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.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.Key features of the Biconomy Token:<ul><li>50% from transaction operation fees 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</li><li>BIT will be applied to smart chain, DEX, NFT, and other potential products of Biconomy</li><li>BIT adopts a deflationary model: each transaction charges a 6% tax, 4% of tokens are burned, and 2% is allocated to the wallet with currency</li><li>Corresponding part of the income from the Contract section ( launch Q4, 2021 ) will be used to repurchase and burn BIT.</li></ul>

Biconomy Exchange Token

BIT is the native token of the cryptocurrency exchange Biconomy.com.

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