Coins and Tokens in Crypto

What is a crypto coin?

Coins are digital currencies that operate independently on their own blockchain. They are used primarily as a medium of exchange, akin to traditional fiat currencies but have other purposes too.

Examples: Bitcoin (BTC), Ethereum (ETH), Solana (SOL)

Characteristics:

• Own Blockchain: Coins run on their own blockchain, ensuring a unique and secure network.

• Usage: They are generally used for paying blockchain transaction fees, investments, and as a store of value.

What is a token?

Tokens are digital assets created on existing blockchains. They often represent assets or utilities within a specific ecosystem.

Examples: ERC-20 tokens like USD Coin (USDC) on Solana, Polygon and Ethereum

Characteristics:

• Built on Existing Blockchains: Tokens are created on established blockchains using smart contracts.

• Diverse Use Cases: They can represent a wide variety of assets or utilities, from stablecoins and governance tokens to utility tokens for specific platforms.

• Dependent on Parent Blockchain: The security and functionality of tokens are intrinsically tied to the blockchain they are built on.

So what do I need?

• Markets on the BetDEX Exchange use the $USDC stablecoin issued by Circle

• As the BetDEX Exchange is built on the Solana blockchain, transactions fees are paid using $SOL

To participate in trading on BetDEX you will need $USDC for wagering and a small amount of $SOL to pay transaction fees, also known as gas fees.

How do I get them?

View our guide to funding your wallet here

What is USDC?

USDC (USD Coin) is a popular type of stablecoin that has garnered significant attention and usage across the cryptocurrency landscape. Issued by the company, Circle, it is fully backed by US dollars and designed to combine the stability of the dollar with the technological advantages of cryptocurrency. USDC exists on multiple blockchains but because BetDEX is built on Solana, the SPL (Solana's token standard) version of USDC is required for trading.

How do I exchange USDC for fiat?

Now that you've begIn order to exchange your USDC, or any cryptocurrency, for fiat you will need to send your cryptocurrency back to your wallet on a centralised crypto exchange and withdraw it by following the instructions provided.

Who has access to my monies?

BetDEX never touches user funds. To trade on BetDEX a user connects their wallet where their funds are held and secured by a private key known only to the user and used to make transactions. This is different to a traditional online bookmaker who will store funds in a wallet that they control on the user's behalf meaning that the user must place trust in the bookmaker to process withdrawal requests. On BetDEX, as soon as the result is known and a market is settled the funds are immediately available in the user's own wallet.