BTT of BIT.TEAM
BTT
18.08.2022

BTT of BIT.TEAM

By bit.team

It is important to talk about the BTT token, because it plays an essential role on the BIT.TEAM, but we don’t cover it very often.

What’s BTT

The BIT TEAM TOKEN (BTT) was developed by the BIT.TEAM exchange team. It was created in order to attract users to BIT.TEAM services. The token is used as a basic token and provides users with unique opportunities on the service, to receive: bonuses, discounts, transactions and as a marketing tool within the BIT.TEAM ecosystem.

BTT Supply

BTT was created on the Decimal blockchain, hence the token has a reserve of 2 100 000 DEL, the CRR (Constant Reserve Ratio) is 80%, and its maximum issuance is 500,000,000 BTT. There are 316,000,000 BTT of the maximum issuance left in rotation at the moment, which means that users or a company can redeem the remaining 184,000,000 BTT from the Decimal blockchain.

Also, the Decimal explorer can help you find out the current BTT values.

Bonuses and discounts. How to get and to spend

BIT.TEAM exchange users can earn BTT for useful actions, participation in AIRdrop, giveaways, subscriptions, etc. The tokens can then be spent to receive perks in the BIT.TEAM ecosystem.

Users can spend BTT to pay transaction fees. The function “Use BTT to pay transaction fees” has to be activated for this purpose. Depending on the amount of BTT in the wallet, the user would get a discount on the transaction fee:

Wallet balance:  Amount of discount:
From 1,000,000 BTT

50%
From 500 000 BTT

25%
From 100,000 BTT 10%

Account’s status

Exchange users can not only pay commission, but also get PRO account, Boost and change username with BTT. 

The PRO account allows:

  • To get a special status, which distinguishes one user from another;
  • get premium withdrawal, with which a transaction appears in the network from 5 minutes up to 1 hour, and additionally 10 free ad rises to the first position in 24 hours;
  • get premium support, support will get your question in 5 minutes and will deal with it as a priority;
  • raise your ads in the list, every 24 hours the user has 10 free rises in ads.

The price of the PRO account depends on amount of months:

  • 1 month: 10 000 BTT
  • 6 month: 55 000 BTT 
  • 12 months: 100 000 BTT

The Boost feature brings a user to the first place in the list, and is valid for 24 hours, until another user with the same feature brings his ad to the top of the list.

The exchange offers to use BTT to change the username set at registration. 

Burning of BTT Issuance

Receiving and spending BTT is enjoyable and very worthwhile. But what if there are too many coins? Preventing this kind of situation, which is common with fiat funds, the cryptocurrency includes a mechanism called issuance burning.

This feature has also been provided by the BIT.TEAM team for BTT since the beginning. BIT.TEAM burns 20% of tokens once a quarter of all the income in BTT: commission payments, bonus usage, PRO account redemption, enabling the Boost feature and nickname changes. Applying 20% implies a reduction of the maximum issuance by the amount of tokens burned.

If the amount of tokens in the quarter does not reach that 20%, the company redeems the lacking amount of tokens at the market price in the cup on the BIT.TEAM exchange or from the Decimal blockchain, in the case that there is not enough BTT coins in the cup.  The redemption occurs no later than one week before the next burn date.

The first burning is scheduled for Monday 22.08.2022 at 12:00 (UTC +3) and will burn 39,000,000 BTT.

Take a closer look at where the 196,687,828 BTT has been spent over the period of the BIT.TEAM project:

  1. At the moment, there are 251,172 active users on the BIT.TEAM services. Among them 7 714 users activated PRO account, which spent 77,140,000 BTT in total;
  2. A total of 556,946 transactions were made in BIT.TEAM services, during the whole period of using commissions by BTT. The total commission for them amounted to: 68,577,950 BTT;
  3. 50,969,878 BTT was used in total for the BOOST function.

BTT token burning causes a certain number of tokens to be withdrawn from circulation, hence the maximum BTT issuance decreases. It’s worth noting that when a token is burnt, the amount of reserve in DEL remains unchanged, which subsequently increases the value of the token to the reserve.  

The next stage in the development of the BTT system, is to redesign the discount system for transactions on the BIT.TEAM platform, but more on that in the next article

Thank you for staying with us. See you on the market!

TagsBTT