Cryptocurrency

Or cryptomoney, digital money, cryptotoken, cryptocoin, crypto…

The terms and definitions are mixed up on the daily and make it confusing what stands for what.

Crypto is a comprehensive term of the below definitions. It is often used to avoid detailed sentences. For example: “I trade crypto at Bitladon” or “which crypto did you buy?”.

Want to know which crypto is a coin or a token? Visit coinmarketcap and open the tab ‘cryptocurrencies’. Here are selections to display the top 100 coins or top 100 tokens.

Cryptocurrency is the most commonly used term to refer to ‘digital/virtual money’, is the new (crypto)money that has to replace the current financial structure. At least that is the ideology behind it for Bitcoin. Litecoin, Bitcoin Cash, Dash, Ripple and Stellar are a number of cryptocurrencies to understand which of those are attempting to redefine and represent the new digital money.

Cryptocoin is the typical currency model used to pay with a cryptocurrency, such as bitcoin. Consider it as a € 2,- coin that represents a fiat value. A cryptocoin acts as a currency on its own blockchain. In Ethereum for example, is Ether the cryptocoin on the blockchain of Ethereum. You pay with Ether as a fee to use the blockchain for the transaction. This type of blockchain is also used for NEO and NEM.

Cryptotokens are tokens that represent a value on top of an existing blockchain or protocol. Most tokens are based on Ethereum’s blockchain with the ERC-20 protocol. This makes creating a token easier than creating a coin, as it uses an existing blockchain.

In addition to serving as a payment method, tokens can perform several functions, such as a share, a ticket or a representation. Examples of tokens include BAT, 0x and OMG Network.

To overview

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Or cryptomoney, digital money, cryptotoken, cryptocoin, crypto…

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