Difference between Crypto coin and Token
Assalamu Alaikum
No matter how many types of cryptocurrencies exist in the crypto market, these cryptocurrencies can basically be divided into two categories. One is coin and other is token. Coins operate through block chains. For example, Ethereum has its own block chain. And the name of the coin of Ethereum is Ether. Same if we discuss about other coins then Bitcoin has its own block chain.
When these Bitcoin or Ethereum coins are traded, they go into their own block chain. For example, if you give Ether to someone, it will go to the Ethereum block chain. In the same way, if someone gives you Bitcoin or any other coin, the coin will go to that person's block chain. Now what is the coin? Coin basically works as a currency. It means you can exchange the coin to buy any thing. Ether, Bitcoi, Lite coin, NEO etc are coins. There are many more coins but these are popular ones. Mining can be done to earn coins.
But currently, the number of bitcoins is decreasing, so not so many bitcoins can be obtained by mining. Now let's talk about tokens. The token does not have its own block chain. Tokens are operated on the block chain of other coins. For example, Ethereum has a block chain and the name of the coin is Ether. And the token that operates on Ethereum is called BAT,BNT.Coins don't move from one place to another, only the amount of coins changes, but tokens move from one place to another.
Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.
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Coin and token are not same. There are some differences between them. Nice analysis.
Educational post from you on the difference between crypto coin and token is just great, you touch down all the important points needed to be touched, you have done well.
Thanks brother.
A coin and a token has an outstanding difference. You have made it even more clearer. Thanks for writing on this!
I am also very happy to understand you
Thanks brother. Thanks for reading.
You have perfectly explained the difference between coin and token. Excellent work.