What Is Bitconomy (BIT)?

Bitconomy is a decentralized financial payment network developed to refurbish the normal payment stack on the blockchain. It does this by using the finest of fiat-pegged stablecoins that has been algorithmically stabilized by its reserve currency, BIT. This Decentralized platform facilitates programmable payments and open financial infrastructure development and has transacted an estimated $299 billion for over 2 million users as of December 2020.

Bitconomy aims to revolutionize the digital economy by providing a bundle of services revolving around listings like trading, liquidity management, marketing and promotion, community building, and networking and also provides customized, flexible solutions for successful implementation of blockchain initiatives. 

BIT, the utility token of Bitconomy and the Bitconomy exchange is a decentralized digital asset based on the Binance Smart Chain and is BEP20 compliant. The BIT Token was developed for the entire Bitconomy community and will ensure that the community gains the most profits as regards the transaction of the token.

The development offers benefits to the community, its members, and the Bitconomy exchange itself. Some of these benefits include it increases the involvement of people using Bitconomy exchange, bestows the international community the right to participate in the life of the exchange and its activities, receiving bonuses and other rewards, allows each user to be a decision-maker, and also vote for those initiatives that are beneficial to them.

To the exchange, BIT token allows them to build a flexible marketing strategy that will attract new users and also grow its platform, reduce commissions for trading operations on the exchange, and allows users to purchase monthly VIP-status plans to receive discounts on transaction fees.

Bitconomy exchange serves as the organization responsible for the Bitconomy platform and offers a lot of financial services ranging from classic Spot trading, OTC trading, in-development Margin trading, and Futures trading. Bitconomy also offer services for listing digital assets on their platform, a full range of PR and marketing services, advising, full support at all stages of your project’s life, special and favorable terms of cooperation for other corporate clients, quantitative traders, funds and pools, and a special commission rates and rewards. 

With its headquarters in Canada and other branches in South Korea, Japan, Russia, and the UK, Bitconomy exchange provides professional and secure trading experience to over 300,000 registered crypto traders around the world. 


Who are the founders of Bitconomy (BIT)?

Ahmed Al-balaghi is the co-founder and CEO of Bitconomy. He is also the founder of the Encrypted podcast which is MENA’s largest podcast dedicated to blockchain and crypto-assets.

He has spent over 3 years within the blockchain industry in China, the U.K., and the UAE and has also developed deep industry expertise and regularly delivers talks and workshops.


What is Bitconomy (BIT) used for?

Voting

Token holders have the right to vote on exchange decisions that will later on benefit them personally.

Rewards and other incentives

Through the BIT token, users can receive crypto rewards for seasonal buybacks. This can also benefit them to get early access to special events.

Trade, stake, and exchange the tokens.

BIT holders can, at any point, trade the token for other cryptocurrencies.


What Makes Biconomy Token (BIT) Unique?

The uniqueness of Bitconomy has made more people involved in crypto trading, as it provides a compelling loyalty and rewards scheme that will position it well in an increasingly competitive crypto exchange industry. 

The BIT token is more than a mere utility token as it has led to an increase in the exchange’s capitalization and also helped to encourage users to remain loyal to the platform by offering them exclusive advantages through its various functions. Hence, all BIT token holders will be participants and witnesses of the growth and development of the Bitconomy exchange as the BIT token has a very wide range of applications that constantly work to increase the areas where the token will be used.


How many Bitconomy (BIT) coins are in circulation?

There are exactly one billion BIT tokens in circulation. 

The tokenomics of BIT token shows the technical team will be awarded 25% which will be locked and unlocked after one year of going online, while the rest will be released in four years. The released funds will be used to develop new products in exchange for more comfortable and profitable trading for our users.

6% goes to the marketing promotion as the marketing needs are constant and the funds are spent as needed at the discretion of the exchange team. 15% goes to the early investors and strategic investors which be unlocked after half a year (10%) and a year after (5%). The liquidity pool has the largest share of 64% of the BIT token.


How is the Bitconomy Network secured? 

Bitconomy has received sufficient investment for its development from North American Blockchain Funds, BigOne, and other well-known institutions. Bitconomy continues to be supported by funds and due to this, can make investments in very promising projects on the market. It has the financial license of the Canadian Exchange, and US MSB license, and has opened the Canadian dollar, Euro, Credit Card, and other fiat currency deposit channels.

The Bitconomy team consists entirely of professionals who have been involved in the crypto economy since its inception, so they know what they are doing and also follow the world’s best practices and standards for doing cryptocurrency business.


How do I buy Bitconomy (BIT)?

BIT value is reliant on the reputation of the Bitconomy crypto exchange. The BIT token can be used for a wide range of uses like voting and earning rewards.

BIT tokens can be easily purchased by the following steps. 

* Open an account with the crypto trading platform.

* Transfer the specific amount of your fiat currency to your account.

* Wait for your deposit to be confirmed and buy BIT through your trading account.


Which Cryptocurrency Wallet Supports Bitconomy (BIT)?

The PTPWallet platform supports many cryptocurrencies simultaneously, such as Bitconomy (BIT). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their BIT wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.

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