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Author Topic: Token and cryptocurrency coin are same or different?  (Read 289 times)
Raimond360
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December 28, 2019, 03:01:32 PM
 #1

What is the difference between Token and cryptocurrency coin? is it same things or is there any different?
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December 28, 2019, 03:03:51 PM
 #2

Ofcourse there is a difference. one is a coin and have a value and other is token. Some token have no value and useless. So becarefull dont purchase bad token. because some token are fake and have no value.
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December 28, 2019, 03:09:28 PM
Merited by Devid_warner (2), harizen (1), o_e_l_e_o (1), DdmrDdmr (1), 1miau (1), Coyster (1)
 #3

There is a huge difference between a cryptocurrency coin and Token. Both crypto coins and Token are cryptocurrencies. But Still, there are differences.

Those cryptocurrencies that have their own blockchain are called cryptocurrency coins. Such as Bitcoin, Lite Coin, Ethereum, etc. I mean, A cryptocurrency coin uses its own blockchain to perform its functions. Cryptocurrency coins are like real money. You will be able to use crypto coins as real money even though the crypto coin is not a physical coin. It has the store value and the exchange value.

And Token is a Digital Asset. Token has no blockchain of its own. Token uses another's blockchain to perform its functions. That is, Token executes transactions using someone else's blockchain. Such as Basic Attention Token, ZRX token, etc. However, most tokens use Ethereum blockchain. The token that uses the Ethereum blockchain is called the ERC 20 token.

A token is a digital form of an asset. This is not a coin. A token can not be used on all occasions. But crypto coins can be used everywhere. The acceptance of cryptocurrency coin is very high. On the other hand, Token's acceptance is very low. So these are the differences.

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December 28, 2019, 04:42:57 PM
 #4

There is a huge difference between a cryptocurrency coin and Token. Both crypto coins and Token are cryptocurrencies. But Still, there are differences.

Those cryptocurrencies that have their own blockchain are called cryptocurrency coins. Such as Bitcoin, Lite Coin, Ethereum, etc. I mean, A cryptocurrency coin uses its own blockchain to perform its functions. Cryptocurrency coins are like real money. You will be able to use crypto coins as real money even though the crypto coin is not a physical coin. It has the store value and the exchange value.

And Token is a Digital Asset. Token has no blockchain of its own. Token uses another's blockchain to perform its functions. That is, Token executes transactions using someone else's blockchain. Such as Basic Attention Token, ZRX token, etc. However, most tokens use Ethereum blockchain. The token that uses the Ethereum blockchain is called the ERC 20 token.

A token is a digital form of an asset. This is not a coin. A token can not be used on all occasions. But crypto coins can be used everywhere. The acceptance of cryptocurrency coin is very high. On the other hand, Token's acceptance is very low. So these are the differences.

But both are under in one roof? i mean all are crypto.
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December 28, 2019, 04:55:35 PM
 #5

Just try to visit this medium post and you will know what are the differences.
https://medium.com/@bonpay/what-is-the-difference-between-coins-and-tokens-6cedff311c31

It says "Coins are just a method of payment while tokens may present a company’s share, give access to product or service and perform many other functions."

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December 28, 2019, 09:04:44 PM
 #6


But both are under in one roof? i mean all are crypto.

It depends on what you mean by 'crypto'. If you mean cryptocurrencies, then no. Tokens are not cryptocurrencies in the true sense of the word but they use blockchain to perform its functions.

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December 28, 2019, 11:39:18 PM
 #7

Let's go into some discussion, firstly nice explanation from @The-Devil as that's the easiest and simplest explanation possible but then can a token also have its own blockchain? If no then what is Binance coin utility purpose in the community, isn't it a utility token. If it's a token and also operates on its own native blockchain does that definition by @The-Devil actually cover what cryptocurrency tokens are? So the question here is, can a token also operates it's own native blockchain since from other advance definition;
Tokens are used to represent digital assets that are fungible and tradeable, including everything from commodities to voting rights...
the answer from me would probably be yes, since I see EOS as a token, BNB as a token and they operate their respective native blockchain although majority rely on existing blockchain to operate.

Also is there anything called a utility coin, understandable some coin have more function than just been a currency/store of value like Ether been the fuel that powers the ethereum blockchain etc,

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December 29, 2019, 03:24:14 AM
 #8

There is a huge difference between a cryptocurrency coin and Token. Both crypto coins and Token are cryptocurrencies.
I would generally not consider a "token" a "cryptocurrency".

I would consider a "cryptocurrency" as something that has a blockchain (among other requirements). A token is something that uses a cryptocurrency's blockchain in order to allow the creator and holders of the token to transfer ownership of the token, which signifies transfer of ownership of (what may be an) underlying asset that token holders own.

A cryptocurrency will not derive its value from an underlying asset, but rather from its security, and its usefulness of conducting transactions to transfer ownership of tokens, or other financial transactions (or other non-financial transactions). 

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December 29, 2019, 03:44:04 AM
Merited by HBKMusiK (1)
 #9

Firstly, I think it is a very basic question. You can easily find out the answer by googling or using the search feature.

