Chits Bank

Bitcoin Tips & Crowdfunding

Chits/Ƀ are 100% backed by Bitcoin()/BTC. Chits Bank makes it super easy to buy and send Bitcoin, to the people you like and do business with.

ICO Offering: CHIT Airdrops of 10,000/Ƀ chits or 0.1 BTC/Bitcoin are randomly selected winners for crowdfunding our ICO. "CHIT Card" are plastic cards that will be fungible, anonymous, real Bitcoin wallets. more


     
 

Bitcoin stablecoins

1 chit ⇌ 1,000 Bitcoin Satoshi (sats) ⇌ 0.00001 BTC/Bitcoin.
10 chits ⇌ 10,000 Bitcoin Satoshi (sats) ⇌ 0.0001 BTC/Bitcoin.
10,000 chits ⇌ 10 million Bitcoin Satoshi (sats) ⇌ 0.1 BTC/Bitcoin.



Chits are "Baby" (Ƀ) Bitcoins

Chits/Ƀ are 100% backed by Bitcoin()/BTC and stored in multiple Bitcoin custodial wallets for safekeeping. Bitcoin is still the most popular cryptocurrency blockchain giving it uniformity.


Chits are like money


Chits are a store of account
Chits are a digital representation of 1,000 Bitcoin Satoshi per each chit, and this will always be true.


Chits are divisible
Chits have 3 decimal places also representing the # of Satoshi (or sats) i.e. 1.234/Ƀ chits ⇌ 0.00001234 BTC/Bitcoin.

Bitcoin having 8 decimal places is technically brilliant, but not so mainstream of an idea. We're used to purchasing things with positive numbers and not tons of decimals as a society. We wanted something relatable to a nickel, as the penny is now a dinosaur.

Our idea of 1 chit being closely equal to ~$0.05 USD in 2019 when we started, seemed to be the smallest unit of account and have 3 decimal places to not be confused with dollars. This accounting method should bode well for inflation in the next 120 years as Bitcoin mining will come to an end in 2140.


Chits are fungible tokens
Chits can be sent as digital payments to people you like, or do business with just like other real world payments.


Chits for Bitcoin simplicity

We bridge the gap and make it easy to understand and hold Bitcoin, rather different than how "technocratic nerds" setup Bitcoin mining rigs that can mine for Bitcoin or create varying types of Bitcoin wallets, which is more complicated for the masses.


Bitcoin trading cards

How do we do this? Introducing CHIT Card, a Bitcoin anonymous crypto stable card.


CHIT Card security
Every CHIT Card will contain a tamperproof sticker covering the 12-word mnemonic seed phrase (and private key). Each word is randomized using BIP39 mnemonic 2,048 unique word list.


Bitcoin anonymity
CHIT Card are plastic cards that represent varying amounts of chits of real Bitcoin on the blockchain. CHIT Card comes in different colors with varying amounts and they can be traded with friends and people in the real world.


Bitcoin portability
CHIT Card will be a plastic "PVC" card (similar in size and likeness of a credit card) in various colors with the 12-word mnemonic seed phrase on the back of each card (covered by a tamperproof sticker), under which is a private key 100% backed by a real Bitcoin wallet address.

Only remove the tamperproof sticker if you wish to do a sweep of the funds to a different Bitcoin wallet and then discard the empty card. So, if you see a CHIT Card with the sticker removed, be aware that it might be empty or could be swept anytime.


Bitcoin fungibility
You can scan the QR Code (or public key) on the back of any CHIT Card. This will verify the balance of the CHIT Card by confirming the amount of Bitcoin in this particular Bitcoin wallet address (linked to the CHIT Card) from the Bitcoin public ledger.


ICO Offering

You can visit the ICO Offering page for CHIT Card and CHIT Airdrops. Please help us get to our goal..

Chits can be withdrawn as Bitcoin()/BTC any time in the future directly to your own Bitcoin wallet, after the ICO offering is closed. The chits from ICO Offering that you own will be stored directly in Bitcoin()/BTC.

ICO Bonus Pool

  • 70% (7/10) ICO Bonus Pool will go towards Bitcoin mining contracts for long-term growth of the platform, and chits will be made immediately available for CHIT Airdrops to the lucky winners.
  • 25% (1/4) ICO Bonus Pool will go towards CHIT Card anonymous crypto Bitcoin stable cards.
  • 5% (5/100) ICO Bonus Pool will go to Semple Ventures; the software developer and current maintainer of CHIT Card for manufacturing, printing, card loading, ChitsBank code and platform applications.

ICO Bonus Pool is never guaranteed, and you may never be drawn for any CHIT Airdrops. Every time ICO Bonus Pool reaches about 15K, a CHIT Airdrop of 10,000/Ƀ chits goes to a random winner. Each winner of CHIT Airdrops will be drawn from the entire database of crowdfunders-to-date. It is possible to win multiple times, as your username is never removed from the ICO Bonus Pool after winning. Any crowdfunders will have an equal chance for the next airdrop of 10,000/Ƀ chits, its not weighted by the size of your allocation. Chits/Ƀ are 100% backed by Bitcoin(₿)/BTC and stored in multiple Bitcoin custodial wallets for safekeeping. Thanks for making this a reality, and good luck to you!

This documentation above reflects the current state of our ICO Offering, which is slightly improved over our vision last year. You can read the original whitepaper as well.




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