Why We Keep On Digging On STEEM?

in cryptocurrency •  14 days ago 

Hi

Let us talk about steem, steem now is the high-risk community population. You why?. because as I read earlier STEEM burns & Instead of SBD Burn.

Why do we need to burn steem or any tokens?*
Every investor wants to burn their steem or tokens to get more high earnings. Otherwise, burning steem or tokens are the same as we bid into the bots why? because it is the same way to earn more. ** let us talk about the newsteem**, newsteem ecosystem is no to bid bots but they accept burning tribes token to earn high upvotes.

But still the same burning STEEM or token. We are now in the new ecosystem of steem we called #newsteem. This is a free write and concern to the friends and relatives here on steemit.

We burn tribes, just like we do bid bots to get high upvotes so the same ways but the difference is we don't need to bid steem or sbd because we do a bid to all token tribs. No make sense because I news team is no to bid but why we burn steem tribes token rather steem or sbd.

What is the difference between burning steem and tokens?

Many of you may be wondering why someone calls the Tokens other Coins, but let me explain to you that these two are very different, I mean the Tokens are different from the Coins.

All Coins and Tokens are regarded as cryptocurrencies, despite the fact that many of them do not circulate as money and were never meant to be. So coins and tokens are two different types of units created using cryptography named cryptocurrency. This fact is frustrating for newbies, who want to buy some crypto coins and then sell them Tokens, so I want to share with you the difference between the two.

Coins

(often called altcoins or alternative cryptocurrency coins) are Digital Money, made using Encryption Techniques, which store value every time. Therefore, it is a digital currency equivalent. Bitcoin is a great example. Bitcoin is based on Blockchain-Public and distributed digital ledger, which is where all transactions can be found. The data is stored together and shared between blockchain network participants. Blockchain ensures transparency and eliminates fraud. There are coins based on the original Bitcoin protocol, created by Satoshi Nakamoto and opened to the public. (Litecoin, Namecoin) and coins that operate on the Blockchain, created specifically for them (Ripple, Monero).

Coins have the same characteristics as money: they are fungible, divisible, acceptable, portable, durable and have limited supply. Most Ambitious enthusiasts in crypto insist on exchanging Conventional Money coins in the future.

The main features of the Coins are:

1) they are tied to the public-open blockchain - anyone can join and participate in the network;

2) they can be sent, received or shipped (mining).

Tokens

Tokens are digital assets, provided by the project, which can be used as payment within the project's ecosystem, performing similar to Coins' functions, but the main difference is that it also provides rights to holders join the network. This can be a function of the digital asset, representing the share of the company, providing access to functional projects and much more, launching new projects The unknown functional components of the tokens have been discovered. like Concert Tickets "For example this is a token" you can use it at a specific time, you can use it at a specific place, but you can't go to a restaurant to pay for your Concert Ticket, this ticket is just for dun at the concert hall. They are similar to digital tokens that can only be used on specific projects.

Tokens represent an asset or utility, so security tokens and utility tokens are recognized. The security token is designed to be a company's share (the token of the well-known DAO project, which was hacked just after it was launched, is recognized as a security token), while utility tokens are of particular use within the same project of (Bon Token).

Creating a token is easier than creating coins because you don't have to create a new code or modify an existing one - you just use a common template from platforms like Ethereum, blockchain-based, Using templates for creating tokens provides smooth interoperability, so users can store different types of tokens in a single wallet. Ethereum was the first to simplify the process of creating a token, and this is also why tokens flood the market.

Summary

Coins are the only means of payment as tokens can represent the company's share, provide access to products or services and perform many other functions. Coins are currencies that can be used to buy and sell goods. You can buy the token using the coin, but not vice versa. The coin operates alone, while the token has a specific application to the project's ecosystem.

Sincerely your's
The Admin

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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://medium.com/@bonpay/what-is-the-difference-between-coins-and-tokens-6cedff311c31