What is Pitbull – How to hold PIT and gain profit

(Last Updated On: April 8, 2023)

Stories of crypto projects shamelessly bragging about being decentralized and community-driven, only to reveal themselves to be scams still linger in our minds. But then times are a-changing! Today, the seasoned crypto enthusiasts won’t settle for mere claims any more. Projects that genuinely invest their money to ensure proper community governance are here – and they’re gaining more recognition, too. Pitbull Token is one of them – a project that goes beyond decentralization by providing value to its stakeholders. CoinRabbit supports the Pitbull token project by providing crypto loans for businesses and individuals to use PIT as a collateral and get money instantly.

Pitbull’s philosophy

The Pitbull project is radically transforming the crypto landscape. Initially, the team behind it forwent their ownership, leaving it completely in the hands of its community. This has created an entirely community-led venture, consisting of stakeholders who are fiercely motivated to push the project ahead. They are continually working on new features, marketing, and promoting Pitbull – all driven by their enthusiasm for the coin. The Pitbull Project has achieved exceptional success through harnessing the abilities of its members, comprising professionals in areas such as graphic design, writing, web dev., influencer marketing and data analytics. The central goal is to form a volunteer-run digital currency, and the Team keep transparency at the forefront of their agenda. They routinely appoint new helpers and allow their community to vote on the most appropriate plans for its advancement.

Pitbull tokenomics

The Pitbull token was released in 2021 on the Binance Smart Chain network (BSC) with the ticker symbol PIT. It had an initial total supply of 100,000,000,000,000,000. Half of this amount was burned and sent to a non-recoverable address prior to the launch. The creators of Pitbull renounced ownership at the moment of launch to a dead address.

All PIT holders, including inactive addresses, pay a 4% fee for every PIT transaction. In addition to incentivizing PIT holders to continue to benefit from their investments, this reduces the token’s overall supply and contributes to its scarcity.

The second half of the 4% fee is allocated to a dead address and permanently locked there. Furthermore, Pitbull holders conduct their own burns regularly to further support the value of PIT. Therefore, over 60% of the total supply of PIT has been burned and removed from the market as of 2023.

What Makes PIT Unique?

In addition to a strong community, Pitbull (PIT) has a reasonably well-developed ecosystem. It has already developed several use cases, with more on the way in its detailed roadmap.

Besides its strong community, Pitbull (PIT) has a fairly well-developed ecosystem by the standards of a meme coin. Thus far, it has developed several use cases, with more coming in its detailed roadmap:

• PitTracker – With PitTracker, investors can keep track of their PIT token holdings and auto-staking profits.
• The PitCharts charting and analysis tool can be used for all tokens on the Binance Smart Chain. Upon full release, the team plans to generate additional income from selling advertising and premium features for the tool.
• The PitFarm will allow users to stake liquidity tokens for points, which can then be redeemed for Pitbull NFTs. NFTs will be tradeable on the marketplace, with funds going towards marketing (15%), shelter donations (15%), the PIT liquidity pool (60%) and the minting and designing process (10%).
• PitSwap is an automated market maker (AMM) that simplifies the trading experience for PIT investors and is set to become a full-on ecosystem that supports staking, farming, and other decentralized finance (DeFi) features.
• The PitStore features official Pitbull merch and will be integrated with PIT in the future.
• PitStop will be a social network defined by a user’s Pitbull wallet address, with all PIT tools easily available on one page.
• PitFund will be a fundraising platform based on PIT.
• PitGames will feature browser games, such as card trading games or lottery games.

Adding to its ecosystem, Pitbull has forged several partnerships with charities, such as the Kennel to Couch charity – a non-profit focusing on saving Pitbulls – and DeFi projects, including Pig Finance and Friction Finance.

What are the benefits of taking out a Pitbull coin loan?

With crypto loans, you can access funds without selling, increase liquidity, maximize capital utilization, and diversify your portfolio more effectively. In addition, crypto loans tend to have lower interest rates than traditional loans, so borrowers are able to get funds for much less. Finally, these loans provide additional peace of mind since crypto collateral is stored securely in a cold storage wallet.

Here are some cases where you can use PIT as a collateral and get profit:

• Profit from volatility – CoinRabbit loans remain fixed no matter the exchange rate of the collateral currency. An example will help to explain this concept. Suppose you received a loan with 90% Loan-to-value-ratio against 20,000,000,000,000 PIT when it was valued at $0.000000000461560 (approx. $9,230). You were then provided with 90% of your collateral; in this case $8,307. To receive your Pitbull collateral back, you must repay that exact amount – regardless if PIT rises to $0.000000000631560 or higher. Technically speaking, when repaying the loan at that point, you’d be getting back a total of $12,631 instead of the original $9,230! Crypto loans allow users to leverage their assets and potentially gain profit simultaneously – making them incredibly advantageous.

• Make a huge purchase and continue holding – The crypto loan allows you to enjoy the value of the invested fiat money while inflation permanently decreases it. Today the same amount values more than tomorrow. Therefore, when you take out a crypto loan against PIT, you keep all your PIT assets but gain extra funds to spend today, as we all know that tomorrow your wishes will be more expensive 😉

• Tax optimization – Some countries require you to pay up to 40% on your crypto investment profits. There is no direct profit in a loan transaction. So you can take a loan and maximize your tax efficiency without worrying about taxes.

• Technique for managing risks – Rather than holding PIT tokens and risking the unpredictable fluctuations of the crypto markets, crypto investors now have the opportunity to utilise their investments as collateral for a PIT loan. They can access funds while their assets remain secure, allowing them to manage their risks. In this way, they can benefit from the lower interest rates of crypto loans while protecting themselves from potential losses from market volatility at the same time.

Is there a way to work with PIT volatility to avoid liquidation?

Pitbull crypto volatility can result in liquidation. When you use your Pitbull to take a loan, it is important to monitor the status of your loan. CoinRabbit offers an instant alert system, which uses SMS and e-mail to inform users when there is a potential liquidation.

You can always add more collateral to adjust the Liquidation price of your loan. Loan collateral at CoinRabbit isn’t frozen; therefore, liquidation prices are adjusted immediately by adding more collateral or repaying your loan.

Aside from that, you can decrease the LTV at any time while the loan is open by adding more collateral. For example, CoinRabbit’s minimum loan LTV is 50%. CoinRabbit allows you to increase collateral immediately after opening a loan, so the LTV will decrease at a rate that suits you.

How to get a PIT loan in 4 steps

The application process for a PIT crypto loan has been significantly simplified thanks to crypto loan platforms like CoinRabbit.

• Choose PIT crypto as your preferred collateral on the homepage, under the Loan calculator section.
• By entering the amount of Pitbull crypto you want to deposit as collateral, the Calculator will show you the Loan Amounts you will receive, and click “Get Loan.”

• We will ask you to confirm the details, enter your stablecoin address, and verify your email address after clicking “Get Loan”

• Next, send PIT to the displayed address. After we receive your collateral, the loan will be sent to you immediately.

Conclusion

PIT crypto loans with CoinRabbit – is a great tool for crypto investors and holders: you can use a crypto loan to optimize your taxes, make a huge purchase, reinvest in new cryptocurrencies and many more while continuing holding your digital assets.

It’s important to remember that all operations with crypto are highly risky. When you get a loan with any crypto lending platform – don’t forget to check the status of your crypto loan periodically and add collateral if it’s needed to avoid liquidation of the loan.

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• Source: https://coinrabbit.io/blog/what-is-pitbull-how-to-hold-pit-and-gain-profit/