Bit Coin (BITS) vs. Bitcoin (BTC): Beware of the Trap

bit coin vs Bitcoin

Key Highlights

  • If you search for “bit coin” instead of “Bitcoin” beware of a trap.
  • Overview of the Bit crypto exchange platform for digital assets.
  • BITS cryptocurrency functionality with its trading pairs and fees.
  • The differences between bit coin (BITS) and Bitcoin (BTC).
  • Answering frequently asked questions about Bit exchange and BITS cryptocurrency.

Introduction

In the realm of cryptocurrency, innovations and advancements are perpetual. Around 5 million people use the search term “bit coin” on Google every month without realizing what a trap this misspelling can lead to.

New platforms and digital assets are constantly emerging, offering unique features and opportunities to investors and traders alike. One such platform is Bit.com, a crypto exchange that aims to provide users with a seamless trading experience. But is it trustworthy and is it worth investing in BITS crypto?

In this comprehensive guide, we will delve into the intricacies of Bit Crypto Exchange, explore the BITS cryptocurrency, and elucidate the variances between bit coin (BITS) and Bitcoin (BTC).

Beware of the trap: Bit Coin vs. Bitcoin

For crypto experts, it’s easy to tell the thousands of different cryptocurrencies apart. For beginners, however, choosing the best crypto to invest in can be extremely difficult.

This is also evident on Google. If you are one of the 5 million people who search for “bit coin” every month, then this article should be a warning to you.

But what’s the problem? If you search for “bit coin”, you could quickly end up on bit.com or a fraudulent website trying to sell you something like “Bitcoin”.

In this article, we would like to show you how you can fall into a trap with a supposed spelling mistake and lose your entire fortune in the process. Simply because “bit coin” is not the same as “Bitcoin”. Read on to make sure you invest in the right cryptocurrency in the future.

beware of the trap bit coin vs bitcoin

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What is Bit Crypto Exchange?

Bit Crypto Exchange, a digital asset platform, fosters cryptocurrency trading with an emphasis on security, transparency, and user ease. It’s a leading player in crypto trading, offering an intuitive interface, strong security, and diverse crypto support for traders of all levels.

The Bit Coin Roadmap

In August 2020, Bit emerged as a spinoff from Matrixport, a leading crypto financial services firm. Their mission revolves around broadening token variety, enriching trading capabilities, and facilitating groundbreaking financial solutions. As one of the premier platforms for crypto options trading, Bit pioneers innovative USDT-margined trading pairs.

As of today, BIT’s spot trading volume is around $245,441,615. Compared to competitors such as Binance or Coinbase, their trading volume is 76 times smaller and de facto insignificant.

what is bit crypto exchange

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Introduction to Bit.com

Bit.com is a cryptocurrency exchange platform that aims to provide users with advanced trading tools and features to navigate the volatile crypto markets effectively. Launched by Bit International Financial Services Company, Bit.com offers a user-friendly interface combined with robust security measures to ensure a safe and efficient trading environment.

introduction to bit com
Bit.com website

What products does Bit crypto exchange offer?

The bit.com crypto exchange offers a small range of products:

  • Crypto options
  • Perpetual contracts
  • Spot trading
  • Swap cryptocurrencies (Convert)
  • Crypto savings
  • Rebalanced market making (RMM)
  • Copy trading (or social trading)
  • Block trades

Compared to other crypto exchanges like Binance or Coinbase, the offering of bit.com is very limited.

Features of Bit.com

The Bit.com exchange offers some nice features like:

  1. Advanced Trading Tools: Bit.com provides traders with a suite of advanced trading tools, including advanced charting features, real-time market data, and customizable trading indicators, empowering users to make informed trading decisions.
  2. Derivatives Trading: The platform offers derivatives trading, allowing users to trade perpetual swaps and options contracts with leverage, enabling traders to amplify their potential profits (and losses) based on their risk appetite and market outlook.
  3. High Liquidity: Bit.com boasts high liquidity across various trading pairs, ensuring that users can execute trades quickly and efficiently without significant slippage.
  4. Security Measures: Security is a top priority for Bit.com, with measures such as cold storage of funds, two-factor authentication (2FA), and regular security audits to safeguard users’ assets from potential threats.
  5. Mobile Accessibility: Bit.com offers a mobile app, allowing users to trade on the go and stay updated with market movements at any time and from anywhere.
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Is Bit crypto exchange and BITS cryptocurrency trustworthy?

Unfortunately, there is no address and not even a telephone number on the official website bit.com. According to their website, a company called Smart Vega Holding Limited is the operator of this website. The company is based in the Seychelles. This is not really trustworthy. It is important to know that crypto businesses in the Seychelles are not regulated and customers therefore have no guarantees whatsoever.

We generally advise against crypto exchange platforms that do not provide contact details and are based on offshore companies. The risk of losing your money is simply too high. Unfortunately, all too often in the past, there have been fraudulent websites based abroad with no contact details.

If the company disappears or discontinues its services, your assets and money are lost forever. You have no chance of getting your money back. We should always remember Sam Bankman-Fried and FTX. Therefore, we cannot advise you to exchange cryptocurrencies on their platform.

