Bitcoin Forum

Hey!

My team and me are currently planning a new project where we are internally discussing on whether using an own token or an own coin.
We are planning a project, where we and the users also should be able to use that coin/token on the website.
As both are usable and good, both have good and bad sides.

Coins (our favorite):
+ More easily usable in the platform/website
+ Fees cost only in the own currency/coin
+ No need for third party coins
+ We have enough experience to start with a Coin
- Each user needs a new wallet (not always! We work on a web wallet :) )

Token:
+ To buy/get and hold tokens is very easy
+ They already are easily usable in several wallet software
- Transactions need Ether/Gas
- Using them in a project would cost probably very much as each transaction costs something
- Implementing them into the website is a much bigger task
- We don't have enough experience yet
> Is maybe not even possible

To go more in detail, we want to make a project where users need to pay for certain actions, but also get rewards, each paid in our own currency.
We atm do not plan to make an ICO before, instead, we want to use a combination of the currently very popular airdrop and ICO combined.
Even as Token are useful in ICO, we tend to better use an own coin.

Thank you for participating in the poll!

It should be easier to organise your own coin, tokens would rely on some third party currency, for example the ETH smart contract system.
Your idea seems quite vague, make sure it is something new and needed otherwise definitely it will not work.

It is easier organizing and balancing your own coin. But for the use and distribution to many, It is needed to be a token for the users can easily exchange it to their own coin. But the pro's is directed towards coin and i would also love to have a coin rather than a token.

I think you guys should go with token, if you don't have any expertise with ETH or other platform based tokens than there are many freelancer who can code for you, hire one of the expert.

Tokens are more popular these days not only because it can easily be stored also because it will eliminate the risk of getting infected while downloading separate wallet for the coin.

Also several projects that have tried to develop their own coin got stucked in development phase for years, so if you guys want to run a project than do it with tokens but if you want to focus on adding functionality actually in your own coin than you have to code that from scratch.

if your plan is to make coins / tokens that can be used on your site, my suggestion is use a token because some people don't like to download wallet devices and if you feel Ether / Gas will cost very much, you can reduce costs with other platforms, such as Waves, Nem, Stellar, or if you are patient you can wait for UNIVERSA platform

Thank you for all your answers.
We will to 90% use a coin as it's simply easier to handle.
We continued discussing pros and cons and also respected your answers but it's on the hand that we have to use a coin.
Our platform will always work with the currency we use and in Ethereum/Solidity every transaction/work with the coin needs a third party coin, Ether/Gas.
So when - just for example - you buy product X, it costs the token + Gas/Ether.
But when you use the coin, you just need to have the coin, nothing more.

Also we discussed, that we will create a webwallet, so there will be no need to download any tool/program but easily handle all your coins like MyEtherWallet.

Thank you everyone for your answer and also thank you for future answers! We're still open for your suggestions :)

Depends on what the idea is in your coin. Preferably, all companies choose a token, because it is simple and easy for projects

Well for me i think much better to use coin with web wallet this is much more better than token..
Its ore than easy than just token.. i already had some token stuck in my MEW and nano wallet..  i still holding them until it come up to market to start trade them ,.
I was holding for a long time but until now its a token..  unlike a coin already that you can start trading to someone and use it with web wallet or their official wallet..

Most "tokens" will eventually be redeemed into a "coin". The only reason to have a token on the ethereum network for most of the ICOs is so that they can successfully hold their ICO and be able to let people trade their tokens as soon as they get it, and they're not going continue using this token forever.

Tokens have more potential in terms of price growth, look at Antshares tokens that became NEO.

But coins, they are a lot more stable.

If you are planning to run a ICO, then tokens. Yes, you will have gas fees, but this "ICO standard" and your changes of success are much bigger than creating a coin.
Tokens can be instantly but on EtherDelta for trade.

From your 'cons' token list, if you don't have experience with this, than you will face the same problems and with own coin.

coins with original features

Thank you for more answers,

our main reason to use a coin and not a token is the usage of the coin.
We don't want to just collect for example Bitcoin, Ether etc. to then give out our coin (= ICO) but we want to continue using that coin in the platform internally.
So no, we do not just want to make an ICO to start a project.
Instead, we want to start the project AND make an ICO AND also make it possible to get some of our coin for free (bounties, airdrops and more).

