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RE: Receive 1 STEEM each first 10 person answer correctly! Read the Notes!

in #contest • 6 years ago

All cryptocurrencies are Bitcoin or another unit, regardless of their technical characteristics, they are Token. A Token in the context of Bitcoin represents an alphanumeric string that can be a public key or a private key. For example this key publishes 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy (multfirm because it starts with a 3) is a Token. A Token in the Bitcoin protocol can be any alphanumeric string that represents a record in the decentralized Bitcoin consensus database.

a token and a currency is that a currency is issued by a local or national authority and is freely exchangeable for goods or other currencies, while a token has a much more limited use and is often issued by a private company, institution, group, association or person, so they are not legal tender money.

6 years ago in #contest by
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     6 years ago 

    Nice, but don't get me wrong. When you say Cryptocurrency that means a different name of coins or a token and different algorithm and Bitcoin is one of them. Let me correct, you said "All cryptocurrencies are Bitcoin", as I explain from the top, it is not because Bitcoin is a coin and not a token.

    • Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
    • Crypto tokens represent a particular fungible and tradable asset or a utility that is often found on a blockchain.
    • Coins, alternative cryptocurrency coins are also called altcoins or simply “coins”. They’re often used interchangeably. Altcoins simply refers to coins that are an alternative to Bitcoin.
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