Question 1

What is BitzCoin (BITZ)?

Accepted Answer

**BitzCoin (BITZ)** is a cryptocurrency that utilises a Pure Proof of Stake (PoS) consensus mechanism. Initially launched with a Proof of Work (PoW) phase that ended at block 100,000 (~1,900,000 BITZ), the project transitioned fully to PoS, offering a 10% annual staking reward. With a 1-minute ideal block time and staking requiring a minimum age of 24 hours and a maximum age of 30 days, BITZ was designed to reward holders for securing the network.

BitzCoin aimed to simplify cryptocurrency adoption by focusing on functionality and ease of use, emphasising secure, fast, and reliable payments across a range of platforms. The project avoided complex features and privacy mechanisms, prioritising a straightforward user experience. At its peak, BITZ wallets were available for Windows, MacOS, and Linux, with future plans to expand to mobile platforms such as Android and iOS.

Question 2

What is BitzCoin (BITZ) used for?

Accepted Answer

BitzCoin was created as a digital currency for everyday payments, designed to be secure, functional, and widely accessible. It aimed to provide a seamless experience for users looking to stake and earn rewards or make payments quickly and efficiently. Features included:  
- **Cloud Staking**: Users could stake their coins via platforms like Staisybit without running their own wallets.  
- **Coin Swaps**: BITZ offered an exchange service to trade other cryptocurrencies (with active blockchains) into BITZ.  
- **Ease of Use**: BITZ prioritised integration across platforms and quick transactions, catering to the average user rather than technical enthusiasts.

While these features highlighted its initial potential, no evidence suggests widespread adoption or active use in recent years.

Question 3

What happened to BitzCoin (BITZ)?

Accepted Answer

The development of BitzCoin effectively ceased in early 2016 when the project’s team redirected their focus to another cryptocurrency called **MojoCoin (MOJO)**. According to statements by “EBK1000,” a member of the development team, the decision was made to allocate resources and attention to MojoCoin, with plans to eventually revisit BITZ. However, no updates or developments have occurred since, and the project is considered abandoned.

Question 4

Who created BitzCoin (BITZ)?

Accepted Answer

BitzCoin was developed by a team led by an individual known as "EBK1000" on the Bitcointalk forums. The team’s goal was to create a cryptocurrency focused on simplicity, security, and functionality, aiming to provide a practical digital payment solution. Transparency around costs and development was also emphasised during the project's active phase.

***Although 'BITZ' was the ticker assigned at the deployment of the Bitz Coin Token's smart contract, it is also in use by another asset with a larger market presence and higher trading volume on major exchanges. To avoid confusion in the marketplace, the alternative ticker 'BITZBIZ' has been adopted for this token. This designation ensures that assets are distinctly identified.***

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	BITZBIZ-DOGE bitz_doge	yobit	-	0.07605DOGE	0,00%	0BITZBIZ	0	0.07605DOGE	0.07605DOGE
2	BITZBIZ-BTC bitz_btc	yobit	-	0.0₆1100BTC	0,00%	0BITZBIZ	0	0.0₆1100BTC	0.0₆1100BTC
3	BITZBIZ-WAVES bitz_waves	yobit	-	0.02483WAVES	0,00%	71,42BITZBIZ	5	0.02483WAVES	0.02483WAVES
4	BITZBIZ-USD bitz_usd	yobit	-	0.007700USD	1,32%	71,42BITZBIZ	8	0.007600USD	0.007800USD
5	BITZBIZ-ETH bitz_eth	yobit	-	0.0₅3000ETH	0,00%	0BITZBIZ	0	0.0₅3000ETH	0.0₅3000ETH