What Is BitDAO (BIT)? How It Works & Where To Buy It?

BitDAO is a decentralized autonomous organization. It has no founders and is entirely governed by the community. The project’s vision is to build a decentralized economy that’s focused on DeFi (decentralized finance).

BitDAO’s growth strategies include diversifying treasury tokens through token swaps with existing and emerging projects.

BIT is the governance token of BitDAO – BIT is currently the 224th largest cryptocurrency by market capitalization.

How BitDAO (BIT) Works

if you’re wondering ”What is BitDAO crypto (BIT)?”, BitDAO is among the world’s largest decentralized autonomous organizations (DAO). The project is entirely governed by BIT holders who are aiming to improve the DAO’s treasury management functions and increase BitDAO’s treasury resources.

BIT holders are tasked with voting on specific proposals that affect the protocol. These proposals are important because they have the potential to elevate the project, earn BIT holders rewards and grow the DAO into becoming one of the most dominant in the world.

Essentially, the project aims to develop a variety of core products that will help build a sustainable decentralized token economy. Additionally, BitDAO will utilize the contributions the treasury receives by providing teams with grants. The allocations of these grants will be carefully selected by the community, with the core vision of creating sustainable, beneficial, and revenue-generating products.

These principles with enable BitDAO and the BitDAO platform to achieve the goals set out by the project – creating a BitDAO ecosystem will a host of products that generate value.

What Is BitDAO (BIT) Used For?

BitDAO is a community-governed project that has prioritized the mutually beneficial growth of the project by developing a unique system.

Some of the BitDAO solutions include:

• Increasing the number of BitDAO partners
• Establishing a fair and transparent proposal and voting process
• Increasing contributions to the treasury
• Community-oriented partner projects
• Building a decentralized tokenized economy.

Essentially, the BitDAO project will be used to grow a flourishing economy that is centered around DeFi assets such as NFTs (non-fungible tokens) and blockchain gaming. Support for these initiatives will come in the form of funding, community growth, as well as through key research and development.

Additionally, through token swaps, both the BitDAO treasury and BIT token holders will be able to benefit. Token swaps ensure there is diversity in investment and that BIT token holders are at the forefront of choosing what tokens to invest in for the BitDAO treasury.

BIT tokens, like many other cryptocurrencies, experience price fluctuations. These daily fluctuations make BIT a favorable cryptocurrency to swing or arbitrage trade.

Where To Buy BitDAO (BIT)

BitDAO has recently become one of the most talked-about crypto projects because of its unique DAO treasury management solutions and its innovative co-development efforts, partner projects, and growing governance suite.

BIT tokens can be purchased on a few decentralized exchanges and a large number of centralized crypto exchanges. However, before purchasing BIT tokens, you’ll need to deposit fiat onto a specific exchange, and following this, BIT tokens are then credited to your BIT digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store the BIT tokens.

Five of the most popular crypto exchanges in use are:

1. Binance
2. Coinbase
3. KuCoin
4. Gate.io
5. Crypto.com

When purchasing any tokens on a centralized exchange, users need to understand the risks involved. Storing tokens on an exchange means that users don’t have access to their private keys and if something were to happen to the exchange, their tokens could be lost.

The safest and most trusted way to store tokens is in a digital or hardware wallet. Multiple digital wallets are capable of safely storing BIT tokens – the most popular and trusted digital wallet is MetaMask.

FAQs About BitDAO (BIT)

How long has BitDAO (BIT) existed?

BitDAO has no founders and it’s solely run by BIT holders. BitDAO recently emerged on the crypto scene and has managed to attract the attention of a number of influential investors ever since. The BitDAO treasury already receives contributions in excess of $1B from ByBit.

What’s controversial about BitDAO (BIT)?

Crypto projects are no stranger to controversy. In a predominantly unregulated space, it is very common to read about negative news, controversial happenings, and an array of media that will make you wary of a project.

Some claims are unfounded while others are justifiable – it’s always important to remember that an enormous amount of funding is allocated to marketing in the crypto space. And, because of the industry’s unregulated stance, many companies launch slander campaigns against competitors.

