurrency space needs projects that think outside the box and not just different versions of existing projects

This combined with other important components like; A good team, important/strategic partnerships, good marketing and actually delivering on the project's promises is almost guaranteed to make such projects a big success

This is an interesting take.
Thinking about it, Ethereum is a very good example of this type of project after the creation of BTC came ethereum which isn't just another cryptocurrency but also a Blockchain that facilitated the creation of other blockchains.

Stable coins like USDT also solved a similarly important problem when it was first introduced because a lot of people wanted a stable coin that is immune to the volatility of the other cryptocurrencies

Polkadot is another example in the Defi space facilitating the integration of different Defi projects together.

If a project solves a pressing need in the Blockchain space, it will be successful

 

Firstly, I dont think there's a need for another new cryptocurrency and this is why alot of crypto related emulation the version of what previous project introduced. However, this is the reason why we have a lot of shitcoin flooding the capital market.
With that been said, faster block chain integration doesn't make a crypto successful, have ever ask yourself why Bitcoin was so successful and never loose it number spot despite the limited TPS

Even if any project thinks outside the box and there is no adoption for that particular sector, than it won't be successful or can't maintain the development progress for longer period of time. That's why team should find out the adoption rate first before thinking outside the box. On the other hand, any project can be successful by taking advantage of the current hype,but it won't stay in this market after few years. So, it depends on so many things for different sectors.

This is the important point, we need something new, not a copy of what already exists... If a new coin has a goal to be successful, then it must be something useful and must come with new and original ideas. And at this point is hard, because all the good ideas have already become true, I mean, right now we have anonymous coins, smart contracts, staking, and all that new technology, so it's hard to come with a new and great idea.

Yeah, I guess that is why a lot of altcoins or cryptocurrency has a different problem to solve in the society, and it will be a direct competitor to each altcoin if they have same target or market.

I mean we don't really need many cryptocurrencies it could be the only bitcoin at some point and we don't need any other altcoins since they are just an alternative but it did exist.

But I think one of the points here is the community because that is the one who brings this project to life, I mean just look at DOGE as a meme coin we should not expect anything but at this point, we cant really ignore it now and it's irresponsible not to have some in your portfolio.

I agree with this take. There's no need for another creation of a newer cryptocurrency that would tackle the existing problems that we have with most of the cryptos in existence.
They always bring problem but solves little with what they're taking in the market. It's very disappointing to see such new projects these days because they're mainly into pump and dump scheme.

About the point of altcoin been pump and dump which is also the reason why altcoin market are highly manipulated because
1) Most of the altcoin are created to enrich the team involved pouch cause they have missed the early adoption of Bitcoin.
2) Also to keep people attention away from Bitcoin that's the reason why people like Ver tweeted "BTC is not the real Bitcoin".

Good timing should also be considered as an important factor. In the bloody market days, we witness the failure of good projects, while in green days even shitty projects can find a place for themselves.

USDT did solve an important problem, but it is a centralized technology after all. But it was necessary as an intermediate step. A fully decentralized stable coin would be good to have though.

1. I agree, there have been projects that made their developers wealthy even though they've missed the early days of bitcoin.
2. It's just dividing the community and the markets but that's it, we've got now plenty of choice but too sad that many newbies are losing because of hype and due to the newly made coins.

1) Yes, that's what it is all about and the number of exit scam in altcoin market are countless
2) To be sincere, there will always be some people who will be set as prey because most of the newbies never held to the advise of invest mostly on Bitcoin and what they are looking for is fake 100x new gem coin which doesn't happen anywhere. I dont say there no new gem altcoin that people need to educate themselves about how to spot one.

That's what happening right now, shitty projects are gaining a lot of exposure in the market and even get listed on the top exchange without real business in this market, this is how timing is important. If you are into serious business then you must think you edge towards other project and offer a good solutions to those existing problem or to create a new platform that can benefit the whole market, you must also consider the total supply of the project to become more successful.

I think you've answered your question...

solid team, problem-solving, good backing up funds, and honesty are very important to boost the success of a cryptocurrency project.

a phenomenon that will continue to occur, when bitcoin is bullish, many Altcoins will be affected, including shitcoins.

Projects that succeed are those who are dedicated to their technology, with unique concepts and ideas that are desperately needed today and beyond. Basically they don't really care about the value of the crypto they issued, because they believe the value of the tokens reflects how useful the ideas they develop are.

