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In China, free mining of altcoins is a very worthwhile thing to do. Most users do not look at the immediate value and do not want to miss an opportunity to become rich. I hope you know that electricity still has to be paid... however, I understand your point. Idea: get a fellow Chinese guy do this for you. He has to be able to read and understand the Bitcoin code, which is available to everyone. He has to do some research for rebranding that and maybe changing this or that (ports, supply rules, block size, and so on) and start it up for you. Also maybe you start your project from Litecoin or others. Plus he may need to make/clone you some miner software too. However, going on this path you may get better price and also somebody you can communicate easier with. Cloning and imitation are the most economical options. For technology, this is indeed a serious problem for me. I can't complete technology-related development. For simple debugging, I think if there is a user manual, I can complete it. For Chinese users, I don’t really trust Chinese people to do this. On the contrary, if it is a project outside China, it is quite good in the eyes of the Chinese. I still hope to do it abroad. |
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Develop an altcoin and promote it in a specific country or region. Do you think it will be profitable?
For example, in China, China has many consumer users and huge investment potential.
Do you think this can be done? How much money will be needed and how long will it take?
Please come up with your ideas, I'm preparing to do this
I would like to ask everyone to provide me with ideas
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Isn't Bitcoin mining and trading banned in China?  Miners have moved from that country due to legal complications, so I don't think it will enable you to create PoW-based cryptocurrency. If you want to create a currency better than Bitcoin, perhaps start by solving the problems of Bitcoin. Bitcoin is open source, you can see everything, and there are problems such as scalability, increased fees, and delayed confirmation times. If you succeed in solving it better than Bitcoin, there will inevitably be a demand for your currency, but unfortunately there are thousands of cryptocurrencies. You are very familiar with China’s crypto market. You are right. Trading and mining cryptocurrencies are not allowed in China. However, many users are also participating in the crypto market. China’s financial management authorities have always imposed restrictions. . The altcoin I need is purely hype and cannot solve actual problems. It is just to allow users to obtain this altcoin for free or at low cost. Users only need to pay a very low electricity bill to participate in mining. As for the future value of this altcoin, it will be left to the users to decide. If the number of users of this altcoin reaches 10,000-100,000 or more, I believe the value will be very high. In China, free mining of altcoins is a very worthwhile thing to do. Most users do not look at the immediate value and do not want to miss an opportunity to become rich. As long as there is an opportunity to participate in mining, it will attract a lot of users to participate, and dozens to millions of users will come in to mine altcoins. Moreover, these people are all users with spending power, and they will continue to preach and invite new users. |
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There's no PoW-based cryptocurrency can be mined for free. You'll need to pay for the hardware and electricity.
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Is there a method that can be mined directly using a computer, without the need for professional equipment or complex mining pool design and construction, so that more people who do not understand technology can participate?
For example, download a wallet and click in the wallet to turn on or off mining.
In past, service called Forkgen let you create Bitcoin fork easily with relative low cost[1].
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For me, who is not technical, this is quite difficult.
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After all, many Chinese people have missed the opportunity There are a huge lot of altcoins already. All being more or less "cryptocurrencies like Bitcoin". So your logic of missed opportunity is not good, since the altcoins have shown that they don't have the potential of becoming as important as Bitcoin. Making a clone of Bitcoin or a fork of bitcoin are not that difficult, hence I don't expect it to be that expensive, but this will most probably not be a good business for you, you will not earn that money back. I just want to develop an altcoin that users can mine. As for the future value, no one can predict it.
How much does it cost to develop such an altcoin?
Since you don't have the knowledge to do fixes/adjustments later on, I suggest you just mine an existing altcoin (especially if you are aware you are just burning electricity for no return). However, even for your "make me a clone" question you may find in altcoins are people who have already done it. Just take care and avoid getting scammed. I don’t have a mining rig to mine altcoins, I only have a computer, and I won’t invest in a mining rig to mine If the investment is not too much, I think I can make it back, it's just a matter of time. I successfully issued 2 altcoins in 2017-18, one of which raised 953 Bitcoins privately. However, due to China's policies, all of them were returned to the users. One of them was listed on a Chinese exchange. This exchange was closed after running for 4 months, and some money was made. I personally think it can be done and make money |
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It took a few years being part of a group, no one knows how large that group has been.
2005 to 2009 social networking was not present.
So if you have a developed and tested coin and say 30 to 50 well connected techwise people with deep pockets who spread the word, you should be good.
Developing, testing takes time and manpower. Then it's not that new.
You won't compete with Bitcoin, you fight all altcoins.
Sorry, what I said may not be very clear, What I want to develop is an altcoin, purely for speculation, and I don’t want to compete with Bitcoin. As long as everyone thinks it is profitable, they will buy it. It does not mean surpassing Bitcoin.
Beyond "how much" in terms of finance, there is a "how much" in terms of motive.
The motive is first to be addressed before the financial concerns. Even though you have the 10-12 years it took bitcoin to get to this point, the millions of nodes it currently saddled with, the hundreds of developers, moeny, etc., the golden question remains, why do you want to develop a Bitcoin-like project? Satoshi had a decentralised motive which birthed the entire framework we currently enjoy.
If you just want to have a Bitcoin-like project just because you think China missed out on its early opportunity, I'll advise you look at another line of investment because the same people you think love what is managed by Chinese will also mirror the motive before loving the solution. I think a perfect example will be the case of a project with a viable use case and the project without.
I just want to develop an altcoin that users can mine. As for the future value, no one can predict it. How much does it cost to develop such an altcoin? |
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We are thrilled to announce that our application for XeggeX has been approved. We will get listed officially in 1-3 days.
Do you know how long it takes for this website to be reviewed? Unless something unexpected happens, it would be great to be able to go up there in 30 days. |
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Dear seniors:
I am a non-technical person, I am from China and I would like to know how much does it cost to develop a cryptocurrency like Bitcoin?
need:
1. Website to introduce detailed information about this cryptocurrency.
2. Blockchain browser
3. A desktop wallet (preferably one that can mine directly using the wallet and computer. There are many high-quality users in China who are not technical and want to participate in such a project, but they do not know how to build a mining pool and do not know how to mine. mine)
4. White paper
I want to develop such a cryptocurrency and bring it to China to promote it so that more people can participate. After all, many Chinese people have missed the opportunity to buy Bitcoin at low prices or mine Bitcoin for free.
In China, there are very few opportunities to participate in cryptocurrency private sales. Most people can only buy them on exchanges. If there is a cryptocurrency that can be mined for free, I believe it will be popular.
In China, 99% of users do not believe in projects made by Chinese people, and there are too many cases of being defrauded by their own people.
As long as it is a project run by non-Chinese people, it has high credibility and the enthusiasm of users to participate is also very high.
I have some money, but not much, and some investment ability. I also hope to bring it to China to make money.
I hope all seniors can give me some advice, thank you very much.
I also hope I have a technical partner if the project is successful.
I don’t know if I can put my email address. If I can, please let me know. I will actively communicate with you and work with you. I can solve the money issue.
I don't speak English. I use translation software. If there are any mistakes, I hope you can forgive me.
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