With more than 800 different “cryptocurrencies” issued since 2009 and hundreds more planned in ICO (initial coin offering) schemes, attracting billions of dollars of investments, electronic tokens have become a major concern for regulators. Much attention is devoted to fit the electronic tokens into pre-existing categories, such as currencies or financial assets, while it seems obvious that they are mainly defined by their computer code (and people pay for the right to use it). Hence, in the paper, we will address the problems with electronic tokens from a practical perspective. This might bear a different point of view on the usual problems, such as the true nature of the tokens, the anonymity they grant, their use for payment of illegal services, fraud, or Ponzi schemes, the risks for “investors”, the risks for monetary policy or financial stability, etc. By describing more precisely the real-world practice and risks associated with allowing electronic tokens, we hope to make their true nature more accessible to reflection.