On the 8th of February Bitcoinus announced that they were upgrading the Smart Contract and this required a token swap however and at the same time they are encouraging investors to keep their tokens in the Bitcoinus wallet which is access via their website.
One small part they failed to communicate was that they were going to mint an additional 100,000,000 BITS tokens without telling anyone. No real reason has been given for the token swap and only their first Smart Contract is on GitHub.
It cannot be stressed enough that you should maintain control over your tokens and coins and keep them safe in a hardware wallet where possible. In this case I would suggest keeping a small amount of BITS in the Bitcoinus wallet to receive the benefit of a personal IBAN number if this is something you need and the remainder in a hardware wallet. For more information read the guide Secure Storage of Cryptocurrency for Coins and Tokens.
While facing with bear cryptocurrency market, Bitcoinus decided that there is a time to make the serious system upgrade to bring more token functionality for all the BITS holders.
Bitcoinus has developed ‘CORE’ which is an internal system upgrade, excluding user interface project from backend project. ‘CORE’ allows to make direct integrations to third party systems to provide crypto deposits/withdrawals/trade. Its operation is based on ETH blockchain with a new Smart Contract integrated. The reason for swapping from old Smart Contract to a new one, is to provide even more functionality for our users. The upgraded version will increase security and speed of crypto-fiat operations. Not only that, but a new Smart Contract will bring huge benefit for BITS holders by the means of that BITS holders, who deposits their tokens at Bitcoinus wallet, will have tokens swapped with the same amount of BITS they already have.
Transfer your BITS tokens into your Bitcoinus wallet to get the new BITS.We strongly recommend you to deposit BITS to your BITCOINUS accounts to make them swapped otherwise they will be expired.
There is no time to waste — time to get new BITS with upgraded functionality!8th of February 2019 | News that BITS holders shouldn’t miss!
The Old and the New
Old BITS Token | 59,294,347.651966078061368502
Contract | 0xcc53C2E5e2421cb5a5307Ed1C229816d71266292
New BITS Token | 159,294,347.651966078
Contract | 0xc38f1fb49acdf2f1213caf3319f6eb3ea2cb7527
Current BITS Smart Contract @ GitHub.
Upgrading the tokens
There are two ways to upgrade your tokens, one is the Bitcoinus web wallet and the other is HitBTC which is fortunate as they charge a minimum 4000 BITS tokens to withdraw.
To be continued…..