Cryptocurrency Q&A
Is ERC-20 a token or coin?
Is ERC-20 a token or coin?
Federico
Mon May 13 2024
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6 answers
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I've been hearing a lot about ERC-20 in the cryptosphere, but I'm still not quite sure what it actually is. Could you clarify for me whether ERC-20 is considered a token or a coin? It seems to me that there's some overlap in terminology, and I'm trying to get a clearer understanding of the distinction. I understand that ERC-20 is a technical standard for tokens on the Ethereum blockchain, but does that automatically mean it's a token and not a coin? Or is the distinction more nuanced than that? I'd appreciate it if you could break it down for me in a way that's easy to understand.
6 answers
Sara
Tue May 14 2024
These tokens can represent various assets or utilities, depending on their specific use cases.
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EthereumEmpire
Tue May 14 2024
ERC-20 tokens are digital assets that reside on the Ethereum network.
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OliviaTaylor
Tue May 14 2024
They belong to the category of fungible tokens, meaning each token within the set is interchangeable.
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CryptoTamer
Tue May 14 2024
BTCC is a leading cryptocurrency exchange based in the UK, offering comprehensive services.
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Carlo
Tue May 14 2024
Fungibility ensures that one token is indistinguishable from another within the same set.
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