The difference between a token and a coin in simple words

Not only newcomers but also more experienced cryptans very often use the terms "coin" and "token" interchangeably - however, there is an obvious difference between the two.
A coin is a digital asset (currency) that operates on its own blockchain. Coins can operate completely independently of other financial systems or platforms.
Examples of coins: Bitcoin, Ethereum, Litecoin, Cardano, BIP (Minter), Toncoin, Dogecoin.

A token is a virtual digital asset that is based on an existing blockchain platform. A token can be compared to a gift certificate: if you get a $500 certificate for a purchase at Apple stores, you cannot buy goods at Samsung stores, much less go to a construction store and buy a screwdriver with this money. There are of course exceptions in the form of partner companies, but it's similar to bridges between blockchains in the crypto industry.
Some of the most popular tokens include: USDT, USDC, Shiba, UNI, ApeCoin (APE), Axie Infinity (AXS).

Many people will probably ask: Which is better, a token or a coin?
"Better" is not the right term at all. Some projects do not need to bother, spend a lot of time and money to create their own blockchain, and can use a ready-made platform (Ethereum, BSC, Minter) and create a token without too much effort, and on some blockchains it can be done literally in a few clicks.
Other projects, for more complex tasks, need their own financial system, i.e. blockchain. For example, BNB, the native digital currency of the Binance exchange, functioned for a long time on the Ethereum network as an ERC-20 format token. But after a few years, the management of the exchange decided to expand their business, for which they needed their own blockchain. Now BNB is a native network coin, not a token. Of course, there are also Wrapped variants (wrapped BNB in other networks), but that is another story.
Photo taken from pinterest.com

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08.10.2022