We don't have much experience in both cases, but using a coin will be much more secure for the users, as they will hold their private keys, and easier for us,
as it's easier for us to program with a coin then with a token (solidity).

The project we will start, will be a smaller project and not too complex. We have watched much coins and tokens where the developers did not have professional experience but still succeeded. In the crypto world does not only the project with the most experienced staff succeed. There are way more factors than just that and we're constantly learning about those.

I simply just had for a too long time only ideas and want to start a project - not only for money, but for the experience I get out of it. This thread was to see how the users here think and I am very happy to see that so much would support still a coin, even if the tokens are so easy to get.

I don't give details about the project as this thread is just for the question of whether using a coin or a token.
For sure, at the end it will be our decision, but it's very interesting to read about how the users think.

Thank you for these nice answers!
I'm still open for ideas and wish everyone a great day!

Your ideas seems unclear, you must be convinced that idea is something new, because otherwise you make a copy of something that already exists. Tokens would be based on the currency of another party but coin is easier organised.

Well my opinion is, that Cryptocurrencies have Zero real value and that their value is the result of the energy.hardware wasted cost. When People buy a crypto with PoW what actually does to to pay the bills for the electricity and the hardware  + the interest of a miner. So actually a Crypto currency is just waste!

On the other hand ICOs which are real and good are more like shares to a real project.

So in longterm when people understand what Bitcoin really is, what all this cryptos really are, will start to invest to ICOs and the economy will turn a token economy and everybody will use ICOs..
At the moment , is easier to use bitcoin , dash, ethereum etc..

That's not true. Look, what has fiat money as value? True, it depends on what the people (can) do with it.
When noone would use it as trading instrument, it would be just worthless paper (or just numbers).
But as a huge amount of people use it and trust it, it get's a higher value.

ICOs are not better and even less more a share on a project. The project can be as good as possible, but if the coin specs are not good, it won't rise.
Most people only invest in ICOs because of the chance of making big amounts of money.

But nevertheless thank you for your answer, even if it did not really fit my question/issue!

Depend on the project, I keep ten X pay. It is token ethereum but it is the main coin of pay wallet. New coin I hold is mnx. MNX is just listed in livecoin. It is a future coin with minexbank. The price now is 0.0013-0.0014 BTC. There are great members of community so the coin will grow fast. The roadmap of the project not done all but minexbank has completed. The marketplace and mobile wallet not exist

the work on keeping as following of the inheritance with the system mechanism to gives of chance on following customs with the template of the design,
as user able to manage funds and stands as being within the secure on position as more to displace of numbers of extraction as the expands of the business arrange with the field of crypto currency.

I think personally myself a token is much easier to handle both for the token holder and for the issuer. This way you get time to focus more on your project. It all though depends on what you are doing and what you wish to achieve. In any case, I hope you find what is the best solution in your case and I voted for a token because I find it easy to store tokens myself, purely out of personal preferences.

I think token ERC20 is faster. easy to make wallet, not need to down load and install wallet. People will also not trust if the wallet has virus warnings

I hate tokens

I think tokens are easier in general and I lean towards using those but if the team and devs are proven trustworthy I have zero problems downloading a wallet as those are also quite easy to use as well.

I would look at the price and also on how much i get from something because if i get 100 coins and 200000 tokens i would rather choose the tokens because quantity also means that you can make a lot of it if the price goes up in the future.

with the mutual cooperation with the developer from the campsie of new south wales, we should be glad to announce of service with the similar on functionality as the blockchain system of the ETH design.

the name of project is Scraptsy Mutuals as gathering partisan of the crypto finance field to gains with access to advantage as becoming subjects of the collateral relation of the world with the business on crypto finance.

Yes but also understand that when somebody gives this many token it is presumed that price would not make it big due t the various factors and thus a huge chunk of qty is given to looks attractive. but on other hand when small qty is given it has potential to grow so the originator may not spend much and would keep with himself.