Unhealthy projects don't do this, they just play the role of manipulating behind the scenes as if the project is still alive.

all the good steps you have concluded above ...
from teamwork and choosing concepts that the public at large can or easily understand.
besides that, honesty is needed in maintaining all the projects that will be carried out. Do not give a bad impression of the project plan that will be made ..

1. I'm now having that thought that after this market cycle, there will be now a bunch of projects that are likely made to scam investors again.
2. Exactly, they don't highlight that people should invest on bitcoin because they have their own token that should be the choice.

Yes it is, dedication is one of the reason that can make project successful because whatever good and bad things happen, they never get tired to fix and solve it. Having also a good and knowledgeable team is best to make the project better because they can share ideas and elaborate things for the goodness of the project.

A lot of them I feel have a problem with cash management and budgeting. I recall how many millions many of the projects raised years ago, absolutely mind-boggling numbers, and yet they weren't able to deliver a product. Every startup in the real world is happy to get on million of funding, but companies like TenX raised a 100 million and couldn't present a real product even after years.

After all, you must need strong promotion methods.

Today dogecoin is no: 4 in coinmarketcap ranking, because of use-case? Team? Out-of-box- concepts? Nothing.
But, dogecoin got good promoters to launch it even into moon. That kind of continuous back up from investors and long-term holder will definitely help any coin to be successful in long run.

Dogecoin's current success is not an example still it teaches us what is needed to be followed along with ticking all the basics of one successful coin.

1) Right from last year November, if you follow closely the activities in the altcoin market you'll know that there's already bunch of new projects that will likely scam investors and the logical is to use the NFT or DeFi concept and also launch IDO through BSCpad which I believe is also another form of ICO though it was overseen by Binance.
2) They will highlight people to invest in Bitcoin because their aim will not be achieved.

it is true that to make a successful project requires trusted people and a good concept in it so that many investors will be attracted to participate in it. if the project is good then the coins/tokens issued will also have good prospects. some coins were already launched at a good value, but there were also many coins that had to be stored first and even took a long time to reach the highest price.

These are needed but not limited to. It means just because of having all these will not guarantee big success for a coin. Have seen many good concept based coins got failed due to lack of supporters. It means devs must work on convincing new investors all the times. If a project fails to attract new investors then it may get heavily dumped and the slowly will get delisted from exchanges.

When a project remain attractive for new investors and for existing investors to keep holding their coins/tokens?
It will remain attractive when new features being added and roadmaps is getting updated regularly and when devs interact with crypto community in social media etc.

Overall, active dev team is the most important requirement for success of a coin.

It's quite common of just simply carbon copy of projects actually. I don't usually tread around the newer projects these days because I ain't that much interested to it, but see to it on how many common businesses come up these days for the purpose of milking out the money of the previous project that succeed.
Investors don't care how the business is structured, but on how it can benefit them in the end.

In short, we have learned our lesson and this is why we dont really put up much interest in newer projects that non stop launching out on this market.
Not to say that theyre completely trash but most of them are so that would really be just a waste of money and i agree into others been saying
that we arent needing more coins in the market if we do consider on how many we do have currently then those are mostly carbon copy into each other.
What we need to look or see on is to those something unique but i guess we've already seen enough.

You've already said it all mate, a good project is one that solves one or two problem in either real life or on chain, but then if this is really what it takes to have a great and successful project, why then we have so many good projects that are struggling to survive or even get known? Take a project like dogecoin as an example, why does a project like dogecoin which we all know has close to nothing to offer, doesn't solve any problem both on chain and real life, how did it manage to become the top 4 largest crypto coin in the entire crypto space??, this is sometime you should think about and agree that there is definitely some thing more to a project being super successful than just solving a real life or on chain problems, having a good team and marketing and the rest.... Having the money is also very very important.

Don't forget a good financial backer.  Without good funding, you cannot continue your activities.  The project team also needs a good financial adviser, the one that can analyze and design a good strategy with minimum spending.  Financing is the fuel to any developing project, so having good funding plus a good financial strategist will greatly help the project to sustain and maintain its effectiveness for a longer time.

We have seen thousands of projects and different currencies in the short period of the market existence and majority of the projects were created to make quick money for the developers and since it was a new market there were no auditing regarding the authenticity of these projects and everyone was willing to invest money even if it was a replica project.
We have a wide range of coins but only a few are authentic projects that were able to change the market space and those coins are hugely successful.
 
