BIT meaning in Cryptocurrency ?

Answer:

What Is Biconomy Token (BIT)?

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, and 50% will be airdropped to token holders in the form of USDT;

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: Biconomy expects to launch the contract section in the fourth quarter of 2021, and the corresponding part of the income 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, 4% of which is transferred to the black hole address for destruction, and 2% is allocated to the wallet with currency.

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

reference

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