Bitcoin Forum

What does it take to create a new coin? How many skills are involved?

I know wallets are usually written in C++, so I'm studying this language like crazy. Moreover I obviously study the block chain technology.
What else I need to be able to create a new coin? Which other skills?

You need to know how cryptography works and how to make your code, as well as being able to write network-oriented code.

Or, you can just use one of those altcoin generators and type in the parameters you may want.

Are you intending to create an entirely new algorithm or just use one of the existing ones like SHA-256, Scrypt, X11, etc?  If you want to create a new algorithm, then understanding cryptography in detail is an absolute must.  Honestly, while learning C++ will certainly help you to understand code that's already written, it won't help you to know how to create your own coin.  You need to understand peer to peer concepts, networking, threading, hashing, GUI, memory management, pointers, ... the list goes on.

If your intention is to simply mimic an existing coin by changing a few things here and there like block generation time, reward, etc, then that's a far easier task.  As was mentioned, there are already coin generators out there that do all the work for you.

By the way, there are wallets that aren't written in C++.  While the core software of the coin typically is, and the default wallet UIs of the coins are, there are other lightweight wallets written in other languages.  For example MultiBit is written in Java.

You need to know how to compile to make a windows wallet or at least be prepared to hire someone who can do so. If you do not provide that, your coin will be hated by a majority and the project wil fail.

You can hire people in the services sub forum if you really want your own coin...or clone of another coin. If you think you can create a coin which is going to be revolutionary and compare to Bitcoin without knowiiing any programming skills at all you are sadly mistaken.

Communication skills to arrange a team. As mentioned above, coin cloning is offered as a service. It's no more really worth the effort to do. There are allready to many coins that never took of existing.

Creating an altcoin is not a problem. Problem is to keep that coin alive and change code to bring to the table something unique or better.
You can create coin for less that $50 even if you can't code anything yourself. Question is, do we really need another altcoin?
Because it would be better if everyone instead on creating another alt just focus on bitcoin and how to make it better.

You also have to know how to use and compile with the Qt program

C++ programming, and a lot of free time.   If you just want a sha256 or SCRYPT coin you can just slightly modify the existing sources as needed.   However, that is getting old at this point.  Something innovative would need to be done.

New coins too much. What to do with them all?

Skill? You don't need skill. You just go to http://build-a-co.in/, download the generated code, compile it and run it.

If you want only a coin you need to press a few buttons. There are some services these days that do that.

If you want a serious competitor of bitcoin you need coding skills like C/C++, to study the protocol (transactions, parsing), to market your coin, some time to do all of it and do better than the 99% of the coins. :)

Why do you try to creat a new coin? it just a copy of bitcoin, and no one buy it.
It's just wasting your time, and save it.

Really?? That simple? And will that work like any other altcoin or how does that work? Is it vulnerable to something ?

that's cool, i was still in the era where you need to pay someone or deposit something to make one, but i can't spot the algo between all those parameters..

is that for sha256 only?

It's scrypt.  The project is based on LiteCoin... so you're just creating another scrypt clone.

Thats very cool.    What is the best/easiest way to compile that so the QT can run as a windows executable?I'm sure not everyone will want the Linux version.   Is there a streamlined method to do this?

Contribute to Bitcoin's code for a bit and then you can start your own coin :-)

Here is a link to the open Bitcoin issues on GitHub if you want a place to start helping out and learning the code, there are 361 open issues right now!

https://github.com/bitcoin/bitcoin/issues/

I'm starting to wonder if we're going to kill ourselves by alt-coining the market to death, in the end leaving absolutely nothing?

But, on the other hand, creating a few alt-coins could be fun.

A special skill is not needed. It's important today that you have good marketing tools. The tech is not a big deal anymore. You can just create a copy coin with coingen or hire someone who is forking source code and setting up the first nodes.

1. get source code
2. do a find and replace (bitcoin > newcoin)
3. compile! You are now the creator of newcoin.

 :D

easy pezy lemon freezy :)

wondering what dev will get from a coin since such a coin wont last for long and end up to 1satoshi in a week

Stop... you'll encourage them.

At least tell them to change the block time, or reward, too... :P

you'll need to replace the logo too(search for images).

And find an excuse to launch a clone coin(like animal memes or specific usages)

You can, for example, launch the dildocoin that will be used to buy dildos or the ohreally coin based on the ohreally meme, and maybe earn 1 or 2 $ before they drop to 1 Satoshi and all exchanges remove them from their exchanges

Thank you for your answer, but I really would like to create something with some new feature and not just a copy/paste.  :)

Thank you for letting  me know this service, but I'd like to create a coin on my own, with some new features added by me.
Anyway, I could give a try, just for fun  :)

Thank you man!

This is the most complete answer and you made me know exactly what I needed to know.
Now I realize that's a lot of stuff to study, but anyway I seriously wanna try and make my own coin.

Thank you again  :)

You'll need to understand cryptography, you can start with Applied Cryptography by Bruce Scheiner.

I was kidding a bit. But that is the start of creating an alt coin. Most alts are not adopted by very many people. However, it is a great way to learn about blockchain technology and how all these crypto-coins work.

You may want to look at Satoshi's white paper also. You may have already, but if not you can find a link in my sig just below this post where it says "the gospel according to Satoshi".

Had no idea it was that easy to create a coin.

It is easy to create a coin, but hard to get acceptance.   You need to really add something.  If you change name and pic only chances are it will be worth almost nothing.

Also it being so easy is why so many are pump and dump coins.  They create them people mine them at first hoping to get in early, but ultimately they dump the coins.

Explains the whole pump and dump aspect of altcoins for me. When I first got involved with them I kept getting the wrong end of the stick,happy I had so many coins only to see the value dive off a cliff. ;D

more important then technical skills are marking, webdesign, promo and PR skills in terms of coin creation..:)

lets assume if one will create an altcoin by following these steps what he would get

Also a lot of luck, and having an idea that makes a coin stand out and have value.

found this article hope you woulld get some idea

http://devtome.com/doku.php?id=scrypt_altcoin_cloning_guide

Nowadays to create an altcoin which is simply a clone of an existing coin without anything new being brought to the table seems like the norm.  There are new altcoin launches almost everyday and the majority of these are simple clones, with the creator having no view to the future beyond making a quick profit.  I have noticed the altcoin community becoming very sceptical towards new altcoins especially when there is an ICO involved as 9 times out of 10 the dev will take the ICO and run.

My advice to you if you are serious about creating a 'new' coin, gain as much knowledge as you can and look to bring something that will differentiate you from the other altcoins and make you stand out.

it depends on if you want to create a new coin from scratch with new features and tech or if you want to copy an existing one. if first holds, you need really deep programming, mathmatical and cryptographic skills. i would say, you need years of experience in those fields in oder to create a good and secure coin.
if second holds, you actually don't need good skills. you even can create a coin with some of the generators or just follow one of the many tutorials in order to copy a coin.

Amazing! Thanks to this info. It is really useful.

Skills are not important factor for a new coin. If you are able to innovate new financial revolutionary things, then implement into a crypto currency. Then your new coin would be more successful. But everybody not thinking more than just a new name for their own coin.

You don't need skills to create it as there are multiple services for this but you need to be able to take care ofthe development, know how to solve an problem in case your blockchain would get stuck etc..