Why would I? | Bitcointalksearch.org

presimify

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Quote from: lizardbtc on July 13, 2017, 12:19:19 PM

Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

I am personally sick of all these new ICOs and cryptocoins that require it for ONLY one platform. People today all want to create the newxt big bitcoin and to earn a lot of money. In my opinion better would be to stick with bitcoin because it is easier for most of us to only use 1 or few alts for particular platform/service/marketplace than it is to have houndreds and houndrest of them that have only one use. I am sick of to many coins to be honest, it is good for profit but man who will want to have them all and use them for only one platform - we will need to buy it through bitcoin anyway if you create your token to be honest.

Thanks for the feedback but our platform includes over 60,000 websites and growing. We want to create value in the token we create. Sure we can accept Bitcoin but the objective here is to create value with our token through proof of concept that we have already deployed and is out there using BTC/ETH. The ICO would create funding for us to expand in our market and elim trans fees for site owners as well as offer three levels of value added service/solution to it. We are just trying to research this more to determine the right path. Again, thank you and thank all of you for your comments. They are much appreciated.

JL421

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You surely shouldn't their are already several thousands coins out there creating another coin wouldn't help you in any way and why would someone buy a coin to just buy a software. Just add normal payments like paypal , payza and if you want cryptos add bitpay on your site

franky1

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Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

unless your a brand with many platforms / games/ software packages that can be interconnected via a singular currency
unless there is a purpose / NEED to use a coin that fiat or bitcoin cannot handle. then there is no point.

EG
imagine walking into a store and being told if you want to buy microsoft office you need to first buy MS coin. most people will think WTF and just walk out the store.

however if the store had 1000 software packages then you could offer allowing people to buy one of those packages using coin due to some discount it may offer or because it automates registration of the software licence or some other advantage.. then people would happily buy the coin because it has more than just a one time use

lizardbtc

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Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

I am personally sick of all these new ICOs and cryptocoins that require it for ONLY one platform. People today all want to create the newxt big bitcoin and to earn a lot of money. In my opinion better would be to stick with bitcoin because it is easier for most of us to only use 1 or few alts for particular platform/service/marketplace than it is to have houndreds and houndrest of them that have only one use. I am sick of to many coins to be honest, it is good for profit but man who will want to have them all and use them for only one platform - we will need to buy it through bitcoin anyway if you create your token to be honest.

warrior333

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Why create something that already exists? It seems to me that such a project is doomed to failure. I suggest you concentrate on using those mechanisms. For bitcoin to achieve the popularity it took 5 years and that's assuming that he was the first.

arlinxoha

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Not every currency is able to raise the investment and the price is not available without the investment currency. You have to pay a way to buy their currency. Allow discounts for purchasing it in your currency, but do not rely on it as a way to withdraw money from your own product. If your currency receives any value then it will certainly affect your business and customers may not be interested in using your currency for trading.
Keep it simple, keep it safe, just do not lose profit to try another and try something else.

White sugar

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Ask yourself why would your coin made only for your business would be better than gift card or the dildocoin, created for the dildo business

Yakamoto

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Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

I have to agree with most other users within this thread to be completely honest with you. If you're a small software vendor there is no point making your own coin and forcing people to use your coin as a means of buying your product because there won't be enough demand for the coin, or it will be too much of an inconvenience for users to try and get your coin and use it on your product when a ton of other means of payment exist.

Don't make it complex. People like simple things.

maokoto

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As other have said, there are too many coins already. But one point about those coin is that, most of them do not have any "real" value. They are not accepted in stores or to buy any service directly.

If you really do accept the new created coin for your goods, and give people some incentive (discount etc.) to buy in your store using the coin, you are likely to be ahead thousand of other deceased coins. But that will cost you money, and most people seek just the opposite when they launch a coin: they want to get money.

