I have no desire to become a licensed MSB/Money Service Business. That said, what considerations should I have when creating a new virtual currency to be listed on Coinbase, Bitstamp, etc?
asked Jun 3, 2016 at 16:58
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4 Answers
First, you're going to have to prove that your altcoin is useful and has value and liquidity. You can't just create a new coin and expect people to value it. The most successful altcoins have something different about them or some feature that other coins don't have. In other words, you need to create some demand.
Second, once you have demand, then you need to give some assurance that your coin is secure. There was one coin that managed to insert malware into their base node client, got installed at an exchange and wiped them out of their holdings. Your code will most likely need to be open-sourced and audited.
Third, you would start at some of the lower tier exchanges that will take list altcoins relatively easily like Poloniex.
Fourth, if your coin gets popular enough there, then you can move to an exchange like Shapeshift.
Fifth, if your coin gets enough popularity, you can then move onto major exchanges like Coinbase.
Note though, that not many coins make even get to step 3. Steps 4 and 5 are even tougher. So far, the only coins to have made it to step 5 are Ethereum and possibly Litecoin.
Best of luck.
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There was one coin that managed to insert malware into their base node client, got installed at an exchange and wiped them out of their holdings. Could you list the source?– AlexITCApr 11, 2018 at 0:32
The public to whom you've addressed your question won't provide the best answer. Yours is a question about a particular business (digital currency exchanges) and so it is best directed to the few people who run them.
However, here is my guess: Generate loads of PR. Engage technologists in discussions about the comparative advantages of various alt coins. I would assume that most inclusions of alt coins on exchanges are the result of the exchange operators' recognition of an alt coin's growing popularity and has little to do with personal interactions with promoters of that alt coin.
Agreed with the above 2 comments. Both make sense. 1. Coin creation is the most complicated process which requires consultation from the developers who code coins and designed wallets to store them on the Block Chain. 2. After the coin is created, you need to add value to it, if you can see the recent ICO alt coins are backed up by the real value asset gold, real estate etc. That creates credibility. 3. You might also research on ICO part, as you can run ICO to promote your coins and issue tokens where early birds can benefit from it 4. Talk about your coins on various forums and take inputs from the experts 5. Branding on Digital 6. Listing coins on Exchange is tedious process unless you create value for your coin, no one will buy it. Investors need quick profit. If you list coin and if it has no value it will fail. Some exchanges list it for free (Token Market)while some exchanges have specific charges (Bitrex 3.0 BTC. Hope this helps, rest google is internet GOD ;)
Also refer: https://www.coinstaker.com/initial-coin-offering/
First, you're going to have to prove that your altcoin is useful and has value and liquidity. You can't just create a new coin and expect people to value it. The most successful altcoins have something different about them or some feature that other coins don't have. In other words, you need to create some demand.
