【One-Minute Explainer】Why can the same name show up on several coins?
When trading on a centralized exchange, you choose a trading pair and don’t need to enter the contract address yourself. When withdrawing to a blockchain, you need to check the network and token.
Token names can be made up, but contract addresses can’t be forged to be exactly identical, so checking the address is far more reliable than looking at the name.
When trading on Binance, $DOGE you don’t need to worry about the contract address, but there are many tokens called DOGE on-chain.
Every potential return comes with a corresponding risk, so take a close look at the worst-case scenario.
When trading on a centralized exchange, you choose a trading pair and don’t need to enter the contract address yourself. When withdrawing to a blockchain, you need to check the network and token.
Token names can be made up, but contract addresses can’t be forged to be exactly identical, so checking the address is far more reliable than looking at the name.
When trading on Binance, $DOGE you don’t need to worry about the contract address, but there are many tokens called DOGE on-chain.
Every potential return comes with a corresponding risk, so take a close look at the worst-case scenario.
