BIT is a decentralized digital asset based on the Binance Smart Chain and is BEP20 compliant.
The BIT Token is created for the benefit of the community, Biconomy ensured that the community has the most desirable terms and commissions when it comes to transferring the token.
BIT’s value is in part reliant upon the reputation of the Biconomy crypto exchange, yet other factors also have an impact.
The reason for the creation of the BIT token was the desire to increase the involvement of people in using the exchange, to give the international community of the exchange the right to freely participate in the life of the exchange and its activities, and to receive bonuses for this.
The BIT token is an example of the currency of the economy of companies and enterprises of the future, in which each user will be a decision-maker and vote for those initiatives that are beneficial to him personally - in the end to the majority.
Having its own token allows Biconomy to build a flexible marketing strategy in order to attract new users and further grow its platform.
One key function of the token is to reduce commissions for trading operations on the exchange, which are usually paid from users' wallets. Yet the token has much more to offer. Using BIT, users can purchase monthly VIP-status plans to receive discounts on transaction fees. Token holders have the right to vote on exchange decisions, can receive crypto rewards for seasonal buybacks, and also get early access to special events. BIT holders can, at any point, trade the token for other cryptocurrencies.
# **What Makes Biconomy Token (BIT) Unique?**
We want BIT token holders to have direct benefits from working with Biconomy exchange, therefore we offer the following utilities of the BIT token, which will allow it to become a reliable and stable asset.
**For Biconomy exchange's currency transaction operation fees**, 50% will be used to repurchase and burn BIT tokens - this will curb inflation.
**BIT token holders will have special trading commission conditions** on the Biconomy exchange, which will depend on the number of tokens on hold.
**Holding BIT tokens offers the opportunity to obtain the share of high-quality blockchain projects** invested by the Biconomy Foundation, reducing the threshold for users to participate in the first-level investment;
**Contract section:**
The corresponding part of the income from contract section will be used to repurchase and burn BIT
**Follow-up plan use case:** BIT will be applied to smart chain, DEX, NFT and other potential products of Biconomy
**BIT adopts a deflationary model:** each transaction charges a 6% tax, and all 6% is transferred to the black hole address for burning https://bscscan.com/token/0xc864019047b864b6ab609a968ae2725dfaee808a?a=0x0000000000000000000000000000000000000000
# **BIT Tokenomics**
***Total BIT issuance: 1,000 billion BIT Tokens***
*Technical team: 20% *
5% will be unlocked one year after going online, and the rest will be released in four years.
These funds will be used to develop new products on the exchange for more comfortable and profitable trading for our users.
*Marketing promotion: 6% *
Tokens without a lock, since the marketing needs are constant. Funds are spent as needed at the discretion of the exchange team.
*Early investors: 10%*
5% unlocked after 6 months,
5% unlocked after 12 months
These tokens are intended for early investors, strategic investors and funds.
*Liquidity pool: 64%*
BIT contract: https://bscscan.com/token/0xc864019047b864b6ab609a968ae2725dfaee808a
How to buy BIT on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing BIT. Some reputable platforms includeBybit、OKX、Binance, and others.
Step 2: Register an Account
Here, we'll register an account on the Gate.io (registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing BIT.
Step 5: Purchase BIT
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of BIT you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy BIT.
Step 6: Store Your BIT
After purchasing, you can choose to store your BIT in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and BIT assets, be sure to use a strong password and enable two-factor authentication.
BIT Price:Biconomy is a global digital asset trading platform. We take pride in providing fully transparent exchange, listing and digital asset development services.The price fluctuates daily, You can go to the exchange: Gate.io to check the price.
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