What goes into creating a new coin?

[140point6]

I am willing to read up on the technical aspects or if someone would rather lay it out here but how do people create all of the alt-currencies to BTC? Does someone just wake up and say, oh I like BTC but I would rather have 50million coins instead... then what?

Just curious.

[Sidorovich]

I'm new to this, but from what I've read, each coin is unique, so you can't get them without actually buying them or mining.

Someone else probably has a better explanation.

[Kruncha]

Bitcoin is an encrypted software that runs through p2p (meaning it is not anywhere, but everywhere).

The design, when set off, has hard coded rules that can not be changed eg. 21m cap.

The software stated that 50 coins would be made every 10mins for 4 years, then every 4 years after that it is halved.

Miners income is planned to stay static based on more bitcoin users = more transaction fees. (overcrowding could be an issue)

ALL new coins are issued to miners (at present time that is 25 coins every 10 minutes)

If I've missed something, just let me know

ALT coins are just copies of the current software (an improvement would be nice), and therefore unlikely to become any more stable than what bitcoin is now.

K.

[140point6]

Ah, I guess I was more curious about why do people adopt LTC versus BTC. What prevents a 1000 copies of BTC like coins from existing? Is it just adoption?

[Trongersoll]

I think what the OP how he can make his own ALT currency so he can become rich too. In my opinion the best way to do this would be to go to college and study math. You can't do well what you don't understand.

[felix123]

Ah, I guess I was more curious about why do people adopt LTC versus BTC. What prevents a 1000 copies of BTC like coins from existing? Is it just adoption?

Yeah, that happens, but Bitcoin already has a largeish network. You can actually use it to buy stuff. Unless other coins have significant advantage, it's hard to beat BTC.

[BitcoinBoard]

Some other alt coins allow you to buy stuff aswell. Litecoin for example is also widely accepted througout the world

[tastycat]

Litecoin is not nearly as widespread as Bitcoin.  Not by a long shot.

[corrow]

Well there are still little acceptance of Mother Bitcoin in normal daylife payment solutions. Don't see much potential in alternative Coins yet.