FAQ

Where can I purchase Cybits?

Cybits is currently not for sale on any exchange nor is it for sale via an ICO (Initial Coin Offering). Cybits is a community cryptocurrency and will not be offered for sale until the project community has grown and project contributions are able to justify an ICO and Exchange listing.

How do I get my Cybits?

All Cyprus citizens and Cypriots living abroad are able to claim 1,000 CYP free via the Launchpad system in the Airdrop section.

Cybits will also be provided as a reward for purchases from the merchandise store at the rate of 50{c47a1b222aa1caf0d45ab299a0f3a9aee0af8524efa27f403bb6dc7ebf82ed8d} of your purchase.

Cybits will also be rewarded to project contributors via the Launchpad system. This should not be regarded as purchasing Cybits but as a contribution to the development of the project. A maximum of 100 STRAX may be contributed by each registered user to the project. Each contributor will receive 10,000 CYP for every 1 STRAX contributed. The same applies for purchases on the merchandise store based on the STRAX value at the time of purchase. The amount has been limited so as to prevent individuals contributing large amounts and controlling the direction of the project.

You can also earn an additional 500 CYP for each new signup via the Affiliate section on the Launchpad system. Each new Signup will receive an additional 100 CYP by using your Affiliate code.

Earn additional CYP by staking your coins and helping to secure the network. This will require you to keep your wallet open on your computer while staking. This process is not like mining Bitcoin or Ethereum and no specialized hardware is required and it will not consume alot of computer resources.

Why such a large supply?

The initial supply (premine) is 1 billion coins. The total supply is 20 billion coins. The reason we decided to have a much larger supply as apposed to Bitcoin, is that we would like to see mass adoption of the Cybits platform throughout Cyprus and globally. This will make Cybits more accessible and help prevent the concentration of coins by a select few, as is the case with many cryptocurrencies. This also helps control huge swings in the price of the coin, allowing the value to grow organically via community participation. There is also the argument that Bitcoin can be divided into 100 million Satoshi’s, but we as humans are not accustomed to work in hundredths of a million, and Bitcoin fees are typically hundreds of Satoshi’s per transaction, thus making it infeasible to transfer small amounts. Cybits has zero fees! The network is secured by staking and this is an adequate reward for those participating in the process.