Pitbull Project and PIT Token: Overview and Beginners’ Guide

Pitbull is a popular crypto token on Binance Smart Chain; it is hyper deflationary auto-staking token that reflects 2% of transactions to all users

Understanding Pitbull

It is described as a self-managed token and connected product ecosystem developed on the Binance Smart Chain. It is designed on the idea of “meme coins” and money for dog charity.” Its objective is very complex.

Pitbull has sophisticated tokenomics with a consistent token-burning system and blockchain liquidity. It was developed as a social experiment for a cryptocurrency community to come together and build an ecosystem of value with centralized guidance or authority. 

Pitbull portrays itself as a community-owned crypto token. It does not come from developers’ or founders’ wallets. Its token, known as the PIT token, is an intelligent contract token that cannot be edited or accessed. It has burned 50% of the initial supply. 

Development and History of Pitbull

It was launched on March 17, 2021, at Binance Smart Chain as a BEP-20 token. Its initial token supply was all-volunteer and was conducted without a presale. The community created a community-funded multi-signature wallet to fund exchange listings and other initiatives. All the transactions were transparent and usually go to community-approved causes. 

The website represents various community leaders, including Jack, Jari, Faab, Max, Mer, G, Azerun, and others.

The community leaders are responsible for engineering and communication. The remaining responsibilities are distributed among the trustworthy teams of dozens of volunteers. Their primary duties include raising awareness, getting partners, and working on the code.

Understanding PIT

The tokenomics for the PIT token consists of two supply regulation mechanisms: reflections and burning.

2% of total token turnover is redistributed among holders through self-provisioning rewards involving dead addresses.

2% of total buy-sell transactions go into a forever-closed liquidity wallet with no centralized access. 

Initially, 100 quadrillion PIT tokens were minted, out of which 50 quadrillion, or half, were immediately sent to a black hole.

As per the tokenomics of PIT, it is a deflationary token, and its circulating supply is decreased from the reflections, leading to burning as its reduction percentage in the circulating supply constantly increases. 

Usage of PIT

One of the distinguishing features of Pitbull is itself-staking, which simply refers to holding PIT enough to generate returns and rewards from transaction fees and reflections. The quantity of PIT held determines the share of the reward.

Holding PIT allows users access to a particular subscription on PitSafe. It includes features ranging from insights into Binance Smart Chain tokens to early access to discover opportunities at PitSafe.

Other ecosystems also support payment in PIT. The holders are recommended to hold tokens until the NFT farm and Play-to-Earn games are launched in the ecosystem.

In addition, it has planned to create an automated tool to facilitate donations and charities that will help pit bulls and other dogs, such as Kennel to Couch and Bullies in Need, to name a few. This feature allows users to donate directly to PIT without waiting for implementation.

Comparison of Pitbull with other similar projects

The most obvious competitor is Dogecoin because it was the first meme coin to start the digital dog money family. DOGE was also created to develop a crypto community rather than profitability. 

At the time of the launch of Dogecoin, the developers, however, were required to come together to launch a unique blockchain. Its existence on the BNB chain makes it more compatible with other coins available on similar blockchain ecosystems.

Another appropriate comparison is between Shiba Inu and Pitbull. These projects are social experiments to observe how users can build value. The Shiba Inu also burns half of its supply, as these were sent to Vitalik Buterin as a token of appreciation for the team. Buterin decided to donate a part as a charity and the rest.

However, the creators of Pitbull decided not to tag it with the name and fame of a celebrity.

Future of Pitbull

Pitbull is a project with forward-looking plans. 

In the coming years, the community and dedicated team will have control over PitMag, exchange listings, merchandise, partnerships, and donation campaigns. The development of new dApps will keep coders and engineers busy. dApps include PriceBot, PitDiscovery, PitStore, and NFT infrastructure.

🎉 @BscPitbull is NOW LISTED on @Changehero_io 🚀

🔥Users can now exchange $PIT with 100+ tokens/coins, at the best rate and with no sign-ups here 👉 https://t.co/PYo1HAV1M1#PIT – an auto-staking token that had its ownership renounced and burnt LP given to the community💪#BNB pic.twitter.com/Ge08Dg1Cge

— BSCDaily (@bsc_daily) October 26, 2022

A user can probably guess that ChangeHero has added Pitbull for instant crypto swaps. It would be interesting if crypto users in the Pitbull community could develop a new way of getting PIT easily and quickly.

Bitkan also researched Pitbull and confirmed its trustworthiness.

Conclusion: Selection of Wallet

PIT is a token on the BSC chain with the BEP20 standard. It can be accessed, managed, and stored in any wallet that supports BEP20 standards. 

This standard’s most commonly used wallets include browser extensions to mobile wallet apps such as MetaMask, TrustWallet, or KleverApp. 

Users of browser extensions should download the extension from official sources. It is recommended to double-check the URLs of the links a user visits because the websites of fraudsters can absorb all the values and empty users’ wallets if these wallets are connected.

FAQs

If Pitbull is a metaverse coin?

The community is built on a play-to-earn and help game center for Web3 and metaverse use.

What is the average transition time for a Pitbull transaction?

It usually takes between 5 and 30 minutes to process a transaction if a user chooses currencies with a speedy recovery.