Bitget, launched in 2018, is a leading global cryptocurrency exchange serving over 8 million users across more than 100 countries. At the center of Bitget’s ecosystem lies BGB (Bitget Token), a utility token that brings multiple benefits to users. This guide explores everything you need to know about $BGB, including how it works, its perks, and more.
KEY TAKEAWAYS
➤ BGB is Bitget’s native token. It is designed to improve user experience through utility-driven features.
➤ BGB holders enjoy trading fee discounts, early access to new projects, profit-sharing opportunities, and participation in exclusive events.
➤ Bitget uses a buyback and burn deflationary mechanism to reduce BGB’s circulating supply, which can potentially increase its value.
What is BGB (Bitget Token)?
BGB is the native utility token of the Bitget exchange. It facilitates rewards, trading fee discounts, exclusive privileges, and access to Bitget’s advanced trading ecosystem. BGB supports Bitget’s long-term vision of creating a comprehensive trading platform that bridges centralized and decentralized finance.
KEY DETAILS
Launch date: Jul. 26, 2021
Token standard: ERC-20
Total supply: 2 billion BGB
Circulating supply: 1.4 billion BGB (as of December 2024)
Issue price: $0.0585
Contract address: 0x19de6b897Ed14A376Dda0Fe53a5420D2aC828a28
BGB is a fully compliant ERC-20 token built on the Ethereum blockchain. This ensures compatibility with Ethereum’s extensive network of decentralized applications (DApps) and wallets.
Token distribution
BGB’s total supply is divided across various categories to incentivize growth and reward participation:
- 25% of the total supply was exchanged for Bitget’s previous token (BFT).
- 20% is allocated for team incentives to support platform development and long-term commitment.
- 15% is reserved for branding and KOL partnerships to drive user acquisition and global outreach.
- 15% is dedicated to ecosystem development to support the integration and expansion of BGB’s utilities.
- 15% is allocated for referrals to reward users who invite others to join Bitget.
- 10% is designated for the investor protection fund, ensuring stability during market disruptions.
➤ Bitget employs a buyback and burn strategy to reduce the circulating supply of BGB. This deflationary mechanism creates scarcity, potentially increasing the token’s value over time. As the platform grows, this process supports the long-term value of BGB.
Bitget token price history
BGB was launched at $0.0585 and has since seen steady growth. A large chunk of its success is driven by Bitget’s expanding user base and ecosystem development.
Some of its key milestones include:
- 2021: Launched with an initial supply of 2 billion tokens.
- 2022: Gained traction as Bitget grew into the largest crypto copy trading platform.
- 2023: Adoption surged, with increased usage across Launchpad, Launchpool, and trading discounts.
- 2024: BGB hits all-time highs driven by Bitget’s global market expansion and new token utilities.
As of Dec. 17, 2024, BGB is the 31th-largest cryptocurrency by market cap ($5.02B) and is trading at roughly $3.6.
Advantages and benefits of holding BGB
You can expect several benefits by accumulating BGB in your portfolio. The token’s integration across multiple platform features improves trading efficiency, reduces costs, and rewards user participation. Some of the key benefits of holding BGB include:
Early access to new projects
Holding BGB gives you early access to promising crypto projects through Launchpad and Launchpool. For those out of the loop, Launchpad allows users to purchase tokens of carefully selected projects during their early investment stages. Similarly, Launchpool enables you to stake BGB and earn free tokens.
Overall, both these features give holders a significant advantage by allowing participation before tokens become publicly available.
Transaction fee discounts
You also stand a chance to benefit from reduced trading costs by holding BGB. For instance, if you pay your spot trading fee with BGB, that alone earns you a sizeable 20% discount. Perks like this make it especially beneficial for active traders looking to optimize their trading expenses.
Profit-sharing opportunities
BGB enhances profit-sharing opportunities for traders participating in Bitget’s copy trading ecosystem. Traders who hold BGB can earn up to 10% commission from the profits generated by their followers. This encourages skilled traders to share strategies while rewarding their success.
Access to Groupcoin events and voting
BGB holders gain access to Groupcoin events, where mainstream tokens can be purchased at discounted rates. Additionally, the Vote to List feature allows holders to vote for new token listings on Bitget. Supporters of winning projects receive airdrop rewards, which adds further value to their participation.
BGB lottery and rewards
As a BGB holder, you are eligible to participate in the BGB lottery, where you get to claim daily tickets to win rewards distributed through platform-sponsored airdrops. This adds an element of excitement and rewards user loyalty.
Higher APY returns and free withdrawals
Large BGB holders can maximize their returns through the BGB Earn program, where staking BGB offers higher annual percentage yields. Additionally, holders benefit from one free withdrawal per day, improving liquidity and flexibility.
BGB vs. other centralized exchange (CEX) tokens
BGB competes with other major centralized exchange tokens, such as Binance Coin (BNB) and KuCoin Token (KCS).
While BNB benefits from Binance’s market dominance, BGB’s utilities are tailored to its thriving copy trading ecosystem. KCS offers profit-sharing benefits but somewhat lacks the breadth of use cases provided by BGB.
Here’s how the three big CEX assets stand in a comparison:
| Feature | BGB | BNB (Binance Coin) | KCS (KuCoin Token) |
| Blockchain | ERC-20 (Ethereum) | BNB Chain | ERC-20 (Ethereum) |
| Total supply | 2 billion | 200 million | 170 million |
| Trading fee discount | 20% (spot trading) | 25% (spot trading) | 20% (spot trading) |
| Additional benefits | Launchpad, Launchpool | Launchpad, staking | Profit-sharing rewards (among other use cases) |
| Deflation mechanism | Buyback and burn | Quarterly burn | Buyback and burn |
How to buy BGB
In addition to the Bitget exchange, BGB is available on several other platforms, including MEXC, Bitfinex, and UniSwap. Here’s the generic process for buying BGB, irrespective of the platform you choose.
In a nutshell, to buy BGB, you must:
- Sign up on the platform of your choosing
- Verify your identity to unlock full trading features (this may not be required on some no-KYC platforms).
- Transfer USDT or other supported cryptocurrencies/fiat into your account.
- Go to the spot market and search for the BGB/USDT trading pair (or any other supported pair).
- Execute a market or limit order to buy BGB.
- Transfer BGB to a secure wallet for long-term storage if preferred.
Note: If buying BGB on Bitget, the token can also be purchased directly via credit card, bank transfer, or Google/Apple Pay.
Is BGB worth an investment in 2024?
BGB plays a central role in Bitget’s growing ecosystem. It offers tangible benefits like trading fee discounts, early access to new projects, and profit-sharing opportunities for traders. With a (so far) solid deflationary mechanism and expanding privileges, BGB provides significant value for holders.
That said, keep in mind that BGB is not immune from the crypto market’s inherent and frequent volatility. While its price is steadily growing over the long haul, the token does experience sharp ups and downs in a turbulent market. So invest carefully and spend only what you are comfortable losing, just in case things go south. Notably, the token is also intrinsically tied to Bitget’s success. Just as BNB suffered upon negative news surrounding Binance, BGB is similarly exposed should Bitget run into any trouble.
Disclaimer: This article is for educational purposes only and does not represent financial advice. Always conduct thorough research and consult a financial expert before investing.
Frequently asked questions
What is BGB, and what is its purpose?
How can I buy BGB?
What are the benefits of holding BGB?
Does BGB have a deflationary mechanism?
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