It is an open market and the idea behind this is simple, make money while you can and there are even projects just copy the entire code and replace it with a different name and still some are highly successful and made millions or billions.
 

it's important to have this kind of people behind the project, they are the one who will budget the development

and they will manage the finances, good handler of finances really help the developing team organized each part

of the developments, from advertising to developing there's always money involve so you are right that this part

of the team is also important to succeed.

Having a good team is important because otherwise no matter how great the project is, there won't be enough eyeballs on your project until someone advertises it. Apart from the team, the most important thing for any upcoming project is what problem it solves and whether the problem actually exists in first place.

Once those two things are sorted, then there are things like how much the supply is going to be and how much pre-mine, sales and what percentage of coins are being given in bounties. I know it might sound childish but spending too many tokens for the bounty brings the value of the coin down in its early days of exchange listing and takes a long time to recover, which no investor wants to happen.

There are many factors that affect the success of a project, that is, the development team, the quality of the product, the success of the advertising program, ...etc.
Perhaps a successful project needs to do all of those things well.

It is not easy to convince people to join and stay there, I have been part of few projects and I can tell you that people come in, increase the price, sell at the top and then drop the price so much that in the end you have nothing else, you end up basically a coin that dropped over 80% with nowhere to go because it used all the marketing budget.

Unfortunately in crypto world unless you go over this huge hump and become wildly known and loved or you have insane amount of money for creating one, you are going to be just a project that people look to make a quick buck and nothing more, that is the only thing and there is not much more to it at all. You can't stop people from buying, and you can't stop them from selling if people want to make a profit they will do it and they may not care at all what you want to achieve with the project as long as they can make a quick profit.

That's right and the best possible example is tether (USDT) because there was always a concern of how to manage a portfolio within cryptocurrency but don't face any loss or profits overnight. Like when the Bitcoin price is dropping there was utter chaos since people had to sell it for fiat as the whole market was crashing. With the introduction of USDT, this proble is completely solved and we can always preserve the value of our coins in USDT after all the trading throughout the day and have the peace of mind that tomorrow morning when we wake up, we won't lose any value.

As things improved further we are looking towards decentralized stable coins because the centralized stable coins can shut down anytime abruptly since they can dump the whole market. But with decentralized stable coins, the problem of maintaining liquid price occurs.

So basically with each project there is a problem that exists and the next project solves it, this is the current chain of events and I don't think we will have a perfect coin/project anytime soon.

1. Yeah, they've taken advantage again of the hype and it's like we're going back to 2018 which has been a lot of scams and the dry out for the ICO market.
2. I hope so that most of them are doing it.

Personally, I think that the success of the advertising program accounts for 50% of the success of a certain coin, there are many bad projects that sell a lot, but there are also good projects that do not succeed in making money capital attraction.

The most important thing for creating a successful cryptocurrency is good advertising and a strong large community. I don't take the development team into account, as this is implied initially

Advertising and community will have needed to create a hype. Even there are bunch of shitcoins that can do that without any product to be pumped so hard.
The project just only need to get the hype. that's more than enough to make it becomes successful. These days people use price as the factor to determine how success the project is.

A successful project is one with a good strategic vision, predictable market trends with a strong, serious development team and is supported by major investment funds, KOLs, community.
If we look closely we can see MATIC, OMG has developed a second layer on the Ethereum network. These two projects are increasing in value continuously recently, especially MATIC.
We also see a series of projects that catch the good trend of DEFI, NFT such as THORCHAIN, FLOW, ENJ, CHZ ... have increased rapidly this year.
In addition to the trend factor, we also see MEME projects such as DOGE, SHIBA ... animal crypto is increasing in value rapidly because of Elon Musk's tweets.
It can be said that the community plays a big role in increasing the value of projects.

1) It always a different bullish market but the same old strategy with a little rebranding ICO, IEO, ITO, DeFi, NFT, and now IDO though there are some which did bring some change and innovation into the crypto market but investors need to wise cause the scam won't stop.
2) I actually won't not will.

True, because there have been many failed projects in the past with a very reliable development team, but without a strong community and good advertising, success will be very difficult for each project to achieve.

Need a good idea -

Building a  token or coin for the sake is dommed to fail. The token and the coin should have the purpose, should value the future world.

Building People's Trust -

Should build a proper community for the token / cryptocurrency. but it's not  a easy job to maintain

Coding & Crypto Security  Knowledge-

Should have  a proper  knowledge  about the token .