What's the Difference Between Coins vs Tokens? Difference Between Coin & Token in Crypto Explained
What’s the Difference Between Coins vs Tokens? Difference Between Coin & Token in Crypto Explained
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The definition of a digital coin is an asset that has its own “native” blockchain. A few examples of this are Bitcoin, Litecoin, or Ether. Each of these coins is exclusive to it’s own blockchain. Meaning you would never be able to use Ether on the Bitcoin Blockchain and vice versa.There are some Digital coins that are used in the same way as physical coins. Coins like Bitcoin, Litecoin, and Monero serve the same function as the coins in your pocket or bank. These coins are only used as a means of value exchange, and have no functionality outside of that. Some digital coins (such as Ether) have additional features beyond just being a form of payment. The Ethereum blockchain was the first to allow Smart Contracts. This feature allows developers to create Decentralized Applications or d’Apps. Usually a d’App will have its own Token that is used to activate specific features within the Decentralized Application. However the native currency of the Blockchain is still needed to power the transaction.For example, the Ethereum blockchain has a d’App called Augur, Augur is a decentralized predictions market (basically a Sports Book with no Casino behind it). The Augur platform uses a Token called Reputation (or REP), which is needed to stake a bet within the Augur platform. However to actually place the bet, and send the transaction to the Ethereum blockchain, the user must also have the coin Ether which is needed to place the transaction on the Ethereum blockchain.Tokens are used to interact with decentralized applications that are built on top of different blockchains.
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Digital Currencies are NOT bank deposits, are NOT legal tender, are NOT backed by the government, and accounts and value balances are NOT subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation or any other governmental or government-backed protections. Legislative and regulatory changes or actions at the State, Federal, or international level may adversely affect the use, transfer, exchange, and value of Digital Currencies.
