How do we create our own Alt coin and what's stopping others from creating it?

[alaown]

I'm curious how all these works. If I were to create my own altcoin similar to how Dogecoin was created, how do I go about doing so and what's stopping others from creating their own altcoin? Is Legal a factor or are there any other issues that might be stopping others from creating it?

[SFR10]

If I were to create my own altcoin similar to how Dogecoin was created, how do I go about doing so

I googled and got the following links from a thread on another platform:

• Complete Guide on How to Create a New Alt Coin
• A Pseudo Guide on how to Build an AltCoin (help fill in gaps)
  ^{- It's mostly composed of links to other sources.}

and what's stopping others from creating their own altcoin? Is Legal a factor or are there any other issues that might be stopping others from creating it?

It appears you're missing the most basic thing: Before anything else, there has to be a need for another one of these so-called altcoins, then you could move to other things ^{[e.g. If it could solve some of the issues that others couldn't and etc...]}.

[pooya87]

First step is deciding why your want to create a new altcoin. There are 3 reasons: scam people, create a useless shitcoin to pump and dump, create something useful that solves an actual problem in real world.

1. To scam people you have to do what hundreds of others do and create a token on one of these shit-platforms such as ethereum. Dump it on idiots and make money.
2. To create a garbage shitcoin you can copy bitcoin or any hyped up altcoin would work too, then change the name add a premine and publish it. Do some advertisement and dump it again.
3. To create something useful you first have to understand what cryptocurrencies are, how bitcoin works, have some working knowledge of cryptography and blockchain technology and finally the most important thing is to have an innovative idea that could expand the existing technology and possibly make it better. Then you have to spend at least a year working on the code, publish it and get others involved to finally be able to release a solid cryptocurrency that is worth using.

Reading "how to build" guides only helps you do 1 and 2 but not 3.

[cabron]

No one will be stopping anyone from creating a new altcoin. Everyone is free to create their own, it's listing their coin to the exchanges that will prevent them from scamming. Anyone may be able to create another coin but they will need a new Elon Musk to make it to the top 5 of the rank. Doge had been around for years, it's been accepted by online casinos for years. It's been achieved and started as shitcoin and maybe will end as shitcoin still despite being on top 5.

[Lorence.xD]

There are guides out there posted by other users so I am not going to say what I think is the reason why people aren't doing it is because it is a taxing work to do, not everyone has the drive to manage their altcoin and creating doesn't even guarantee that you are going to make it big since statistics show that most altcoins are not successful.

[hugeblack]

The difficulty is not how to create an altcoin but rather how to convince people to buy it --> increase the demand for it --> gain value.
Some people use illegal methods such as misleading advertising campaigns, fraud, listing on scam exchanges, pumping the price, and others, but it will lead to an increase in the price in the short term and soon the price returns to zero.

Currencies that solve real problems are the ones that are increasing in value despite the fact that their price is low at the moment.
If you are able to solve a real problem and be able to market your idea, then you can create your own Altcoin.

[isaac_clarke22]

Follow SFR10's advice.
However look also on "Why" you want to make your own altcoins as well, because there are many carbon copy of the existing altcoins now these days that are just up to quick profits and just ended up getting dumped in the end.
About the legal factor, I am not sure how it goes to different countries.

[Psynthax]

You can create this kind of coin out of thin air just following instructions in the internet which due to crypto hype has grown plenty and actually every day people are releasing their own version of cryptocurrency it probably amounts to hundred new crypto each day but the question is, could they make it famous enough? could they get it listed in some popular exchange coin and not shady ones? if not then it'll become another coin that's forgotten almost immediately and if they could, good for them.
But honestly, most of people who created coin with no quirk or any unique technology at all just trying grab money or make some easy money 

[Altcoinsintel]

I'm curious how all these works. If I were to create my own altcoin similar to how Dogecoin was created, how do I go about doing so and what's stopping others from creating their own altcoin? Is Legal a factor or are there any other issues that might be stopping others from creating it?

