In recent years, recurrent crypto scams have harmed various users in the NFT market. Fraudulent activities like wash trading and circulation of counterfeit copies persist, discouraging potential investors despite genuine interest in NFTs.

Some data providers offer tools for NFT analysis, including fraud analytics, yet most operate centrally, lacking transparency. They mainly focus on basic data points rather than identifying fraud. Addressing these issues, bitsCrunch (BCUT), a decentralized platform, provides NFT enthusiasts with comprehensive forensic analytics to mitigate scam risks. Utilizing AI models, bitsCrunch offers transparent operations and detailed analytics on NFTs and collections.

In this blog, learn more about bitsCrunch (BCUT) and how to buy BCUT tokens in India.

About bitsCrunch

bitsCrunch (BCUT) is a decentralized NFT data network that employs a DPoS blockchain to leverage AI algorithms. This infrastructure provides comprehensive NFT analytics, including forensic examination and fraud detection. Users engage with the bitsCrunch network by submitting queries related to NFTs and collections and receiving detailed analytics and fraud assessments.

The crux of bitsCrunch’s value proposition lies in its extensive use of AI models for NFT analytics, valuation, and fraud identification. Its emphasis on AI and its truly decentralized nature set it apart as a distinctive project in an arena dominated by Web 2.0 centralized entities that primarily furnish basic NFT statistics.

Key Features of bitsCrunch

The primary features and offerings of bitsCrunch encompass:

• NFT Market Insights: Using AI technology, the platform furnishes precise and comprehensive insights into NFTs, empowering users to make well-informed investment choices.
• Forensic Data: bitsCrunch provides detailed forensic data on NFTs, helping users identify potential risks, detect fraudulent activities, and uphold security measures.
• Smooth API Integration: Developers can seamlessly integrate bitsCrunch data into their applications via the platform’s APIs, further promoting innovation and the expansion of the NFT ecosystem.
• Community-centric Ecosystem: The platform fosters a community-driven ethos, encouraging individuals to contribute code or content and facilitating the ongoing growth and enhancement of the data and services provided.
• Compatibility Across Platforms: bitsCrunch supports data from diverse blockchains and NFT marketplaces, delivering users a comprehensive, unified information source.
• Trustless and Scalable Architecture: Leveraging a decentralized framework, the bitsCrunch network eradicates the necessity for intermediaries and centralized entities. Users can confidently access and utilize the platform’s services and data, ensuring its accuracy and impartiality.

About bitsCrunch Token (BCUT)

BCUT, the native token of bitsCrunch, was launched on February 20, 2024. This token serves several crucial functions within the network:

• Staking: Functional nodes are required to stake BCUT to actively participate in the platform and receive rewards for their contributions. Delegator nodes also utilize BCUT to support their chosen functional node operators and earn a portion of the rewards.
• Access to Services: End users make payments using BCUT to pay for submitting their NFT queries.
• Rewards for Functional Nodes: Contributor nodes, which provide AI and ML models and code to the network, are rewarded with BCUT. Similarly, other functional nodes earn BCUT rewards for their activities on the platform.
• Governance: BCUT holders have the opportunity to stake their funds in the bitsCrunch DAO, granting them the ability to engage in on-chain governance procedures. By staking and becoming a member of the DAO, individuals can propose platform improvements and participate in the voting process to determine their implementation.

bitsCrunch Tokenomics

BCUT operates as a token with a capped supply, ensuring that the maximum and total supply remains at 1 billion. The distribution of the token’s supply is outlined as follows:

At the time of writing:

Trading price: $0.2688

Global Market Cap: $23.75 million

Global Trading Volume: $659,601.25

Circulating Supply: 92.3 million BCUT

Total Supply: 1 billion BCUT

Token Allocation

23% allocated to Backers

17% designated for the team and advisors

6% earmarked for the CoinList Sale

17% allocated for Community Incentives

24% allocated to the Treasury

13% allocated for Growth and Reserve purposes

Now, let’s see how you can bitsCrunch (BCUT) in India in 2024.

Buying bitsCrunch (BCUT) in India

Below are a few simple steps you can follow and buy the BCUT token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy BCUT tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy BCUT using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling BCUT, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy BCUT through P2P to the WazirX wallet. The BCUT will act as funds to help you buy your favorite cryptos.

Step 5 – Finally, buy BCUT on WazirX.

You can now easily purchase BCUT tokens using INR Deposits. In the case of P2P trade, check BCUT to INR here and BCUT to USDT here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

The order might take a few minutes to complete, but as soon as it is executed, you will receive the BCUT Tokens you purchased in your WazirX wallet.

Happy Trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.