The auction, end to end
Eight states. Every one of them recorded.
A chitty round moves in one direction only. Each transition is written to an append-only ledger with the member who caused it and the time it happened.
Irreversible. There is no path backwards.
Bidding
Members bid a discount to be paid early. The lowest bid takes the pot. Bids sit inside a floor and ceiling the group set, and can never exceed the pot itself.
Two guarantors
Before any money moves, two guarantors are named from inside the circle and must accept. Consents are timestamped. Nothing is allocated until both are logged.
Settlement
Both sides confirm. The admin confirms, then the winner acknowledges, then it finalises. No single person can assert a payment into existence.
If your circle uses them
A chitty can run on hands, not just heads.
A member who takes two hands contributes twice each round and may be paid out twice across the cycle. The cycle length follows the group’s total hands, not its member count.
More than one hand
A shopkeeper funding working capital might take two or three hands while a smaller member takes one. Where that happens, Beeshi prices each hand separately and runs the cycle for the total.
Drawing more than one name
Where a sitting settles more than one name, the pot splits between them — so the bid floor and ceiling are set against what a sitting actually pays out, not against the full monthly collection.
Both are fixed when the circle goes live. A period that drew fewer names than its neighbours would hand its winner a larger pot.
What nobody else shows you
Getting paid early is not the same as being ahead.
In a circle of twelve paying ₹5,000 a month, taking the pot in round one might put ₹51,000 in your hand today — and leave ₹55,000 still to pay, ₹5,000 a month for the eleven months that follow.
In your hand today
₹51,000
Still to pay
₹55,000
Every contribution and payout is on the ledger, for you and for your circle, so the position is there to be seen rather than remembered. It is also why an early recipient is asked for stronger guarantors.
An illustration. Your circle’s figures depend on its size, its contribution and what members bid.
Run your chitty properly.
Guarantors, settlements and surplus, all on one ledger.
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