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

[Silberman]

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.

Taking into account the OP is a newbie most likely he did in fact miss what happened during 2017, however people need to stop creating coins no one needs, we already have more coins than what we may need and this is giving a bad impression, after all if bitcoin is so great why we need so many altcoins? And the fact is that we do not need them but scammers and dumb developers still think they can get their way when very few people have been interested in those icos since 2017.

[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

It actually is, I've subscribed to a few but didn't get anything in return. Many companies are taking this opportunity to gain followers since this move is the fastest way to gain a short term fame.

[btcltcdigger]

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?

To create your own coin (not a token), it requires some programming knowledge as you'd most likely fork btc or ltc, and change few config paramas, and voila. It's cheap, easy to do, but a pain because you need nodes, etc..

To create your own token, you need to pay money, as deployment on mainnet is costly (around 1 ETH). But no need for infrastructure as ETH provides that.

[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?

To create your own coin (not a token), it requires some programming knowledge as you'd most likely fork btc or ltc, and change few config paramas, and voila. It's cheap, easy to do, but a pain because you need nodes, etc..

To create your own token, you need to pay money, as deployment on mainnet is costly (around 1 ETH). But no need for infrastructure as ETH provides that.

That's if you're creating a token, if you're coming up with your own coin, to my knowledge, you don't have to pay anything

[Argoo]

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?

Tokens are easy to create. They say it takes about half an hour. However, now there are already more than nine thousand different altcoins and without their usefulness for society, it makes no sense to create additional ones. Now, thousands of altcoins have already become practically useless and unnecessary. Sometimes people put their money into them and thus actually throw them away, because after a while they disappear from the market forever.

[Fivestar4everMVP]

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?

Well, creating altcoins are kind of simple, nowadays, you don't even have to be a developer or know how to write codes to create your own coin, there are several platforms that will help you create your own altcoin with just a little fee.
But as it is, creating the altcoin isn't the main issue, the real issue is finding a use case for it, what is the essence of creating a coin that won't have any value?, so it's not just about creating the altcoin and having it listed on exchanges(this is if you are already rich), there have to be a good project backing your altcoin, there have to be a need for it, it has to solve a problem, this is where the value comes from, the problem it solves will give it value, and will cus many people to invest in it.

[devollito]

Just fork it from ethereum source if you want to make altcoin like ethereum, modify little bit and then you good to go. What stoping people to make it ? Adoption is the hardest part, especially if your altcoin does not offer new feature. " What's the reason people want to use your altcoin ?."

[semobo]

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?

Anyone create their coins or tokens as their wish but not every coin created will be having value because the value comes from the demand so if you want to create a project then you need to know how you are going to create a demand for it which can be done in various ways and you also may need less to huge funds for the development of the project which also can be collected in many ways.

[Twinkledoe]

Just fork it from ethereum source if you want to make altcoin like ethereum, modify little bit and then you good to go. What stoping people to make it ? Adoption is the hardest part, especially if your altcoin does not offer new feature. " What's the reason people want to use your altcoin ?."

The creation may be easy. Would take only few hours to get familiar with because there are tutorials you can find via internet. However, what stopping people is how can they sell it to the public? Without strong foundation to begin with, would be hard for the "dev" to grow his coin. Without resources, it is hard for the coin to have longer lifespan in the market. But as you have seen, there are so many crap coins that were created, those were created by the devs who mostly thought of pocketing the funds from selling their coins.

[oemar bakrie]

not as easy as turning your palm..
making your own token must go through a stage that may be very simple but it needs a mature concept,
we have to plan our vision of what kind of token..
and moreover, we ourselves have to gather people who like us by creating a community so that the token movement can be seen by many people..

[raes]

not as easy as turning your palm..
making your own token must go through a stage that may be very simple but it needs a mature concept,
we have to plan our vision of what kind of token..
and moreover, we ourselves have to gather people who like us by creating a community so that the token movement can be seen by many people..

to create our own token is actually easy. what gets difficult is getting the project going.
you can see every one creating their token with their real name on the current BSC network. it is because the manufacture is very cheap. Back when the Ethereum network was cheap, we also saw many creating their own tokens.
That's why we have to be careful if we want to trade with a lot of tokens on FOMO by people in the crypto community.

[DigitalFox]

after all if bitcoin is so great why we need so many altcoins? And the fact is that we do not need them but scammers and dumb developers still think they can get their way when very few people have been interested in those icos since 2017.

Wrong. First of all Bitcoin has plenty of well known flaws. This isn't surprising, after all it's a father of all crypto. But if new alts wouldn't be developed implementing new features and technologies into their code I think the whole crypto world would be dull and remain in shade. Of course 99% of alts fail and this isn't surprising. But those remaining do make crypto better overall. And by the way, lots of good coins were developed without any ICO. 

[sana54210]

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?

Honestly creating your altcoin is not a problem, anyone can do that in under a week, all you need is a developer who has done it before and they will know what to do, you need a designer to help with your website, logos and banners. After that you can rule it over as one person and can get a bit of money. I have seen others do it, the problem is not the creating part, if your aim is to scam others and just take money, you could actually make a decent amount of money (well decent for my standards, someone else may not like it).

However if your wish is not to scam others, and you want to build something that is decent, it costs more and more and more and more money, even while you are earning money from the project, you are spending more than you earn to keep it alive, that's the problem. That is why there is really no reason anyone who wants to build a project with no proper amount of money should start one unless they aim to scam people.

[Chuky92]

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?

To begin with, there are many articles online or even videos which can help one create a token, but you should know that, creating a token is one thing and attaching value to it is another. Also, many projects which turned out good has been copied by others, in most cases they do well so far hype is attached to the project while in some case they don't.
A good example is Dogecoin; when the hype got much, many developers started creating their own similar coins which of course they likened it to be the next Dogecoin thus creating hype and driving the price up, but what later happens is that, once Dogecoin is up, the others will follow suit and once it's down they will follow as well.
Lastly, one of the things which can stop people from copying a project and creating theirs is the work, coding etc involved.

[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?

To begin with, there are many articles online or even videos which can help one create a token, but you should know that, creating a token is one thing and attaching value to it is another. Also, many projects which turned out good has been copied by others, in most cases they do well so far hype is attached to the project while in some case they don't.
A good example is Dogecoin; when the hype got much, many developers started creating their own similar coins which of course they likened it to be the next Dogecoin thus creating hype and driving the price up, but what later happens is that, once Dogecoin is up, the others will follow suit and once it's down they will follow as well.
Lastly, one of the things which can stop people from copying a project and creating theirs is the work, coding etc involved.

Yes I agree with this. Most of the coins that survived the 2018 crash tends to have a lot more value to it and also projects like ADA and Polkadot are creating their own ecosystem which is not easy to do if someone wants to copy and make a quick profit out of it

[RussianEnglishTranslation]

You are looking at this the wrong way OP. You should be asking yourself, what problem am I trying to solve. If a token does not have any real world utility other than staking or mining, it won't make it long term. Take 0xMR for example, not only is it mineable but it can also be used for yield farming, on several casinos, and will be used as payment for mixing services.

[judeafante]

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?

You can create one anytime you like as long as you are complying with your country where you want to use your coin, but besides creating a coin of your own, where and how are you going to use it, usage and platform now are very important, gone are the days when investors are going to invest on coins even without usage and platform, it's not going to work now.