Hello friends,
I have one doubt, In altcoin service section bounty campaigns will pay tokens instead of bitcoins. I don't know what is this meaning and how we can convert that tokens into fiat? And they will ask ETH address to send tokens why?
Advance thanks for your help.
They are ETH address because the tokens are on ETH contracts therefore you can exchange it directly to ETH. Then in order to make it to fiat, you have to trade your ETH (came from trading tokens) to BTC then convert it to fiat and withdraw.
Tokens is the term used for rewards or vouchers that will be distributed. Of course it has name that's why I think you made a confusion.
I can exchange that tokens only when that tokens listed in exchange site or else it is not possible right?
Token is bigger form of coins, meaning it could contain x amounts of coins in it associated with that ICO campaign.
For example, Monkeycapital is having 1 token of 10K coins. So if you buy a token you will have to pay for 10k coins altogether. (just an example BTW)
Token also represents the entity associated with it, so by knowing the token names you can tell which coin it is or services are provided with it. It is the medium of assuring investors that they are "official shareholders of the ICO in which they are investing"
Hope that helps you.
Thanks it helps me lot.