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What is BitDAO (BIT) coin and how does it work?

by Financial Economy

BitDAO is an entrepreneurial platform managed by BIT token holders. BIT token is the native currency of this platform. In this article, you can find answers to questions such as what is BitDAO (BIT) coin, how it works, how to use Bit token, which exchange is available on, Bit token whose, etc. You can browse here for information about Valencia CF Fan Token (VCF).

What is BitDAO (BIT) coin and how does it work?

Owning BIT gives the right to submit proposals and vote. It does not authorize the owners to impose their will on other contributors.

BitDAO aims to grow its treasury and ICT use cases by:

  • Committed contributions from Bybit
  • Development of ICT products (like Mantle)
  • Private initiatives (like Game7 collaborating with Forte or zkDAO collaborating with Matter labs)
  • R&D laboratories
  • Token swaps

BitDAO whose?

BitDAO is not a company. So it does not have a management team or employees, it is managed by Bitcoin token holders. In short, this platform is a collection of developers and stakeholders who own BIT tokens and are motivated to make the project a success.

Anyone can suggest partnerships and protocol upgrades for BitDAO. BIT token holders can vote to approve or reject these offers.

How to use bit token?

BitDAO directly uses the Gnosis Safe app to store treasury assets. Gnosis Safe is a widely used standard for providing multi-signature control on an Ethereum address. BitDAO’s management token BIT token is an example of Compound Finance’s governance token COMP. This was chosen instead of a standard ERC-20 token and consists of 2 stages:

  • Authorized voting
  • Off-chain voting with the potential to move to on-chain governance at a later stage

Which exchange is BIT coin on?

BitDAO coin is listed on some cryptocurrency exchanges such as BingX, Bybit, CoinW, BitMart, Huobi, etc.

How to buy BIT coins?

BitDAO coin can be purchased from listed some cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

BIT token supply!

Total and maximum supply of BitDAO token is units.

BIT token price!

As of January 30, 2023, at the time of the writing, 1 BitDAO coin price is around $0,561 (because of the volatility on crypto market the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

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