Bitget Token (BGB)

What is Bitget Token (BGB)?

The Bitget token, BGB, happens to be a token native to the Bitget cryptocurrency exchange, which is of a centralized nature.

What is Bitget?

Bitget, as stated earlier, is a cryptocurrency exchange. It offers support for over 500 cryptocurrencies with numerous trading pairs, has over 20 million registered users, and is one of the leading exchanges when it comes to derivatives volume.

The Rising Popularity of Exchange-based Tokens

The growing popularity of exchange-based tokens nowadays can be attributed to the benefits that tend to go along with their ownership, often provided by the exchanges themselves.

These benefits, for instance, come primarily in the form of trading fee reductions and other discounts, coupled with exclusive access to ICOs (initial coin offerings) and more.

The Inception and Goals of Bitget Token

The BGB token was released in July 2021 and had the goal of offering its users another form of payment in the ecosystem. Other than that, it serves as a means to incentivize trading on the exchange, which fits into its overarching vision of making cryptocurrencies more popular.

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The Technology Behind BGB

Let’s now turn our gaze toward the technological underpinnings beneath this token, namely blockchain and security.

Blockchain Technology and Bitget Token

Bitget is an ERC-20 token, which implies that it is based on the Ethereum blockchain. Blockchains are essentially these distributed ledgers that every node participating in a network has a copy of.

As for the “ERC-20” here, that refers to the scripting standard that Ethereum utilizes to dictate all the actions or rules that tokens based on its blockchain have to adhere to. So think of it as a set of functions or guidelines.

Security and Technological Infrastructure of BGB

Since BGB is native to the Bitget exchange and is primarily traded and stored there, its security is more or less dependent on that exchange itself.

As for the security measures implemented by the exchange itself, these include a ratio of 1:1 for the proof-of-reserves deployed to secure users’ funds, a 300 million USDT protection fund that serves as insurance against security risks, and cold storage, which is where most of the assets on the exchange, including the BGB token, are stored within multi-signature offline wallets.

Practical Uses of Bitget Token

Here, we will delve a bit into the utility that the token provides for those holding it or for those utilizing the Bitget exchange in general.

BGB in Trading and Transactions

Due to its nature as a token, it may be utilized as a means to trade or conduct transactions with various other cryptocurrencies involved, being paired with the likes of BTC, ETH, USDT, and even fiat currencies.

BGB’s Role in DeFi Projects and Protocols

Within the realm of DeFi, the token may be staked or used as a means to provide liquidity in various other protocols or exchanges, or it may be usable as a medium of exchange to pay for various services not just within Bitget.

Benefits of Using BGB on Bitget

Let’s now shift our focus towards the benefits that will entail its usage within the Bitget exchange.

Trading Fee Reductions and Other Incentives

Like with any other exchange-based token, holding the BGB token will grant some discounts in trading fees, the option to stake and earn, voting rights, and more.

Exclusive Access and Features for BGB Holders

Besides standard earning options, such as airdrops, holding BGB will also grant access to the Launchpad, which implies that one may utilize the token to subscribe to various initiatives and access early-phase investment opportunities.

The Tokenomics of Bitget Token

Let’s now move our attention toward the tokenomics underlying this token, i.e., demand and supply, along with distribution or allocation.

Supply, Demand, and Value of BGB

Currently, the token is valued at around $0.5, with a market capitalization of over $766.8 million and a fully diluted market capitalization of more than $1 billion. The daily trading volume, on the other hand, currently sits at over $18.5 million. As for the supply, both the total and the maximum supply of BGB are exactly 2 billion tokens, with the current circulating supply being exactly 1.4 billion tokens, implying that it has already reached 70% of its maximum supply.

Token Distribution and Allocation Strategies

Moving on to the initial distribution or token allocation, 25% of BGB has been allocated to completely replace its predecessor, BFT, 20% to employee investment, 15% each to ecosystem investment, promotion, and user input, and finally, 10% to the Biget protection fund.

Acquiring and Trading Bitget Token (BGB)

If what has been stated so far has gotten you interested in buying this token or trading with it, then let’s see how that may be carried out on Bitget itself.

Step-by-Step Guide to Purchasing BGB on Bitget

Buying the tokens you want on Bitget, just like any other exchange, will entail several processes, which may take a while.

To summarize, you will need to create an account there, go through KYC to access all of its features or trade without experiencing any limits, make your first deposit, connect your wallet, secure your newly created account through options like 2FA or others, and pick an option with which to buy those BGB tokens, such as swapping, spot, futures, etc.

Once the option has been selected, you can place your first order, after which, once your tokens have arrived, you may finally withdraw them to your wallet.

To register an account on Bitget click on the link below, which will take you to the registration page using a special Coin-Lab referral code.

