Coin vs. Token - what would you use?

[zalando95]

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!

[PremiumPumps]

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.

[kriticko29]

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.

[Catmony]

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.

[Glory90]

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

[zalando95]

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

[vaso11]

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!

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

[crairezx20]

~snip~

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..

[Yuuto]

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.

[johnnywoo2015]

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.

[cryptohunter]

coins with original features

[zalando95]

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!

[BTCGOLD]

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.

[anelenaniku]

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..

[zalando95]

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!

[blockchainmarketus]

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

[max6575]

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.

[qiman]

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.

[tenkuna]

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

[shekt4]

I hate tokens