MingLee

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Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

You would have to give them a way to buy your coin, and make it easier than buying your product with Paypal or some other similar payment system, in order for something like that to come close to working. Potential customers are probably not going to buy your product if they can only buy it through some coin that's just a pain in the ass to purchase. Allow for a discount if they buy it in your coin, but don't rely on it as a means of making money off of your own product.
Keep it simple, keep it safe, never lose profits to just try and build something else up. Always offer both avenues.

Xavofat

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Did you see that ludicrous display last night?

So you think that thousands of merchants are going to create a new coin each, and every time someone spends at the merchant they have to download the merchant's wallet, send their BTC to an exchange, convert the BTC to the merchant's coin, send the merchant's coin back to their wallet, and then send it to the merchant?

And they'd do that despite the fact that the new coin would be less secure than BTC and the value would be far more volatile?

You really think anyone would do that? It would be shockingly stupid of them to do so.

jvdp

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Quote from: User365 on July 09, 2017, 10:21:53 AM

Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

Unless you are a very big software vendor (like valve, google (play store),...) the problem will be the inconvininece to exchange to your coin. It would be like a gift card (only useful at your store).

Ya obviously right. Unless your coin became famous. You can't use that altcoin for transactions.Like dimcoin, only some of altcoin became famous. Since altcoin is used for transactions. Like bitcoin coin, you can use dimcoin for transaction.

bouren

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Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

Not every coin has potential to raise investment and without investment coin cannot has value. If your coin got no value then it will surely going to affect your business and customers may not be interested to use your coin for transaction.
While bitcoin is proven currency and can easily be implemented into business. If not bitcoin, you could use other established coins too but creating own wouldn't helping you much.

mrcash02

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Some sites and services create a coin that is useful only inside the site, if you want to cashout the money you need to convert it, most probable to Bitcoin. It's not so complex as creating an AltCoin and worth much more. There is no reason to create an AltCoin that hasn't any safety considering the volatility rates. People want to hold a currency which becomes more valuable and not the opposite.

Red-Apple

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Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

so you want to create tokens that are only valid inside your business and force people to only buy those tokens in order to buy something from your business. something like Disney dollar!

this will only work if you are Microsoft or well if you are Disneyland and have many customers that will come back.

otherwise people want a currency that they can use everywhere not a limited use one.

EXtremeAEX

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Quote from: hatshepsut93 on July 09, 2017, 10:22:11 AM

Because it can be annoying for people to go to exchange and buy your altcoin (providing that they already have Bitcoin to do it), and be subject to its volatility. But you can accept both Bitcoin and your own coin to give your customers more options, maybe even give like 5% discount for using your coin to try to boost its popularity. There are thousands of altcoins today, many of them were created as native currency for some business, and they haven't reached any major success.

Yup, fully agree, I think the altcoin markets are over saturated, and many of them turn out bad too, and end up with a few satoshis per coin. Instead of creating a new coin, why not choose a coin out of hundreds of them that is suitable for your project.

It would require less work, give you and your investors more convenience if they were to buy a more popular coin than to get a new coin. Although if you create a new coin, it would be yours, but I think projects should be about innovation and using the current technologies we have today to make even better projects. Cheesy

hatshepsut93

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Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

Because it can be annoying for people to go to exchange and buy your altcoin (providing that they already have Bitcoin to do it), and be subject to its volatility. But you can accept both Bitcoin and your own coin to give your customers more options, maybe even give like 5% discount for using your coin to try to boost its popularity. There are thousands of altcoins today, many of them were created as native currency for some business, and they haven't reached any major success.

User365

sr. member

Activity: 434

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Quote from: presimify on July 09, 2017, 10:16:18 AM

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

Unless you are a very big software vendor (like valve, google (play store),...) the problem will be the inconvininece to exchange to your coin. It would be like a gift card (only useful at your store).

presimify

newbie

Activity: 21

Merit: 0

Can someone explain to me why I should avoid creating my own coin and use bitcoin for my projects? Being a software vendor we want to give people a newly created coin for buying our software in hopes of creating value in that coin. Thoughts?

Topic: Why would I? (Read 581 times)