Most of us are indulging ourselves with the Cryptocurrency for the knowledge and benefits of using it but most of the people who are starting their venture into the crypto world don’t know the difference between these two :
Coin and Token
Coin:- Operates independently on any other platform
- Majority of Altcoins are another version of its father called “Bitcoin”
- Coins can be mined, recieved, acceptable, and have a limited no. of supply
- It is built with Bitcoin open-source platform
- Coins are being used as method of payment or being used as A digital currency nonetheless
- Using coin everyone is allowed to use and participate into the network because coins are tied into a open public blockchain
Token:- Has different uses, functions algorithms and it is a Digitalized assets issued by the project itself.
- Token has similar function and used like coins, it is also used as payment method but has a lot more function
- It is made on top of the famous Ethereum Blockchain (that’s why most of the token are made into ERC20 token)
- Tokens is specified by the use of it. It can be used to buy a certain product, can be used as voucher to pay bills or even at the restaurant. While coins only fuction as a digital cash.
If you have anything to add more into this just feel free to comment down below. Or any mistakes that i've pointed out just ask here. Thanks!
