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Coin or Token - Do you understand the difference clearly?
In the world of cryptocurrencies, the two concepts coin and token are often confused. Today, we will clarify the differences between them to give you a clearer understanding.
What is a coin in blockchain?
Coin (including altcoin) is a type of digital currency built on blockchain technology, primarily functioning similarly to “real money” — used for buying and selling, storing, and exchanging value.
Bitcoin is the most famous and widely used coin. Any cryptocurrency that is not Bitcoin is collectively called an altcoin — short for “alternative” (other types).
Examples of coins:
What is a token - Differences from a coin
Token (digital asset) is a type of digital currency representing assets, which can be used for transactions or payments across different blockchain platforms.
If we consider blockchain as different countries, then a token is the “currency” circulating within each specific ecosystem. Currently, there are dozens of prominent blockchains such as Ethereum, Binance Smart Chain, Solana, Avalanche, Fantom — each with its own tokens.
Examples of tokens:
Comparing coins and tokens - Key points to know
In daily practice, when you want to buy cryptocurrency, you don’t need to distinguish too precisely. However, understanding these differences is important for a deeper grasp of blockchain.
Common types of tokens
Payment Token
A type of token functioning like money — used for payments, storing value, and as a unit of account. Bitcoin and Litecoin are typical examples mainly used for payments and settlements.
Utility Token
This type of token is exclusive to its ecosystem, creating an internal economy within the blockchain project. You can use it to buy special items, receive discounts, or participate in staking.
Governance Token
This is a special token created by developers to allow holders to participate in shaping the future of the protocol. They act like “voting ballots” in project events and decisions.
NFT (Non-Fungible Token)
NFT is a unique digital asset that cannot be replaced. Ownership of these assets is recorded on the blockchain (such as the Ethereum blockchain), ensuring authenticity and security.
Understanding these concepts will help you better orient yourself when exploring and investing in the world of cryptocurrencies.