With all that covered, a token is just a string of numbers and letters used in types of cryptography like computer security (for example the type of security underlying cryptocurrency technology). That said, sometimes people use the term token to specifically refer to a digital asset that exists on another cryptocurrency’s blockchain (for example OMG is an ERC-20 token on the Ethereum blockchain). Cryptocurrencies exist as tokenized data (a type of encrypted data used in both cryptocurrency and computer security in general), therefore cryptocurrencies are often called tokens. Consider, the unit of account on the Bitcoin blockchain is the Bitcoin token, and the united of account on the Ethereum blockchain is the Ethereum token. Short answer: In cryptocurrency, “token” is often used as a synonym for “cryptocurrency.” Often the two terms are combined and the term “cryptocurrency token” is used. We explain the general meaning and describe how tokens work with payment systems and with cryptocurrency specifically. The term “ token” has a few different meanings in cryptocurrency and in general. Understanding Cryptocurrency Tokens, ERC-20 Tokens, and Tokenization in Cryptocurrency and in General All referral links are checked regularly.
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