How to distinguish Token with Coin ?

mk4

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Quote from: Indamuck on April 10, 2019, 12:05:27 PM

The market will decide which coins have a use and remain valuable.

The markets will definitely decide which coins/tokens will remain valuable. But I disagree with the "The market will decide which coins have a use" part. I mean, TRX is in the #11 spot. 🤷‍♂️

Quote from: Indamuck on April 10, 2019, 12:05:27 PM

I'm fine with there being thousands of different coins & tokens.

I would also be fine if not a huge percentage of these coins/tokens are obvious scams.

Indamuck

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Quote from: mk4 on April 10, 2019, 11:29:38 AM

Quote from: chillandrew1511 on April 10, 2019, 09:29:16 AM

That can be a bad thing and a waste of time but it creates a bigger ecosystem ..

Having more unnecessary coins and tokens really doesn't help at all. In this case, "bigger" doesn't mean better.

The market will decide which coins have a use and remain valuable. I'm fine with there being thousands of different coins & tokens.

mk4

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Quote from: chillandrew1511 on April 10, 2019, 09:29:16 AM

That can be a bad thing and a waste of time but it creates a bigger ecosystem ..

Having more unnecessary coins and tokens really doesn't help at all. In this case, "bigger" doesn't mean better.

chillandrew1511

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Quote from: khaled0111 on April 09, 2019, 01:51:45 PM

Many users don't differentiate between coins and tokens and use them as synonyms.

Basically a coin is a currency and used as a payment method, it has its own blockchain while a token runs on top of an existing coin's blockchain.
There are more tokens than coins because it is easier to create them (ERC20 for instance).

We all understand this. People only know about BTC and don't care about the rest. If you don't really care about it, you won't understand the technology or the difference it makes.

chillandrew1511

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Quote from: mk4 on April 09, 2019, 10:21:22 PM

Quote from: chillandrew1511 on April 09, 2019, 11:10:22 AM

Coin
Function
+ Use as a currency, a unit of value storage and transactions.

Not necessarily. There are a good number of coins like Ethereum that are not made for any of these purposes. Projects tend to create their own blockchain if it's actually necessary, in conjunction to erc20 tokens whereas having their own blockchains is really not necessary, and is just going to be a waste of time.

Agree with your point of view. But their nature is like that, depending on the purpose of creating coins. That can be a bad thing and a waste of time but it creates a bigger ecosystem ..

The Cryptovator

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Really there is not too much different between coin and token. Both is consider as a crypto-currency. Also function isn't much different. Only community can determine how a coin or token is potential.

Only different is, a coin have own blockchain and platform and token doesn't have own blockchain. Token is creating by using others blockchain like Ethereum & waves. Coin and tokens both are using as a payment method. Any crypto currency really depend on community. Function doesn't keep much role.

Bitcoin_Arena

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Quote from: khaled0111 on April 09, 2019, 01:51:45 PM

Many users don't differentiate between coins and tokens and use them as synonyms.

Basically a coin is a currency and used as a payment method, it has its own blockchain while a token runs on top of an existing coin's blockchain.
There are more tokens than coins because it is easier to create them (ERC20 for instance).

I think there is not clear distinction coins being used as a currency or payment method and tokens not being used as a currency or payment method when it comes to cryptocurrencies.
Tokens such as
- PundiX
- Metal
- Request Network
- OmiseGo
and many more are ERC20 tokens but all their platforms are payment platforms.
And we also know of coins that were created are not meant to be a currency or payment method but with exchanges now so many here and there, they are now easily exchanged and used as payment

joniboini

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Quote from: chillandrew1511 on April 09, 2019, 11:10:22 AM

Technology
+ A coin type needs to be developed with its own storage wallet. Transaction fee will be deducted directly from that coin.

Even though it is rare, some coins use a different kind of coins as the gas. For example, ACM (GCOX) requires you to hold/spend APL if you want to send ACM, which is annoying for some kind of people.

Keep in mind that some wallet use the tokens itself as the transaction fee, such as Bitberry (only support several tokens).

Harlot

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@chillandrew1511 you may want to add that "coins" is the one commonly called as "altcoins" in the market. For a lot of people they have used the word altcoin in both tokens and coins. Just by adding the other term it will clarify a lot of misunderstandings to other people about how they interchange the two words. Other than that you should add further description and putting the term "blockchain" especially in your coin section of the OP.

mk4

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Quote from: chillandrew1511 on April 09, 2019, 11:10:22 AM

Coin
Function
+ Use as a currency, a unit of value storage and transactions.

Not necessarily. There are a good number of coins like Ethereum that are not made for any of these purposes. Projects tend to create their own blockchain if it's actually necessary, in conjunction to erc20 tokens whereas having their own blockchains is really not necessary, and is just going to be a waste of time.

whotookmycrypto

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Agree with what khaled0111 said above about the distinction not being that crucial to users.

But if you really need to know what is a token vs coin, head over to Coinmarketcap and you can sort things by token and coin.

bitmover

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A token can be used as a currency.

A coin is usually considered as a cryptocurrency with its own blocckchain. While a token runs on another blockchain, like binance coin which runs on ethereum blockchain

khaled0111

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Many users don't differentiate between coins and tokens and use them as synonyms.

Basically a coin is a currency and used as a payment method, it has its own blockchain while a token runs on top of an existing coin's blockchain.
There are more tokens than coins because it is easier to create them (ERC20 for instance).

chillandrew1511

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Token
Definition (According to CoinMarketCap)
+ Electronic currency must be based on another electronic currency to operate. For example: Token TRX, VEN, ... built Ethereum platform.
Function
+ Larger use of Coin, of course will include payment.A token can be a fuel for an active network (GAS) or an exchange unit in an application.
Technology
+ Token can store the same wallet developed specifically for the original platform.Transaction fees are charged in accordance with the original platform (Ether or GAS).

_______________________________________________________________________________ ______________________________________________________________________________

Coin
Definition
+ This can operate separately.
Function
+ Use as a currency, a unit of value storage and transactions.
Technology
+ A coin type needs to be developed with its own storage wallet. Transaction fee will be deducted directly from that coin.

P/s: These shares may be lack hope that you can share more information with me. Thanks

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