For example, I got the information from https://www.bitdegree.org/tutorials/token-vs-coin/.

Yes, they are different. They have different functions or purposes.

Coin

Quote
Coin is an asset that is native to its own blockchain.

The use
Quote
- To transfer money (you can give and receive value using them)
- As a store of value (they can be saved and later swapped for something useful)
- As a unit of account (you can price goods or services in them)

Token

Quote
Tokens are created on existing blockchains.

The use
Quote
- Used to activate features of the application they were designed for.
- To represent a physical thing.


>I hope the information I got above can be useful for you, mate.  Smiley

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December 29, 2019, 04:25:43 AM
 #10

Good answer: Definition of tokens by theymos

Many times asked those questions.

3 Differences Between Token and Coin
What different between Token and Coin???
Difference between a coin and a Token?

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December 29, 2019, 08:52:32 AM
 #11

Ofcourse there is a difference. one is a coin and have a value and other is token. Some token have no value and useless. So becarefull dont purchase bad token. because some token are fake and have no value.
Looks like you have to read more to widen your knowledge regarding cryptocurrency like what OP is asking about coin and token, coin is simply have its own blockchain like bitcoin, litecoin, ether but tokens on the other hand rely only on other chains like Huobi token it uses the chain of ethereum.

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December 29, 2019, 05:36:25 PM
 #12

Just be careful of tokens compared to coins. Making a coin takes some skills and know-how and most people can do not. You can buy a coin but its fairly expensive. A token, on the other hand, is much easier to set up and most people who take the time to learn and keep trying will figure out how to make their own. They could also just pay to have a token made which is much cheaper than a coin. A coin also needs miners and nodes while a token does not and runs off the eth network. More is invested in a coin and token which is why tokens are so attractive to scammers so be very careful.



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December 30, 2019, 01:47:57 PM
Merited by DdmrDdmr (1)
 #13

What is the difference between Token and cryptocurrency coin? is it same things or is there any different?

The main difference is that coins run on their own blockchain (some have their own form of network as tangle and hashgraph instead of blockchain, which are still not quite ready), while tokens run on other coins blockchains. So you can consider coins as stand alone cryptocurrencies.
Some coins as Ethereum, EOS and Tron have produced platforms where any project can create their token with the safety these networks provide.
Ethereum's blockchain with the developement of solidity language allowed developers to create tokens (ERC20) using only a few lines of code. So they provided the environment to create cryptocurrencies, without the need of having their own blockchains.

Also another main difference is that tokens are not mineable as they don't have a blockchain and they are created through a process called minting (at least concerning Ethereum, I don't know much about naming in other chains).
Quite a few projects moved from Ethereum to their own chains, but still there are a lot that feel safer under the safety of Ethereum Network. There are countless tokens created in the Ethereum blockchain and most are useless and abandoned. There was also a large amount of shady projects exit scamming after their ICO. Most of these tokens acquired a lot of investment funds since 2017 through ICOs and pricate funding.
Basically in the Ethereum network you will find less than a handful of tokens that might have a usecase at some point in the future.
Also quite a few projects joined other platforms, such as Tron and EOS and created even more tokens that almost noone is using.

Concerning coins most are clones of Bitcoin, copy pasted the code and made a few adjustements to differentiate (I've even found a guy on youtube that uploaded tutorial videos on how to clone Bitcoin's code and create a cryptocurrency) . Some coins have decent hashpower (miners computational power) that secures the network from malicious attacks. Not many of them are secure though, as most coins have already suffered the infamous 51% attack.

Bitcoin having the highest hashrate compared to the rest coins is by far the most secure network.


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December 30, 2019, 02:32:45 PM
 #14

For example, I got the information from https://www.bitdegree.org/tutorials/token-vs-coin/.
Yes, they are different. They have different functions or purposes.

Interesting, i was always thinking its same thing (synonyms).
Apparently its not, good cons/pros list explaining it right away.
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December 30, 2019, 06:10:26 PM
 #15

Cryptocurrency coin = currency/money.
Token = is a representation of having something in a certain platform.

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January 01, 2020, 01:08:03 PM
 #16

What is the difference between Token and cryptocurrency coin? is it same things or is there any different?
It's not the same thing. I would define according to my experience on how I was able to use it in different ways. A token or tokens are what you get after joining a campaign regardless of what kind it is. You will receive right after the end of the project but still the amount would depend on how successful the project is. Cryptocurrency can be used in many transctions unlike with tokens, it has a specific use like for example in gaming. You can sell your token when it has a high value to convert it into cryptocurrency.



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January 02, 2020, 07:18:06 AM
 #17

What is the difference between Token and cryptocurrency coin? is it same things or is there any different?

No it is totally different with each other. But many people think that both are same but it is not the same thing. You should go to google for more information.
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January 02, 2020, 07:58:42 AM
 #18

There is a huge difference between token and cryptocurrency. Crypto currency or coin is something which you can trade as money. This is like your money but in a virtual shape. And token has no real value. Sometimes company generate tokaens and give away those as a promotional purpose. This is more like a discount. Use this token and get a discount of a certain percentage. So cryptocurrency and token is not same. Be careful before go for any of it.
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