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Beginner’s Guide to Pitbull Crypto Project & PIT

Beginner’s Guide to Pitbull Crypto Project & PIT
Author: changehero

Contents

Do you want to get a coin that grows as you hold it? Are you tired of “crypto personalities” and want something genuine built by and for the community? Or do you simply prefer Pit Bulls to Shiba Inus? Whichever it may be, there is no better coin to introduce to you than Pitbull. In this guide to this token, let us explain its tokenomics, and principles, and give some practical tips.

Key Takeaways

What is Pitbull?

Pitbull describes itself as a self-managed token and connected product ecosystem built on the Binance Smart Chain. Although its theme is based on “meme coins” and “money for dog charity,” its goal is much more complex.

In particular, Pitbull has sophisticated tokenomics with consistent token burning and blockchain liquidity. We will talk more about it in a separate section of this guide, dedicated to the native token PIT.

pitbull logo stylized as a circuit board
Source: Pitbull white paper

What is more interesting to present first is the spirit of the Pitbull project. It was intended as a sort of social experiment for a cryptocurrency community to come together and build an ecosystem of value without centralized guidance or authority. This is where the “self-betting” part comes in: it’s a form of reward for simply being on board with Pitbull. Needless to say, the more you contribute, the more substantial the gratitude will be.

Community-Owned

Pitbull advertises itself as a true community-owned crypto token. What exactly is meant by that?

For starters, there are no dev or founder wallets. The PIT token smart contract cannot be edited as access to it was waived. Finally, 50% of the initial supply was simply burned (sent to a “dead” address, or inaccessible) at its genesis.

For the time being, the community vote decides all future changes to the operation of the protocol. The white paper describes plans to change this model and take into account the PIT holdings of the voters.

PIT Ecosystem

Pitbull and its community have built several products which uphold the growth and sustainability of its ecosystem model.

Pitbull History And Team

Pitbull’s genesis date is March 17, 2021. The coin was initially launched on the Binance Smart Chain as a BEP-20 token.

The token is all-volunteer, and the launch was conducted without a pre-sale. To fund the exchange listings and other initiatives, the community opted to create a community-funded multi-signature wallet. All transactions made with it are fully transparent and usually go to community-approved causes.

Who are some of the faces leading the growth of the Pitbull project? The official website names several community leaders: Jack, Jari, Faab, Max, Mer, G, Azerun, among others.

They are responsible for communication and engineering. The rest is left in the good hands of multiple teams of dozens of volunteers who raise awareness, get partners and work on the code.

What is PIT?

The PIT tokenomics includes two supply regulation mechanisms: reflections and burning. 2% of the total turnover is redistributed in the form of self-provisioning rewards for holders, including the dead address. In addition, 2% of buy-sell transactions go into a forever-closed liquidity wallet, which also has no centralized access. Initially 100 quadrillion PITs were minted, of which, half (50 quadrillion PITs) immediately went into a “black hole”. Given the tokenomics, PIT is deflationary, and its circulating supply is reduced from the reflections going to the burn direction. In fact, at the time of writing, since its launch, the amount of PIT out of circulation grew by 9.94% more.

How to Use PIT?

One of the defining features of Pitbull is self-staking. It means simply holding PIT is enough to earn rewards from transaction fees and reflections. The more PIT one holds, the higher the chances to receive a cut and the more substantial a reward.

Simply holding PIT will also grant you access to special subscriptions on PitSafe. Tiers include features ranging from basic insights into BSC tokens to early access to PitSafe Discover opportunities. Other ecosystem’s decentralized apps have payment options in PIT, too. Or you can hold on to PIT for a little longer before the NFT farm and Play-to-Earn games are officially launched.

Last but not least, Pitbull has planned to create a tool to automate donations to charities helping pit bulls and other dogs: Kennel to Couch and Bullies in Need being a couple of those. However, in this case, you do not have to wait for it to be implemented and can send a donation in PIT directly.

Pitbull and Similar Projects

logo images of Pitbull, Dogecoin, and Shiba Inu

The most obvious comparison can be drawn to Dogecoin. After all, it was the first meme coin to start the “dog money” family. Like Dogecoin, Pitbull was launched without the intention to profit but rather to create a crypto community. Back in Dogecoin times, though, the creators had to come together to launch a unique blockchain. Pitbull is a token on the BNB Chain, meaning it is more compatible with other products in the BNB ecosystem.

A more apt comparison can be made between Pitbull and Shiba Inu. Both projects position themselves as social experiments to see how people can build value. SHIB also opted to sacrifice half of its supply but sent it to Vitalik Buterin as gratitude for envisioning Ethereum which SHIB runs on. He chose to donate a part of it to a charity and burn the rest. It seems that Pitbull’s creators decided not to attach a celebrity’s name like this to their project.

What is Pitbull’s Future?

It’s not surprising in the slightest that Pitbull is a project with forward-looking plans. And plans do they have!

Pitbull crypto roadmap
Source:pitbull.community

In the near future, the outreach team will have their hands full with PitMag, exchange listings, merch, partnerships and donation campaigns. Coders and engineers will be even busier with new dApps: PriceBot, PitDiscovery, PitStore, and NFT infrastructure.

Pitbull on Twitter

You can probably guess that ChangeHero has added Pitbull for instant crypto swaps. It even made the news because the Pitbull community got a new way of getting PIT easily and quickly.

An interesting comparison that puts things in perspective from the user BlackStars. Do you think PIT can accomplish such a feat?

Digital asset platform BitKan made another deep dive into the PIT token. They wrote about what PIT offers and whether is it trustworthy.

Which PIT wallet to choose?

PIT is a token of the BEP20 standard on the BSC chain. Therefore, it can be stored, accessed and managed in wallets that support this standard. The most popular wallets for BEP20 tokens come in forms from browser extensions to mobile apps - Metamask, TrustWallet or KleverApp are a few.

One thing that users of browser extension wallets should remember is to download them from official sources. It wouldn’t hurt to double check the URLs of the links to be visited because phishing websites can even empty these wallets if the wallet is connected.

How to buy Pitbull on ChangeHero?

Did you know you can buy PIT with other cryptocurrencies on ChangeHero in five easy steps?

  1. Choose the currencies on the home page, amounts, and the type of exchange. Provide your wallet address in the next step and check the amounts;
  2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
  3. Send in a single transaction the sum of the cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
  4. And now, relax! We are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives;
  5. As soon as the exchange has been processed, your PIT is on its way to your wallet. We’ll be happy to hear your feedback if you enjoyed using ChangeHero!

Customer support is always available in chat on our website, official Telegram group, or through the email: [email protected].

Conclusion

Pitbull’s experiment has been running for a year and a half now. By now, volunteers have gotten it off the ground, but it remains to be seen how far it will go.

Did you like our guide to Pitbull? For more information about the community and other cryptocurrency projects, stay tuned to our blog and subscribe to ChangeHero on social media. Twitter | Facebook | Reddit | Telegram.

Frequently Asked Questions

What is Pitbull cryptocurrency?

The Pitbull (PIT) token is a cryptocurrency on Binance Smart Chain. Its defining features are auto-staking, token burning, and a community-first ethos.

Is PIT crypto a good investment?

PIT is a low-cap altcoin that ranks 554th on CoinMarketCap. This kind of cryptocurrencies is typically a high-risk investment but experienced users can capitalize on their volatility.

How much is a Pitbull coin worth?

At the time of writing this Pitbull guide, the PIT price is $0.0000000005494.

Is Pitbull a metaverse coin?

Currently, the community is building a play-to-earn and help game center intended for Web3 and metaverse use.

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