As Doge was just a clone of Litecoin which was a fork of Bitcoin, if you are a developer just copy the code change the name and a few values and you are good to go.
Zero cost, except a couple of days needed for an inexperienced blockchain dev.

This is Dogecoin, two days of plagiarising the Bitcoin code.

[alaown]

If I were to create my own altcoin similar to how Dogecoin was created, how do I go about doing so

I googled and got the following links from a thread on another platform:

• Complete Guide on How to Create a New Alt Coin
• A Pseudo Guide on how to Build an AltCoin (help fill in gaps)
  ^{- It's mostly composed of links to other sources.}

and what's stopping others from creating their own altcoin? Is Legal a factor or are there any other issues that might be stopping others from creating it?

It appears you're missing the most basic thing: Before anything else, there has to be a need for another one of these so-called altcoins, then you could move to other things ^{[e.g. If it could solve some of the issues that others couldn't and etc...]}.

I'm still new to this technology and I'm trying my best to understand how everything works. Thank you so much. I will definitely check the link you sent

[RussianEnglishTranslation]

First step is deciding why your want to create a new altcoin. There are 3 reasons: scam people, create a useless shitcoin to pump and dump, create something useful that solves an actual problem in real world.

1. To scam people you have to do what hundreds of others do and create a token on one of these shit-platforms such as ethereum. Dump it on idiots and make money.
2. To create a garbage shitcoin you can copy bitcoin or any hyped up altcoin would work too, then change the name add a premine and publish it. Do some advertisement and dump it again.
3. To create something useful you first have to understand what cryptocurrencies are, how bitcoin works, have some working knowledge of cryptography and blockchain technology and finally the most important thing is to have an innovative idea that could expand the existing technology and possibly make it better. Then you have to spend at least a year working on the code, publish it and get others involved to finally be able to release a solid cryptocurrency that is worth using.

Reading "how to build" guides only helps you do 1 and 2 but not 3.

It's not necessarily about the technology. You need to provide a business use case and utility for a coin or token for it to be successful long term. That's why I like 0xMR. Not only is it used in two casinos and a DeFi platform, but it's also building an EVM privacy mixer.

[Silberman]

I'm curious how all these works. If I were to create my own altcoin similar to how Dogecoin was created, how do I go about doing so and what's stopping others from creating their own altcoin? Is Legal a factor or are there any other issues that might be stopping others from creating it?

No one can stop you if you decide to create a new coin, this is why we have more than 7k coins in the market right now and those are the ones that are listed in different websites since probably the number is larger than that, however my recommendation is that unless you actually have an idea that solves a problem that already exist or that could exist in the future do not bother as most likely no one is going to be interested to buy your coin.

[SistaFista]

I'm curious how all these works. If I were to create my own altcoin similar to how Dogecoin was created, how do I go about doing so and what's stopping others from creating their own altcoin? Is Legal a factor or are there any other issues that might be stopping others from creating it?

Cryptocurrency is a decentralized currency, i don't think anybody can stop the people who want to create it.
If you want to make a new altcoin, just fork the repository from github and modify it to become the coin you want to create.
But that is easy, everyone can do that. The hard part is when you put the value to the coin with the project behind it, the real use cases of the coin, etc.. so the new altcoin will become valuable later. Otherwise, it will become shit coin like other new altcoins.

[alaown]

I'm curious how all these works. If I were to create my own altcoin similar to how Dogecoin was created, how do I go about doing so and what's stopping others from creating their own altcoin? Is Legal a factor or are there any other issues that might be stopping others from creating it?

Cryptocurrency is a decentralized currency, i don't think anybody can stop the people who want to create it.
If you want to make a new altcoin, just fork the repository from github and modify it to become the coin you want to create.
But that is easy, everyone can do that. The hard part is when you put the value to the coin with the project behind it, the real use cases of the coin, etc.. so the new altcoin will become valuable later. Otherwise, it will become shit coin like other new altcoins.