It’s important to consider factual and logical information about projects. Do as much research as possible before investing in any project in the crypto industry.

Let’s take a look at the biggest controversy surrounding BitDAO (BIT).

• ByBit token allocation – ByBit received a substantial amount of BIT tokens during the initial distribution of 200,000,000 tokens. The distribution included a 15% flexible allocation of 30,000,000 tokens as well as a fixed allocation of 90,000,000 tokens. This amounted to ByBit receiving a massive 60% of BIT tokens from the initial token distribution.

  Many individuals believe that this was an incredibly centralized move from the DAO. Essentially, by giving one partner such a large portion of the initial distribution, it could very easily result in a market crash. Projects are aware that ”whales” pose a significant risk to control and the future success of the project – openly facilitating this massive token distribution to ByBit leaves BitDAO in a vulnerable position.

How many BitDAO (BIT) tokens are there?

At the time of writing, BitDAO (BIT) has a circulating supply of 586,278,942.86 BIT.

The total supply of BitDAO (BIT) is 10,000,000,000.

Can BitDAO (BIT) be mined?

BitDAO (BIT) can’t be mined. The BitDAO (BIT) token protocol’s governance token and it’s not possible to mine BIT tokens. There is a fixed supply of BIT tokens and these tokens have already been allocated to exchanges for purchase.

However, it is possible to earn various rewards from utilizing DeFi products like staking, farming, and liquidity provision. Some centralized exchanges also offer various earning incentives for BIT token holders.

What is the market cap of BitDAO (BIT)?

The market cap of BitDAO (BIT) is the total amount of coins in circulation multiplied by the current market price of BitDAO (BIT).

BitDAO (BIT) Market Cap = 586,278,942.86 BIT x $0.55 = $322 million (224th largest market cap).

Note that the market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of BitDAO (BIT)

BitDAO is a unique crypto project that is devoid of a standard management system. When considering the competitors of a project like this, it’s important to understand that it’s not similar to traditional crypto industry projects.

The BitDAO core protocols do still focus on treasury management and developing financial and human resources but the project is fully community-driven.

Purely from a governance token perspective, BitDAO’s top competitor is FEI Protocol.

What Are The Future Plans For BitDAO (BIT)?

BitDAO is currently pioneering the decentralized space and is trying to build a project with infinite possibilities. This may very well be achievable because the project is community-centered and BIT holders are in control of making various decisions that affect the project.

However, BitDAO will start establishing community leaders in the future. the direction of the project is reliant on the community leaders and BIT holders, and the specific goals of the project will still be established, supported, and pursued.

The contributions to the BitDAO treasury and future token swaps will help the BitDAO protocol grow and will incentivize BIT token holders. The holders of the BitDAO crypto project tokens’ are pioneering the direction – it’s possible for BIT to be among the top crypto project tokens in the future.

Currently, there are a number of key companies and individuals that are supporting the decentralized autonomous organization – this is an incredibly positive sign for the emerging crypto project.

Pros And Cons Of BitDAO (BIT)

Pros:

• Voting rights – Holders of the BIT token receive exclusive voting rights. Token holders of bit tokens are able to vote on various proposals and upgrades to BitDAO. This enables individuals to help curate the vision and direction of BitDAO in an innovative and community-centered way.
• Community-oriented – BitDAO claims to be completely community-oriented and currently has no leaders. This is especially positive because it removes the traditional top-down model where management always profits and everyone underneath suffers. In the case of BitDAO, the community pioneers the project and reaps the benefits of the project.
• Major investors – BitDAO has caught the attention of some major players in the crypto space. The likes of ByBit, Peter Thiel, and Fenbushi Capital are investors that have pledged contributions to the BitDAO treasury – they will also support community initiatives and developments that will arise. Having support from such major names in the industry is definitely indicative of potential success for the project in the future.

Cons:

• Not managed by leaders – Some individuals may consider BitDAO’s lack of leaders an adverse risk. Essentially, the project is fully governed by the community and the principle of that may be very exciting but many believe that this could result in a negative future for the project. Without a sufficient management team, the project may not achieve its full potential and could possibly end up failing.