# BiTS - pieces of BTC

**Published by:** [BiTS](https://paragraph.com/@bits-2/)
**Published on:** 2022-04-21
**URL:** https://paragraph.com/@bits-2/bits-pieces-of-btc

## Content

An experimental NFT project that started from a couple of what if’s and a love of waves.What if, fractions of BTC traded as individual units?What if, NFTs were backed by a real floor?BiTS tackles all 3 - An ERC 721 compatible project with a Bank, a Mint, and pseudo-random waves. LifeCycle of a BiT Minting - Deposit fractions of WBTC with the Bank and the Mint mints a fully on-chain BiT, backed by your deposit. All metadata associated with the BiT is on-chain. There is a one-time variable minting premium capped at 10%. Life - The minted BiT can then be held forever, traded, gifted, or transferred. There are no royalties except during mint for the life of a BiT. Redemption - Current owner of a BiT can redeem it anytime, during redemption the Bank will transfer the mint deposit to the owner’s wallet and instruct the Mint to burn the BiT. Traits of a BiT Types - There are 5 units of BiTS. They each represent the deposit amount backing the BiT.MILLI - 0.001 WBTCCENTI - 0.01 WBTCDECI - 0.1 WBTCONE - 1 WBTCDECA - 10 WBTCMessage - During the minting process, the requester gets to print a message on the BiT. Messages are case-insensitive and unique. So a sequence of characters already used on a BiT cannot be duplicated. However, upon redemption, the message string becomes available for future mints. Waves Background - We love waves. Each BiT also gets a unique pseudo-randomly generated waves background during the minting process. These are unique to every BiT as well. Flex - Higher denominations have a higher character limit. ONE and DECA units also get seals. Release Coming soon! Check out our test net (Goerli testnet) release at https://test.bitsnft.xyz For the Goerli testnet USDC is used as the backing deposit instead of WBTC.

## Publication Information

- [BiTS](https://paragraph.com/@bits-2/): Publication homepage
- [All Posts](https://paragraph.com/@bits-2/): More posts from this publication
- [RSS Feed](https://api.paragraph.com/blogs/rss/@bits-2): Subscribe to updates