What Currency Is BIT?

BIT is a crypto token used in the BitDAO and Mantle ecosystems—not a national currency. Learn what BIT means, how it works, and why it's not Bitcoin.

What currency is BIT?

If you’ve seen the term BIT in a digital wallet, investment platform, or online exchange, you might be wondering what it stands for and whether it’s a currency. This guide is written for crypto-curious consumers, investors, online traders, and financial professionals. We’ll explain what BIT refers to, where it’s used, and how it differs from more established currencies like Bitcoin or fiat money.

BIT: A digital asset, not a national currency

BIT is not a recognised national currency like the pound (GBP), dollar (USD), or euro (EUR). Instead, it’s most commonly associated with cryptocurrency projects, and depending on the context, “BIT” can refer to different things in the digital finance world.

The most common references are:

1. BIT as the token for BitDAO (now Mantle Network)

  • Token name: BIT

  • Blockchain: Ethereum (ERC-20 token)

  • Purpose: Originally used to govern the BitDAO decentralised autonomous organisation (DAO), BIT is now transitioning to power the Mantle Network, an Ethereum Layer-2 scaling solution.

BitDAO aimed to support blockchain innovation by funding decentralised projects. As of 2023–2024, the community began migrating from BIT to Mantle (MNT), meaning BIT tokens are being phased out and replaced.

Use case:

  • Governance voting on decentralised projects

  • Staking within the Mantle ecosystem

  • Temporary storage of protocol reserves

Important: BIT is not a currency in the traditional sense—it is a governance and utility token, not legal tender.

2. BIT as a generic term or mistake for Bitcoin (BTC)

Some users mistakenly use “BIT” when they mean Bitcoin (BTC). This is not correct. The official currency code for Bitcoin is BTC, and it’s a separate, much larger cryptocurrency entirely unrelated to BitDAO or the BIT token.

If you see “BIT” used in online chats or informal exchanges, check the platform to see if it really means:

  • BIT token from BitDAO/Mantle

  • Bitcoin (BTC)—if so, this is an error in shorthand

How BIT differs from national currencies

  • No legal tender status: BIT cannot be used to pay taxes or settle official debts.

  • Volatility: Like most cryptocurrencies, BIT’s price is subject to extreme market swings.

  • Not central bank-backed: It operates on a decentralised blockchain, not under the control of any government.

  • Requires digital wallets: You’ll need a compatible wallet (e.g. MetaMask) to hold or transfer BIT tokens.

  • Limited real-world usage: Unlike major cryptocurrencies like Bitcoin or Ethereum, BIT is not widely accepted as payment.

Tips for managing or investing in BIT

  • Check the project status: The BIT token is in transition to Mantle (MNT). If you’re holding BIT, consider migrating your tokens via official channels.

  • Use a secure wallet: Store BIT in a recognised ERC-20-compatible wallet and avoid phishing sites.

  • Do not confuse BIT with BTC: Always verify the token name, contract address, and network when trading.

  • Monitor governance proposals: If you’re involved in the Mantle community, BIT may still be relevant for on-chain votes during the migration period.

FAQs

Is BIT the same as Bitcoin?
No. Bitcoin = BTC. BIT is the token for BitDAO and the now-developing Mantle ecosystem. They are separate assets.

Can I use BIT to buy things?
Not generally. BIT is not widely accepted for payments and is used mainly within the Mantle/BitDAO governance system.

Where can I buy or sell BIT?
You can trade BIT on major cryptocurrency exchanges such as Bybit or Gate.io, though liquidity may decrease as the token is phased out.

Is BIT still active?
As of 2024, BIT is being replaced by MNT (Mantle). BIT holders are encouraged to migrate their tokens via the official Mantle portal.