Hivebits (HBIT) is a token on Hive-Engine, a sidechain to the Hive blockchain. HBIT is about slowly getting little bits of Hive.
@Hivebits is like Bitcoin in that you get it by mining and there are 21 million max, split down to 8 decimals.
Bitcoin is mined by effort, by "proof-of-work". Similarly, HBIT is mined by effort, call it "proof-of-comment". HBIT can be "mined" simply by commenting anywhere on the Hive blockchain by typing !HBIT
You can mine once per day. Your mined HBIT will show up in your Hive-Engine wallet.
To mine HBIT, only two things are required:
!HBIT or !hbit or !hivebitsIf you don't have a Hive account already, you can use my referral link at https://ecency.com/signup?referral=crrdlx and I will support you as you start out. Or, go to the main Hive signup site at https://signup.hive.io and choose an option.
Max supply: 21 million
Decimal precision: 8
Background
I started the @LUVshares project as a comment-based tip/engagement/appreciation token with the intent of sharing love with others on the Hive chain. It seems to have been well-received. In time, it became clear that some users were issuing LUV to themselves using alternate accounts. They were self-tipping. Although the engagement is appreciated, LUV's goal is to give to others.
Enter HBIT. Here, a Hive user can mine for one's self. This is actually the exact intent of Hivebits: Your effort, your reward.
It's worth noting: within a 24 hour period, the intent for HBIT mining is per-person, not per-username. If users are suspected of abusing this, they'll be contacted and possibly blocked.
How it works
HBIT is a comment-based token similar to others on Hive, like LUV. However, HBIT works differently...
!HBIT, not to the person being replied to. HBIT is a comment-mine token because the replier gets the token.The !HBIT command should work anywhere on Hive Feel free to comment on this post to test and see how it works [EDIT]..."anywhere" was incorrect. You can comment/reply on Hive anywhere EXCEPT to the 
HBIT is all about slow-and-steady persistence. It's about getting on chain, exerting a little effort, then gaining little bits of Hive. Like your morning coffee...daily Hivebits, daily HBIT.
Value and use
"What's it worth?", you ask. I don't know. The value of HBIT will be determined by the open-and-free market. That's how value works.
The market is at https://tribaldex.com/trade/HBIT I also made some value checker tools to help answer questions like this and may add HBIT.
Hivebits will start with a "fair launch". By this, I mean that everyone will start out with zero HBIT and everyone will have the same opportunity to earn HBIT via mining. A few test transactions were made, but those tokens have been returned to the source/reserve @Hivebits account to launch. See the numbers:
For transparency, you can monitor the token and transactions in places like:
There are only three ways HBIT can be obtained: (a) mine it, or (b) receive it as a gift after someone else has mined it, or (c) buy it on the open market after someone else has mined it. The @Hivebits account will not sell or give HBIT. The account exists solely to distribute the token. Thus, behind every HBIT, or small bit of HBIT, there has been someone's conscious effort and activity on the Hive blockchain. If nothing else, HBIT is backed by this fact.
Once in users' wallets, HBIT can be held, given, or sold. "Price discovery" on the market will reveal the HBIT value.
Possible use-cases for HBIT are:
You mine HBIT. On the Hive-Engine market, you sell HBIT to gain SWAP.HIVE You withdraw the SWAP.HIVE to get HIVE. On a market with a HIVE/BTC pairing, you sell HIVE to gain BTC. It would be very small, but boom!...HBIT-to-BTC. Hive-to-Bitcoin.
Issuance/minting and emission: This requires a little explanation.
HBIT tokens will be issued/minted to the @Hivebits account as needed to keep the "hbitbot" supplied. Issuance/emission does not mean the tokens are in users' wallets. Instead, they are simply being held in reserve by the @Hivebits account which sends out the tokens. HBIT will only be released into the wild to users when they are mined by users who comment with the !hivebits command.
Emission refers to how fast tokens are released. This is a bit hard to predict. The initial intent is to generally follow the curve of Bitcoin's emission: fast at first, then medium-fast, medium, then slow. I say generally because (a) this is not hard-coded anywhere, but serves as a guideline, and (b) there are a couple of factors at play:
Summed, #1 above suggests the key point...this is all hard to predict. Which leads to...
A disclaimer: there are no guarantees with HBIT in any way. Consider this entertainment. Regarding the bot, I'll try to keep it running, however I'm sure there will be down times. Also, my primary focus will be to maintain LUV.
Follow this account and/or join the Discord at https://discord.gg/K5GvNhcPqR to keep up.
HBIT is a token on the Hive-Engine sidechain to Hive. Users on the Hive blockchain can mine HBIT daily simply by commenting with the command: !hivebits
written by
:)
Hivebits (LUVshares) Discord: https://discord.gg/K5GvNhcPqR
Hivebits creator:
Join Hive.
Consider using my referral link to get your free Hive account here and I'llsupport you as you start. Alternately, go to https://signup.hive.io/ and choose an option.