Definitely. I totally agree with what you said. The market is filled with shit coins. I've seen so many coins being abandoned and the value of it has dropped to 0. Received a few tokens as well which has 0 value to it.

[cryptoaddictchie]

No one actually stopping you mate. However you need to think what is your purpose creating such altcoin. If its gonna be a new project that have some added value on the market or people like the way it is then its good. If you ever gonna create one and for the sake of doing trade and earning through pump and dump scheme then it's not gonna work. You are gonna spend money on the tokens that can't have value. It is something planned carefully and also display a use case which is connected to the platform you are building.

[revilo]

No one actually stopping you mate. However you need to think what is your purpose creating such altcoin. If its gonna be a new project that have some added value on the market or people like the way it is then its good. If you ever gonna create one and for the sake of doing trade and earning through pump and dump scheme then it's not gonna work. You are gonna spend money on the tokens that can't have value. It is something planned carefully and also display a use case which is connected to the platform you are building.

Indeed, what gives value to a coin is not only the technology but the ecosystem and community built around the coin. You certainly have to offer something in terms of technology that the market lacks thus far. Otherwise impossible these days to successfully establish an alt coin.

[passwordnow]

Definitely. I totally agree with what you said. The market is filled with shit coins. I've seen so many coins being abandoned and the value of it has dropped to 0. Received a few tokens as well which has 0 value to it.

That is the reason why many project fails. Even if they try hard or whether their project seems to be good, not all of them are becoming successful. Instead, they're failing and that's the reason even if they're published in the market and some exchanges have them then that doesn't mean that they're already successful. The volume, liquidity and community will be the voice of that project so if there's few with those, the project is a failure and that's why others are choosing not to make one.

[kryptqnick]

It's possible to create another altcoin without significant knowledge or huge effort, and nothing is stopping anybody from doing it (which is why there are thousands of them). However, most tokens are just useless and worthless, so there's no need to make another one unless you can actually make a good one rather than a typical token. The purpose of this endeavor is very important, of course. Apart from scamming others or getting the hype and profiting from this, altcoins can be considered a marketing strategy (I worked briefly for a project that saw their token this way). I'm not sure if it's still the case, but a few years ago you could create a token, launch an ICO, start a bounty campaign and give people your worthless tokens for completing tasks like subscribing to your company's profiles and making posts in their community chats. From experience, I know that these simple things could give you thousands of followers, which sounds like a great marketing deal because you can give people as many tokens as you want to because they aren't worth anything to you. It's a dubious strategy, but I suspect that many companies saw it this way.

[alaown]

It's possible to create another altcoin without significant knowledge or huge effort, and nothing is stopping anybody from doing it (which is why there are thousands of them). However, most tokens are just useless and worthless, so there's no need to make another one unless you can actually make a good one rather than a typical token. The purpose of this endeavor is very important, of course. Apart from scamming others or getting the hype and profiting from this, altcoins can be considered a marketing strategy (I worked briefly for a project that saw their token this way). I'm not sure if it's still the case, but a few years ago you could create a token, launch an ICO, start a bounty campaign and give people your worthless tokens for completing tasks like subscribing to your company's profiles and making posts in their community chats. From experience, I know that these simple things could give you thousands of followers, which sounds like a great marketing deal because you can give people as many tokens as you want to because they aren't worth anything to you. It's a dubious strategy, but I suspect that many companies saw it this way.

They're still doing it now. Airdrops are still going on and people are still required to follow and complete certain tasks, what's scummy about this is that after completing so many airdrops forms, I've never gotten a single airdrop tokens. Starting to suspect it's really just for show

[DigitalFox]

You must have missed 2017, when new alts were created by a dozen daily, just like DEFI tokens are created today LOL. Some of them had new algorithms, some implemented another innovations, but most of them were just a copypasted version of other alts created with a simple reason - get them on an exchange and dump your premine. Very few of these alts are alive today.