Coins and tokens are just the same, it's just project organizers choose what they like to call it but for me I prefer tokens because it has a very close meaning for the currency. Just like when you're going to convert your coins into tokens in order to play a tekken game in the game zone so tokens are the only thing you can use exclusively inside the game zone.

Tokens are easy. You can generate easily by using ethereum or waves platform. For coin you will need more time and it might be more complicated for you if you have no experience.

I personally think we will be using both in the future. Coins for buying stuff and tokens for things like assets, insurance, healthcare, ownership and so on. I think in the future there will be tons of platforms with their own tokens and ecosystems, but there will be one or only a few coins with will be used as a payment to buy goods. At least in the near future I can see this happen, we will hopefully perfect this system over time.

And I agree. token are more easy and simpler. With coins  much fuss

It would depend on the type of coin/token that I would prefer. If it is a Junk coin, then I would pass.  Same thing for tokens, those are easily created with a few clicks and could be junk.  Now a token is only an asset of the company; to which the company can have potential.  I would invest in tokens if that were the case.  Now for a coin, it would need to be unique and different from the rest of the altcoins.  I would have to ask the questions, what makes this coin special and could it compete with bitcoin.

ICO — Initial Coin Offering — is a term created to describe the many bitcoin clones and other “coin” clones that erupted over the years. Bitcoin is basically a distributed ledger that performs best as digital money — a simple example of the power of decentralization

For me better option are coins because they are easier to organise and using. I always using coins and i prefer them

im using cointokens :D
 ;D ;D ;D

I am a new member for this field.I do not know the different between coins and token. Can someone explain me.?

I think that installing a new wallet is really inconvenient but that's surely not the most serious point. I think that in case a coin is good and trusted (Dash, litecoin, ethereum, ZCash) I would go for a coin. Especially if it is generally cheaper like the op stated. Yet if the coin is new then it's better to use a token on a trusted coin, because I guess it's more dependent on the coin itself and at least it's easier to transfer between them, right?

I love the payment old school POW coins..
i dont like to invest in tokens

I can't begin to answer on the the nuances on both approaches, but maybe if you'd like to explain what you know about both approaches ( to also educate us youngsters, which is really why you posted, right :) ) , I could definitely help you weigh the risks. ETH is sweet, and I have tokens and will be grateful for any more I get, but if you intend to act as an actively exchanged currency (hopefully in an instantaneous peer-to peer POS transaction, if so ;) ) to replace "fiat" , then go with being a token.


And in the immortal words of every teen everywhere "why not both". Why not both indeed.

I don't understand enough yet, to know why you can't use be a mechanism that is fluid and interchangeable between the two approaches (with the right "backing currency"?). Or are they not the same thing, really?

Edit: re-reading this thread, I do understand the differences of the need for a wallet, and the thread went way deeper then I can offer :),  - I guess I hoping to hear what you decide, and why. Thanks (for not deleting this babble :0 )

Both of course. Although, there will come times when you will be able to convert all the tokens in one another I guess, so I will use coins much less.

i personally don't like to download the particular wallet because i have no to patience to wait the wallet finished sync and if the options only stick to the poll then i would like to choose Token, I don't like to download a new wallet software and apparently ETH based tokens is the best to starting it

I don't like downloading things because of viruses and malware. So I  go with the vote for token but when you really look at the situation from a developer's point of view coins  are more beneficial and cheaper to roll out

I like tokens it's easy

I would say Tokens to begin with and they move onto being your own coin.

I like tokens because they generally show better price dynamics.

However it's important to note that your portfolio should be balanced and consist of both, coins and tokens

Thanks for continuing the thread and answering our main issue.
As the poll shows (currently) 70% are for tokens.
But I am sure that most use tokens because of the easy transferability to for example sell them fast after an ICO.
We, for now, have decided to create a coin from a third party who offers the option to create it.
There is no plan to completely pay our costs through an ICO but instead - as already said - do a donation program (not ICO),
airdrops and also let the coins generate through staking.
We will create webwallets where we offer complete transparency and also the option to export the privatekey - not like most exchanges do.
There will be much options to spend these coins, but that would be too much details which we do not want to share right now.

Thank you all for participating in this thread and also sorry for my late answer!