Bitcoin Forum

Bitcoins are not tokens.
The ledger - with replica in every node of the network - only manages transactions that take place between the public locker we call public address from which we keep a secret code we call private key.
As the values associated with a public address get to be associated with other bitcoin addresses we can keep track of these amounts as if they are tokens but actually they are not kept anywhere.
Only private keys are kept. They allow you to spend the bitcoins that entered circulation given as reward payments to those who secure the network validating and processing transactions.
Knowing the private key you can compute its public address in fractions of a second but the reverse - computing the private key knowing only the public key - is not possible as it would take countless years and would have to be done by an incredible imense amount of trial and error.

Yeah it's not a coin either. The name should be the least of your worries.

bitcoins are not coins, but a token is a better term.

remember a token is not like a casino chip (round piece of plastic) or a supermarket coupon (piece of paper)

a token has more meaning then that.

google 'session token' for instance
.. screw it ill spell it out for you


so bitcoins are closer to being described as a token rather than a coin

In both cases some1 will might say that there are same.

For me is coin. Cuz most of talking is coin this coin that.
In conversation you will say coin.

But I agree that if we need to described it it more token then coin.

Exactly, I don't think referring to it either a token or a coin is a bad thing, but I prefer to just see it for what it is and that's a decentralized digital money.

there will always be some disagreements over what to describe bitcoin as, because people have different IQ levels and understand things differently. they need analogies and comparisons to real life stuff.

some may disagree that its "digital gold" for instance

some people have analogized bitcoin as a digital cheque, because the transaction shows where the funds come from (long numbers at bottom of cheque), where it is going to (hand written destination) amount. and is then signed... which then goes into a banking network to be confirmed(cheque clearing house)

and the most funniest dispute about what bitcoin is, was the reply to

"its a digital decentralized peer-to-peer ledger secured sing cryptography"

the reply:
"hmmmm .. so its german then"

Well i wouldn't care so much on what you decide to call it... in fact anything you want as long as i can spend it like real money, that is good for me ;D but i prefer to have it call coin than token to reflect it as some sort of currency. Token is somehow related to being or having issued by someone.... but no. I prefer coins

I wouldn't say bitcoin is digital gold, but I like it as a comparison. I've not heard the cheque comparison before but I like that too, though cheques usually take days to clear, so bitcoin is much faster than that.

and thats how you say it to people.. digital cheque that is accepted instantly and people can walk off (unconfirmed) and it gets cleared in 10 minutes usually

many people think that a cup of coffee at a starbucks would require people waiting until bitcoin confirms. yet using the cheque analogy is a easy explanation that for such small amounts its not worth the hassle of waiting for confirmation, and just accept it on trust. much like how people dont verify cheques for only $10, but would verify with a bank for amounts of over $100

Token, coin, whatever -- I challenge anyone to show me a bitcoin.

The question has been asked before.  ;D
http://www.bloomberg.com/news/2014-09-30/what-s-a-bitcoin-look-like-popular-photograph-has-story.html

Is that a veiled attempt at begging for bitcoins?


Token: a voucher
Voucher: a receipt
Receipt: the action of receiving something or the fact of its being received

Token == the action of receiving something or the fact of its being received

Dollars, euros and pounds are not physical. They are no more tangible than bitcoins.


No, just a challenge, and a learning opportunity. If your disagree with the OP, then I challenge you to point to one of these bitcoin tokens.

is this an ontological argument now?

lol, this

Bitcoin is not a coin or a token. It is a number on a public ledger, not dissimilar to an account balance in a bank. The name doesn't matter, it only matters if it has resell value.

Bitcoin is a Crypto - currency, while ICO Tokens (http://www.hundi.online/token-sale/) are explained as below -

When a cryptocurrency startup firm wants to raise money through an Initial Coin Offering (ICO), it usually creates a plan on a whitepaper which states what the project is about, what need(s) the project will fulfill upon completion, how much money is needed to undertake the venture, how much of the virtual tokens the pioneers of the project will keep for themselves, what type of money is accepted, and how long the ICO campaign will run for. During the ICO campaign, enthusiasts and supporters of the firm’s initiative buy some of the distributed cryptocoins with fiat or virtual currency. These coins are referred to as tokens and are similar to shares of a company sold to investors in an Initial Public Offering (IPO) transaction. If the money raised does not meet the minimum funds required by the firm, the money is returned to the backers and the ICO is deemed to be unsuccessful. If the funds requirements are met within the specified timeframe, the money raised is used to either initiate the new scheme or to complete it.