Question 1

What is the current price of bitCNY?

Accepted Answer

The current price of bitCNY (BITCNY) is LTC 0.00267139.

Question 2

What exactly is bitCNY (BITCNY)?

Accepted Answer

bitCNY is an interesting type of cryptocurrency that's known as a stablecoin. The main concept of a stablecoin is to keep its market value stable, as opposed to other cryptocurrencies like Bitcoin or Ethereum which are known for their high volatility. bitCNY is designed to be pegged to the Chinese Yuan, and this essentially means that the value of a single bitCNY token is expected to remain roughly equal to the value of one Chinese Yuan.

Question 3

Who is behind bitCNY?

Accepted Answer

bitCNY is actually a creation of BitShares, a decentralized platform built on blockchain technology that allows users to trade directly with each other. BitShares operates differently from traditional exchanges by using an intuitive way to track and maintain value.

Question 4

How does bitCNY work?

Accepted Answer

bitCNY operates on the BitShares platform. It's a stablecoin, which means its primary objective is to maintain a stable value rather than to increase in value over time like some other cryptocurrencies. As such, bitCNY is tied to the value of the Chinese Yuan. The bitCNY tokens are issued on the BitShares blockchain, which means they benefit from the security, transparency, and efficiency that blockchain technology offers.

Question 5

What makes bitCNY unique?

Accepted Answer

The uniqueness of bitCNY comes from its stability. While many cryptocurrencies are highly volatile and fluctuate in value rapidly, bitCNY is designed to remain stable regardless of market fluctuations. This is because it’s pegged to the Chinese Yuan, offering a secure and stable medium of exchange for those who want the advantages of cryptocurrency without risking large changes in value. Furthermore, because it runs on the BitShares network, bitCNY also has the unique feature of decentralization. This means the currency operates independently of any central authority — a key feature of many cryptocurrencies that protects against things like government interference or regulation.

Question 6

How much bitCNY (BITCNY) is currently in circulation?

Accepted Answer

The current circulating supply of bitCNY (BITCNY) is 41.2M.

Question 7

Where can you buy bitCNY (BITCNY)?

Accepted Answer

bitCNY (BITCNY) is available for purchase on multiple cryptocurrency exchanges. However, it's always crucial to ensure you're buying from a reputable source. Current valid exchanges include AEX, Bter, Poloniex. Always remember that while cryptocurrencies can be a fascinating asset, they also come with their own unique risks and should never be purchased without appropriate research.

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