What Is BIT.TEAM?
Launched in 2016, BIT.TEAM is a convenient modern exchange with P2P functionality. BIT.TEAM aims to bring cryptocurrency to the easy-going public place and estimated trade prices. The idea behind BIT.TEAM’s name is to show the crew of people, where everyone is a bit as the most basic unit of information and together bits make almost everything we have. As bits gather together, everyone in our company gathers and is able to build the world together.
BTT is a token in BIT.TEAM ecosystem and the token based on Decimalchain. Aside from being the blockchain, Decimal has launched a whole ecosystem of functionalities for its users. The Decimal network includes the Decimalchain the main network, DEL the native coin, del.network the launchpad, Decimal Wallet, and co-operative BIT.TEAM exchange, and custom tokens, all employ the powers of blockchain technology to bring all-in-one products to the world. DEL and BTT are integral to the successful functioning of many of the Decimal sub-projects.
Who Are the Founders of BTT?
Anatoliy Berdnikov is the founder and CEO of BIT.TEAM. In 2016, Anatoliy founded BIT.TEAM.
Years before the exchange launch, Anatoliy was actively studying blockchain technology and applying his knowledge.
Dmitriy Stepanov is a co-founder and chief technical officer at BIT.TEAM. As well, he is a creator and co-founder of the platform coinmarketrate.com.
What Makes BTT Unique?
BIT.TEAM is a unique token in BIT.TEAM ecosystem with a huge variety of benefits. BTT provides users with different possibilities and opportunities.
One of the biggest competitive advantages is the ability to use BTT as a loyalty point. While the company started only as a crypto exchange back in 2016, today, BIT.TEAM has much more services and trading pairs. According to the company website, its mission is to let everyone conduct buy/sell operations with the most popular cryptocurrencies at the market price.
Since launching the BTT, the exchange has also benefited from increased investor interest in the coin and users implementing BTT into everyday processes. For example, users can “buy” statuses or features, like discounts for transaction fees, Boost feature and change username.
Due to Decimalchain base, BTT can be easily cross-chain and even to the Ethereum network. The more frequent the use became, the greater the issuance became. Thus token burning functionality was activated.
What Is BTT Burn?
Within the crypto industry, a coin burn is a deflationary mechanism that is used to permanently remove coins from circulation—most cryptocurrency projects, including BIT.TEAM, periodically burns coins to sustain the value of their digital asset and create a deflationary effect.
In the case of BIT.TEAM, the crypto exchange began the program in 2022 and has burnt 39,000,000 BTT tokens via its quarterly burn to date. The crypto exchange has in mind to destroy 20% of token profit that the company gets through its quarterly burns.
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.
How Many BTT Are There in Circulation?
There is an initial maximum supply of 460,999,953.871 BTT tokens, of which 168,137,036 are currently in circulation as of September 2021.
One of the most significant features of the BTT token is the burning function that is technically foreseen.
Once a quarter, the BIT.TEAM burns 20% of the company's total token income.
On 22 August BIT.TEAM burnt the first 39,000,000 BTT. The maximum BTT token issuance has decreased, according to what we said earlier. Before the burning, the issuance was 500,000,000 BTT.
How Is the Decimal Network Secured?
Tendermint consists of two main technical components: a blockchain consensus mechanism and a universal application interface. The consensus mechanism, called the Tendermint Core, ensures that the same transactions are recorded on each machine in the same order.
The underlying technology base Cosmos SDK is for the construction of blockchains and the implementation of some kind of custom project architecture. The integrated smart contract module is the foundation of the customised logic for the target end user. And the final user interacts with the system via a decentralised application interface.
Tokenomics and key logic are implemented directly in the Decimal blockchain. The application interface, called Application BlockChain Interface (ABCI), allows transactions to be processed in any programming language. Unlike other blockchain and consensus solutions that come pre-packaged with built-in finite state machines (such as a fancy key store or fancy scripting language), developers can use Tendermint to replicate a finite state machine BFT application written in any programming language and their development environment fits.
Where Can You Buy BTT?
As the dedicated utility token of the BIT.TEAM exchange, the most straightforward way to acquire BTT tokens would be to purchase them through BIT.TEAM. The original exchange supports the largest variety of trading pairs with BTT, and it also has the best trading rates for the coin.
If you are looking for alternative exchanges where you can purchase BTT, go to Decimal wallet and exchange DEL to BTT. Keep in mind that investing in cryptocurrency can be risky, just like investing in any other type of asset.
To check BTT price live in the fiat currency of your choice, you can use p2p.bit.team.
Cryptocurrency newbie? You can read more about how to enter the market and how to buy BTT, DEL or any other token in CoinMarketCap education portal — Alexandria.