Seniors, how much does it cost to develop a cryptocurrency like Bitcoin?

tbct_mt2

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Quote from: ABCbits on December 17, 2023, 04:40:42 AM

There's no PoW-based cryptocurrency can be mined for free. You'll need to pay for the hardware and electricity.

It makes Proof of Work cryptocurrencies are harder to die but if miners stop mining, their networks will be dead chains. Proof of Work is not a quality mark of survival of a cryptocurrency.

Quote

In past, service called Forkgen let you create Bitcoin fork easily with relative low cost[1].

[1] https://thenextweb.com/news/forkgen-makes-it-easyish-to-create-your-own-bitcoin-fork

I don't know about the tool but know that forking from source code is not hard.

Scammers use Bitcoin source code to create their forks and their Bitcoin forks usually dead.

How Many Bitcoin Forks Are There? You will be surprised!!!
https://forkdrop.io/how-many-bitcoin-forks-are-there

examplens

legendary

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OP, I would like to hear how you think to make a massive project, if crypto is banned and censored in China. You will probably struggle to start it, but the moment it starts to achieve more serious results, you will again be forced to shut it down, return the investors' money, etc...
So why get into something that is already doomed to failure from the start?

Altcoin and Bitcoin are certainly not the same thing, and currently one of the biggest advantages of BTC is that it is the most massive, it is accepted by the largest number of services, the most people follow it, hold... And that ^{people, community} is the most difficult task for all new altcoins.

btcswimmer

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if you have all the required technical competences for developing it, purchasing the domain, servers and such will cost you at most $100 a year... but probably less

BitCoinDream

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Quote from: BitsHalo123 on December 16, 2023, 01:56:18 PM

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?

A Lifetime...

Adbitco

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Quote from: hugeblack on December 17, 2023, 07:47:11 AM

Isn't Bitcoin mining and trading banned in China? Huh

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.

From his post he has no basic knowledge on how to go about all this and needs someone to help run it as he mentioned in OP
However, being a chinese won't him face any legal issues since there is a complications in his country concerning cryptocurrency mining.
Then secondly since op do not have any knowledge how does he tends to run it for long time and I believe as a project owner having the basic understanding on what he is about to engage himself really matters alot.
Building a project can take time sometimes not about money but is how well such project can maintain its standard, there were several projects that was launched within 2017 to 2018 after succeeding listing they started trading when the bullrun over all of those project died only few barely survived.

My advice to op, instead of him wanting to developed a project like bitcoin and we already had this BRC that is compromising the bitcoin network, why not he uses those money to invest in bitcoin and hold for decades i believe he will enjoy it more better than running a project equivalent to bitcoin.

NotATether

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Quote from: BitsHalo123 on December 16, 2023, 01:56:18 PM

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.

Most of those things don't cost any money to make a proof of concept, in fact the only costs I see here are the website name and web hosting for the cryptocurrency. Possibly also more servers if you want to run your own block explorer. I think that part will cost the most money.

The white paper in particular you can make it using LaTeX software like MiKTeX or TeXWorks.

In compensation for not needing so much money, it will take a lot of time to program all these things by yourself.

WillyAp

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Quote from: ?? on ??

i dont think its a good investment making an altcoin these days

Way better would be to get an abandoned project and restart it.
One thing is sure it should not be a on its own chain.

Lucius

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Quote from: BitsHalo123 on December 16, 2023, 01:56:18 PM

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?
~snip~

Quote from: BitsHalo123 on December 17, 2023, 02:47:07 AM

~snip~
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.

You are contradicting yourself, because first you present yourself as a person who does not have the technical knowledge to carry out such a project - and then you claim that 5-6 years ago you created even 2 altcoins, which by all accounts were successful in the sense that you managed to collect almost 1000 BTC.

Quote from: BitsHalo123 on December 16, 2023, 01:56:18 PM

I personally think it can be done and make money

I have no doubt that money can be made, because the world is full of naive people who will buy false promises and completely meaningless cryptocurrencies, hoping that $1 investment will turn into $1000. I would call it a simple deception, and also a violation of the law, considering that the trading and mining of cryptocurrencies is prohibited in China. Not only are you putting yourself in danger, but also all others who would participate in such a project in any way.

joniboini

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Quote from: BitsHalo123 on December 17, 2023, 10:25:09 AM

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.

What do you mean quite good in the eyes of the Chinese? Does it apply to all services or you're referring to just crypto projects? What's the reason though? I doubt it is because overseas projects are less scammy since there are tons of them. It would be interesting if you could provide some research related to this topic if it is indeed a well-known phenomenon and not just your opinion on this matter.

huadong7733

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I have 5 years of experience in blockchain development and have an engineer team of dozens of people. I think I can help you.

ABCbits

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Quote from: BitsHalo123 on December 17, 2023, 05:49:01 AM

Quote

There's no PoW-based cryptocurrency can be mined for free. You'll need to pay for the hardware and electricity.

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.

Hire a software developer to create wallet with built-in mining feature. But take note people still need to pay for electricity which needed to run their computer.

BitsHalo123

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Quote from: NeuroticFish on December 17, 2023, 09:46:10 AM

Quote from: BitsHalo123 on December 17, 2023, 08:02:37 AM

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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Quote from: BitsHalo123 on December 17, 2023, 08:02:37 AM

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.

BitsHalo123

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Quote from: hugeblack on December 17, 2023, 07:47:11 AM

Isn't Bitcoin mining and trading banned in China? Huh

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.

hugeblack

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Isn't Bitcoin mining and trading banned in China? Huh

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.

BitsHalo123

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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.

[/quote]

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].

[/quote]

For me, who is not technical, this is quite difficult.

ABCbits

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Quote from: BitsHalo123 on December 16, 2023, 01:56:18 PM

If there is a cryptocurrency that can be mined for free, I believe it will be popular.

There's no PoW-based cryptocurrency can be mined for free. You'll need to pay for the hardware and electricity.

Quote from: ?? on ??

How much does it cost to develop such an altcoin?

In past, service called Forkgen let you create Bitcoin fork easily with relative low cost[1].

[1] https://thenextweb.com/news/forkgen-makes-it-easyish-to-create-your-own-bitcoin-fork

BitsHalo123

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Quote from: NeuroticFish on December 17, 2023, 02:32:56 AM

Quote from: BitsHalo123 on December 16, 2023, 01:56:18 PM

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.

Quote from: ?? on ??

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

NeuroticFish

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Quote from: BitsHalo123 on December 16, 2023, 01:56:18 PM

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.

Quote from: ?? on ??

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.

BitsHalo123

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Quote from: WillyAp on December 16, 2023, 02:50:05 PM

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.

Quote from: wallet4bitcoin on December 16, 2023, 06:04:46 PM

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?

Topic: Seniors, how much does it cost to develop a cryptocurrency like Bitcoin? (Read 319 times)