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What is Token and What are Token Types?

One of the most encountered terms by those who are interested in cryptocurrencies and exchanges is the term “Token” and although it has been used for a long time, many people still ask many questions about Tokens, especially what is Token.

Especially recently, while questions such as What Token Mean, Free Token, Airdrop Token, Bitcoin Token, Free Token Earning have started to be asked a lot, we decided to prepare a content for you that explains what a token is and what is the difference between it and crypto money. After reading our article, you will clearly understand what Token is, and at the same time, you will have solved the difference between Token and crypto money.

What is Token?

A token is a unit of value in an existing blockchain. In other words, Token is a unit value that is dependent on the blockchain to which an existing crypto currency is connected, and this value can be diversified such as coins, points, tokens, certificates, items, and they can be bought and sold. Predictably, Tokens do not have their own blockchain, as they are linked to the blockchain where a cryptocurrency is located.

While the word Coin means Coin, Coin in English, it is a term representing cryptocurrencies, and Token and Coin are different terms and do not have the same meaning. If you ask what is the difference of Token Coin, Coin represents a cryptocurrency, while Token is the unit value of the blockchain connected to that cryptocurrency. In short, Token and Coin are in different structures and should not be confused.

We can also describe tokens as an analogy, such as a company going public or going public. By owning a Token you have purchased, you contribute to the company, cryptocurrency or blockchain that owns the Token, determine its value or sell it at a profit/loss. For this reason, Tokens are actually assets or equities of cryptocurrencies and blockchains. While researching or identifying new venture Tokens, you may also come across the term Ico Token (Initial Coin Offering).

Token Types

Tokens do not have blockchains, but all blockchains can have Tokens. From this point of view, it is possible to hear Token names integrated with cryptocurrencies such as Bitcoin Token (BTC Token), Ethereum Token (ETH Token), Bittorent Token (BTT Token), VeThor Token. To be more descriptive, if you see the term Bitcoin Token and you have a question about what is Bitcoin Token, the answer to your question is; Bitcoin Token is a unit value linked to the Blockchain blockchain, which is the Bitcoin infrastructure. You can reinforce the meaning by answering the same analogy to the question What is an Ethereum Token?

Some crypto exchanges may have their own crypto money, as well as their own special Tokens, and these are also called Swap Tokens. (Tokens such as Binance Token (BNB Token), Bitmax Token, Coinex Token, DeFi Token, Huobi Token, Trust Wallet Token, Uniswap Token are each linked to a decentralized crypto exchange, crypto wallet and swap system.

Some types of Tokens arise to represent a different venture using the blockchain of a cryptocurrency. For example, Presearch Token (Pre Token) is a search engine initiative and is a type of Token created based on this initiative. These Token types are also given names that are defined by the name of the blockchain in which they are found. When the ERC 20 Token is mentioned, the Token is on the Ethereum Blockchain; When it comes to Binance Smart Chain Token (BSC Token), it means that the token is located on the Binance Blockchain. According to this formula, we can define the question of what is TRX 20 Token as a Token in the Tron Blockchain.

The most popular Token type of recent times is Fan Tokens. We will discuss Fan Token in detail in a separate article, but if we briefly describe what Fan Tokens are, we can say that they are Tokens belonging to a sports club. PSG Token is the most well-known Fan Token with its debut, and Fan Tokens belonging to almost all sports clubs have started to take their place in the market gradually.

Finally, let’s talk about Tokens that attract attention with their special and affordable prices for the stock exchanges and financial systems that are aimed to be created. While doing Token research, these are the types of Tokens that you will encounter most in search engines or social media in search terms such as Buy Token, Earn Token, Free Token, Token Market, How to Buy Token. Recently, tokens such as SAFEMOON, SAFEMARS, SHIB are the most popular of this group. Such tokens can be attractive with their affordable price, but it is wise to be very careful and it is best to invest in amounts that you will not be upset about. Because this attempt may not materialize and your investment may disappear in an instant.

With this content, where we talk about Token structure and all Token types, you will now be able to understand Token and its derivative terms as soon as you see them and evaluate them if necessary. Our content will be updated in line with your messages, suggestions and questions.

With your comments, you can share your thoughts, questions and suggestions about Tokens and its types.

Aslı Kaya Yüksel

Asli Kaya, who works as a manager inleading brands and companies in the business world; As a result of his interest in the crypto world and its markets, he has been interested in cryptocurrencies, markets and developments for a long time and transfers all his knowledge within Binansal.

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