Trading BGB on Bitget

However, instead of withdrawing those BGB you have acquired, you can simply allocate them to the exchange itself and use them to trade through any of the various options that Bitget provides, such as copy trading, spot trading, futures, etc., all with leverage if you so desire.

Storing and Managing BGB

But if you are going to withdraw them or manage them yourself, then it should be to a wallet that is secure and less susceptible to online threats, and currently, the safest option available to users will likely be cold wallet storage, similar to the one utilized by exchanges like Bitget to manage its users’ funds.

Investment Insights for Bitget Token

Here, we will be looking at the Bitget token as an investment and seeing how it has been performing in that regard.

BGB’s Performance in the Crypto Market

The token was launched during a bear market, which made up for its lowest point back then. However, it has since picked itself up rather well and has been performing decently recently, when compared to its initial worth, having hit its all-time high just this year.

In other words, the fact that it has managed to hold its ground during the entirety of 2022, when most cryptocurrencies weren’t able to, with the sector experiencing failure after failure, is impressive.

Factors Influencing BGB’s Market Dynamics

As with any cryptocurrency, the factors influencing BGB’s market dynamics can include supply, demand, utility, community, volatility, and even social media, among various others.

Also, actions can be taken by Bitget to affect any one of these, such as burn mechanisms or raising awareness about projects on social media outlets, partnerships, and much more. However, these can only go so far, and in the end, external factors, such as user interest or opinion, government regulations, and others, may have more of an impact.

Investment Strategies for BGB

For BGB, there can be a couple of investment strategies that users may undertake with its token, ranging from your typical holding, engaging in ICOs, copy trading, and following the hype to participating in airdrops and much more.

Bitget’s Community Involvement

To encourage more community involvement, the Bitget exchange has launched various initiatives over the years since it was set up.

Speaking of those more recently established, these would include its Builders Program, Bitget Titans, and tours across the world.

The Builders Program, for instance, seeks to recruit more than 100 young talents across the world, providing them with comprehensive training, education, and industry experiences and insights within the areas of cryptocurrency, Web3, and blockchain.

User Participation and Rewards

Now and then, users at Bitget can be eligible to take part in various events and earn some prizes or rewards in all shapes and sizes. Simply visit its announcement center and see the kinds of events that are still up for participation.

Roadmap and Upcoming Developments

While the exchange hasn’t outlined a roadmap for this year or made any major announcements about its development, at least from what we have gathered, considering its nature, one will likely come across new tokens being integrated now and then. For instance, just recently, Bitget announced its support for the Pyth Network, or its native token, PYTH.

Conclusion

Bitget is one of the leading cryptocurrency exchanges and has certain aspects to it that may attract users, particularly those relating to utility. And even from an investment point of view, those who have been holding on to this token would not, by any means, be dissatisfied with how it has been performing recently.

We Coin-Labs.com provides only objective information about Bitget Token (BGB).
Therefore, we are not responsible for the investment decision in Bitget Token (BGB) and the resulting loss.

Bitget Token (BGB) Basics

Here are some factors that investors should consider before investing in Bitget Token (BGB).

Cryptocurrency Features	Bitget Token (BGB) (BGB)
Publisher or Developers	Bitget
Headquarters (Registration Number)
Symbol	BGB
Platform
Published Date (CMC Registration)	2024-11-01
Max Supply	2,000,000,000 BGB

Reliability Score of Bitget Token (BGB) in 2024

These are indexes mesuring the investment reliability of Bitget Token (BGB) conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 1 Exchanges
Number of Available Pairs Worldwide	20 Pairs
Market Cap of the Cryptocurrency	896,090,170 USD (Rank #69)

The table above shows the result of investment suitability evaluation for Bitget Token (BGB).
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Bitget Token (BGB) Price

Here are the price and recent trading volume of Bitget Token (BGB). (Data of 2024-11-02 00:35:00)

Price Items	Price and Trading Volume of Bitget Token (BGB)
Bitget Token (BGB) Price	1.141 USD
Price Change 24h	-0.13%
Price Change 7d	-3.49%
Trading Volume 24h	71,004,377 USD
Trading Volume Change 24h	66.95%

Cryptocurrency Metadata

You can check the development status and social media information of Bitget Token (BGB) through the links in the table below.

Metadata Source	URL
🌎 Official Website	https://www.bitget.com/
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter	https://twitter.com/bitgetglobal
🤖 Reddit
🎺 Message Board	https://www.instagram.com/bitget_official/

Where to Buy Bitget Token (BGB)

Here are the top ten world crypto exchanges where traders can buy Bitget Token (BGB) in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Listed	https://trading.bitfinex.com/t/BGB:USD?type=exchange
OKX	Not listed
Huobi	Not listed
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Not listed

Frequently Asked Questions