Coins vs currency

#1

I’ve heard folk talk about how crypto coins and crypto currencies are different things but have not heard a decent explanation yet.

Are the coins
a) the ‘physical’ money you buy as opposed to the name and technology which is the currency
b) related to the blockchain its on. i.e. currencies on the etherium or bitcoin or chilie block chains would be different coin types
c) something different

Thanks

#2

Hi.

I think i know this but somebody correct me if im wrong. Steem is a company and they are on the coincap.io page.They are a tech company writing articles etc. Ardor is a blockchain company and they provide a service. The purpose of XEM is to function as a coin. Each coin has a purpose and the two first coins are purposed as a service where as Xem are providing a currency. Am I right?

#3

thanks for the help,

But if I’m honest I really don’t understand what you mean, as I don’t know any of these companies (although I’ve heard of steem).
I’m quite new to this crypto stuff, so I’d have to have it explained in more detail.

I just want to know what is a coin and what is a crypto currency, what’s the difference.

#4

You can think of cryptocurrencies as currencies that use cryptography to maintain a decentralized ledger. The benefit of them over fiat currencies is that they cannot be manipulated. So a coin is just a single unit of a particular cryptocurrency. It is prob more accurate to refer to them as tokens however.

#5

Thanks mate.

I thought this might be true. Makes sense :wink:

Okay then, well there’s only really one more thing I really need to understand. This is about different currencies and their blockchains.

I saw on a youtube video that you can NOT save Ether to a Bitcoin Key! Is this because it is a different blockchain? I notice also Litecoin has it’s own website to create private keys. I know both Ether and Litecoin have different blockchains so I assume this is why they have different places to store the private keys.

You CAN however save Safe Ex to a Bitcoin Key. Does this mean Safe Ex is on the bitcoin blockchain?
When the chilie blockchain comes out will safe ex change to this blockchain or remain on bitcoin?

Is there a list somewhere which shows which currencies are related to which blockchain so you don’t send your coins to the wrong keys? Or do you have to look into the individual currencies websites.

thanks

1 Like