Bit coin Apps

There are also thousands of Bit coin apps available for both platforms, iOS and Android. The Bit app for iOS has a 4.4-star review based on 7 ratings only, while some people call the app a scam. On Google Play Store the company claims their app as a secure and high-performance derivative exchange launched by Matrixport, an integrated financial services firm and household name in crypto.

BIT offers crypto perpetual swaps and option trading, currently available for BTC, ETH, and BCH. Among these, Bitcoin Cash option trading on BIT is the first of its kind in the industry.”. While the amount of reviews is quite high (2.55k) the 3.7-star rating says it all.

In both app stores, a company called Bit Technology Holding Co Ltd. is responsible for the apps. According to Bloomberg, this company is active in hardware production and real estate. However, no further information can be found and there is no connection to the company Smart Vega Holding Limited. Again, a dubious affair.

bit coin apps

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Bit (BITS) Cryptocurrency

BITS is the native cryptocurrency of the Bit crypto exchange platform, serving multiple purposes within the ecosystem. Here’s a closer look at BITS and its functionalities:

  1. Utility Token: BITS functions as a utility token within the Bit.com ecosystem, providing users with various benefits such as discounted trading fees, access to premium features, and participation in platform governance.
  2. Staking Rewards: Users can stake BITS tokens to earn rewards, incentivizing long-term participation and engagement within the platform.
  3. Loyalty Program: Bit.com rewards active users with BITS tokens through a loyalty program, encouraging frequent trading and engagement on the platform.
  4. Tokenomics: BITS operates on a deflationary model, with a fixed supply that decreases over time through mechanisms such as token burning, enhancing scarcity and potentially increasing token value over the long term
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Differences between bit coin (BITS) and Bitcoin (BTC)

bits and bitcoin with the same btc logo on coinmarketcap

While both Bit coin (BITS) and Bitcoin (BTC) are cryptocurrencies, they differ in several key aspects:

  1. Use Case: Bitcoin (BTC) is primarily a store of value and a decentralized digital currency, aiming to disrupt traditional financial systems and serve as a hedge against inflation. In contrast, BITS is a utility token specific to the Bit.com platform, offering benefits and incentives for users engaging in trading activities.
  2. Blockchain: Bitcoin operates on its own blockchain, which is based on a proof-of-work (PoW) consensus mechanism. On the other hand, BITS may be built on various blockchain platforms, depending on the underlying technology chosen by the Bit.com team.
  3. Supply: Bitcoin has a capped supply of 21 million coins, making it a deflationary asset over time. In contrast, BITS may have a different tokenomics structure, potentially featuring a fixed or inflationary supply depending on the platform’s design.
  4. Market Capitalization and Adoption: Bitcoin has achieved widespread adoption and has the highest market capitalization among all cryptocurrencies. While BITS may have its own niche within the Bit.com ecosystem, its market capitalization and adoption are likely to be more limited compared to Bitcoin.

An even bigger problem is that most exchanges have given bit coin (BITS) the same logo as Bitcoin (BTC). This can inevitably lead to confusion. Therefore, be aware if you search for “bit coin” instead of “Bitcoin”. While bit coin is related to BITS cryptocurrency it has nothing to do with the giant of cryptocurrencies, the one and only Bitcoin (BTC).

differences between bit coin and Bitcoin

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Conclusion

Bit coin (BITS) might be a promising cryptocurrency for their bit.com exchange platform. They offer advanced trading tools, high liquidity, and robust security measures to cater to the needs of both novice and experienced traders. Still, it’s an offshore exchange and therefore, not very trustworthy.

With its native cryptocurrency BITS, Bit.com aims to incentivize user participation and engagement while offering various benefits within the ecosystem. While BITS shares some similarities with Bitcoin (BTC) as a digital asset, it serves a different purpose within the context of the Bit.com platform. As the crypto industry continues to evolve, Bit.com and BITS are poised to play significant roles in shaping the future of digital finance but for sure never as good as Bitcoin (BTC) the no 1 cryptocurrency.

If you have a question or need help with Bitcoin or any other Altcoin, then please don’t hesitate to contact us. We’re always happy to help.

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FAQ

What is the current supply of BIT (BITS)?

The current supply of BIT (BITS) is 0.

Where can I buy Bit coin (BITS)?

As of today, you can only buy BITS on the Bit crypto exchange itself. The list of BITS exchanges is in progress and will be updated as soon as the Bit coin is listed on other exchanges.

How to buy Bit coin (BITS)?

To buy Bit coin (BITS) you need a reliable crypto wallet such as the native Bit exchange wallet, Coinbase, MetaMask, or TrustWallet. After setting up your wallet you can buy a base cryptocurrency and via a decentralized exchange (DEX), for example, Pancake Swap, you can complete your purchase of Bit coin.

What is the current Bit (BITS) price?

The current price of Bit (BITS) is $0.02616 and is up 4% over the last 24 hours.

Should I invest in Bit coin (BITS)?

The investment in Bit coin (BITS) is highly speculative and volatile, and it’s essential to do thorough research and consider your own risk tolerance and financial situation before making any investment decisions.

Godfrey Benjamin

Godfrey Benjamin

Godfrey is a Journalist, Researcher, and Blockchain enthusiast. His impact and passion is always adding value. Godfreys' core expertise is acceptability, adoption, and integration of Blockchain technology as well as Cryptocurrencies.