Topic: How will my tokens become coins? (Read 171 times)

If I assume correctly, if you are enrolled in bounty campaigns, the spreadsheet would currently be showing you the amount of stakes assigned to you.
Stakes refer to the fractional distribution the participant would get and is calculated from the total funds allocated for the campaign. More stakes = more tokens.

When the campaign ends, participants would get tokens to their Eth address.
Once the token get listed on exchanges they get "Value" and then can be exchanged for BTC, ETH, or Fiat currencies.

There is no such rule that only "Coins" can be traded as many "Tokens" are also getting listed on the exchanges.

I think you all guys are wasting your time in explaining Bitcoin,Altcoin etc to OP.

If I got him correct, OP just want to know he got some bounty tokens and how he will get coins (OP local currency) in lieu of these bounty token.

OP, you will get your coins when these token hit the  crypto exchange. Other wise they are the worthless.

It is a little bit difficult to explain since this can have multiple meanings. If you are talking about Bitcoin and Altcoins then ETH is definitely Altcoin. But if your conversation is about tokens and you want to emphasize difference between tokens and coins then ETH is 2nd best known example to use.

It is not black or white, you know the meaning only from the context of conversation.

Maybe you can think of coin as collective/mass noun which can be divided on bitcoin and altcoins. If this last sentence doesn't make much sense, sorry English is not my first language and in Croatian grammar it could be explained like this.

Altcoin = any other coin that isn't bitcoin. So yes, ETH is an altcoin. Though I really hate using the world "altcoin" as it sounds sort of degrading.

But from what you're saying, wouldn't Ethereum be an Altcoin, since Ethereum isn't Bitcoin?

What exactly do you want to do by saying how your tokens from bounties will become coins? Do you mean convert it? If that is the case, you mentioned it. Simply go to exchanges and then convert it to anything with value that you want(given it is listed in exchanges already). If you are referring to tokens becoming coins in a sense that they aren't called tokens anymore, then it should run on it's own blockchain without depending on another alt's blockchain. And in the case of erc20 tokens, they should first not run on eth's blockchain for it to be called a coin.

Mostly you are correct except I would word the definitions a little differently especially for Altcoins, like you wrote in edited part:
Coin: Has it's own blockchain. Bitcoin, Ethereum...
Altcoins: Historically any coin that isn't Bitcoin. It is used in this meaning on Bitcointalk sections names and by all senior members.
Token: Is created on top of existing blockhain which supports tokens. Most notable examples are ERC-20 tokens on Etherum blockchain(Omise Go, Oyster Perl...) and NEP-5 tokens on NEO blockchain (Ontology...)

what coin do you want to be ? simplest way is sell your tokens for the coin you want, sell your xxx tokens pair in ETH for exsample

Coin = runs on it's own blockchain code, like Bitcoin/Ripple/Ethereum
Altcoin = runs on another blockchains codebase, I think most runs on Bitcoin
Token = lives on a blockchain, like ERC tokens on ETH's blockchain. Bitcoin doesn't (currently) support tokens, but for example Ethereum, Stellar, etc does

Tokens are easy to create and manage, since they live on the ETH blockchain for example, the ETH network keeps them alive.
If you made your own Altcoin based on Bitcoin's code as an example, you'd need a network of nodes, which means you'd need to find people willing to do this.
While a token, you just need to give value. Say you have a project in which your token will be used in some way, from there the value comes.

EOS as an example is a Token currently but they're releasing their own blockchain in june, and at that point a snapshot is taken on all EOS holders who can then convert them to the actual EOS blockchain.
However, for 99% of the tokens, this is not going to happen, and rightly so. Take Binance as an example, right? That's a token on ETH's blockchain. What purpose would there be for Binance-coin to run on it's own blockchain?
None, it's only purpose is to work internally on Binance for paying fees etc, and the value therefore comes from supply & demand to pay the fees on Binance, since it's the tokens only usage.

edit: actually I might be wrong about coin/altcoin, not entirely sure if altcoins simply refers to any coin that is on it's own blockchain and isn't Bitcoin!

So you mean that if the token is not running their own kind of blockchain it will never be a coin even if it is listed in top exchanges, has values, and got listed at coinmarketcap?. What are the requirements for it to be called as coins?

Some tokens will stay tokens forever as they don't need to run in their own blockchain(hence they run on the ethereum network instead). Some cryptocurrencies though, like EOS, they're currently only a token as they're still at the 1-year ICO stage. After that 1 year, then they're going to convert to becoming a coin as they're going to need their own native blockchain.

For now just trying to get a mental grasp...so for the sake of this lets say Ethereum. If I earn EC20 then how will they convert?

What kind of coins should your tokens become?

If you mean steaks, then every bounty campaign has explanations. There is a description of how many stakes will be received for work. Usually steaks are converted to tokens. And the tokens of this campaign are credited to your wallet. Then you can sell them or hold them. Sometimes the calculation is made by tokens of the campaign, without a system of steaks or bitcoins.

I am doing my research but having a hard time figuring out how my tokens from bounties will become coins. Any laymen feedback or monkey proof explanations are welcome.