Question 1

What is BGBTC?

Accepted Answer

Bitget Wrapped Bitcoin (BGBTC) is a wrapped version of Bitcoin (BTC), pegged 1:1 with BTC and available exclusively on Bitget. Users can send and receive BGBTC on Ethereum network.

Question 2

Why choose BGBTC?

Accepted Answer

BGBTC, a wrapped version of BTC supported by the Bitget exchange, acts as a bridge between the Bitget CEX and various Bitcoin ecosystem projects. It allows users to hold BTC while earning profits in the DeFi space. Bitget plans to expand BGBTC's on-chain use cases, enabling users to benefit from BTC's price growth while accessing new opportunities in the broader DeFi ecosystem.

Question 3

How does BGBTC work?

Accepted Answer

Users can subscribe to and redeem BGBTC through the BGBTC subscription channel on the product page. Additionally, users can stake BGBTC on Bitget Earn. Bitget will be collaborating with multiple Bitcoin DeFi projects to offer diversified yield opportunities.

Question 4

Where do the profits come from?

Accepted Answer

Bitget partners with multiple DeFi projects in the Bitcoin ecosystem, allowing users who stake BGBTC to earn stackable reward points (BGPoints) from various projects. These points can be converted into token airdrops after the projects' token generation events (TGEs). You can check the participating projects on the subscription page.

Question 5

Is BGBTC safe?

Accepted Answer

[object Object],Your assets are jointly safeguarded by Bitget and Cobo. Bitget is a trusted and secure cryptocurrency exchange that has operated without any security breaches since its launch in 2018. BTC assets are stored in MPC wallets with multi-signature technology, ensuring no single party can alter transactions unilaterally.

Question 6

What are the fees for BGBTC?

Accepted Answer

[object Object],Subscribing and redeeming BGBTC involve blockchain network transfers, which incur transaction fees.,When subscribing to BGBTC with BTC, the platform charges a 0.00% fee on the subscription amount.,When redeeming BTC for BGBTC, the platform charges a 0.00% fee on the redemption amount.,Fees may be adjusted dynamically based on blockchain network activity. Please check the fees on the confirmation page before subscribing to or redeeming the product.

Question 7

Does the value of BGBTC increase over time?

Accepted Answer

No, BGBTC maintains a 1:1 conversion rate with BTC at all times.

Question 8

What is the difference between BGBTC during the pre-launch and after the official launch?

Accepted Answer

During the pre-launch period, staked BGBTC cannot be withdrawn to the blockchain.,During the pre-launch period, staked BGBTC cannot be redeemed. The redemption date will be announced later.,[object Object]

Question 9

Can I partially redeem BGBTC? Are there any limits?

Accepted Answer

After the pre-launch promotion ends, you will be able to redeem and convert BGBTC. You can choose to partially or fully redeem your BGBTC without limits. However, during periods of network congestion or high activity, redemption may take longer than usual. We appreciate your patience and understanding.

Question 10

Are redemption and conversion the same? What are the differences in timing?

Accepted Answer

No, they are different. Redemption involves unstaking your BGBTC, which typically takes around 7 days, depending on the time required for the project to process the unstaking request on the blockchain. Conversion, however, is the process of converting BGBTC back to BTC, which is credited immediately. You can monitor the progress and status of your redemption at any time.

Question 11

Can I still receive BGPoints after redemption?

Accepted Answer

Once redemption begins, the redeemed portion will no longer earn BGPoints. Only the BGBTC you continue to hold will accumulate BGPoints.

Question 12

What happens if I transfer or sell my BGBTC?

Accepted Answer

If you transfer or sell your BGBTC, the locked BTC will be transferred to the new owner. However, any BGPoints accumulated before the transfer or sale will remain in your account.

Question 13

Can I cancel a redemption request after it starts?

Accepted Answer

No, redemption requests cannot be canceled once initiated. However, you may choose to stake your BGBTC again after the redemption is completed.

Question 14

What are BGPoints?

Accepted Answer

BGPoints are reward points issued by Bitget, exclusively used to claim BGBTC staking rewards.

Question 15

Where will BGPoints be displayed?

Accepted Answer

BGPoints will appear on your Assets page and will be updated at a fixed time each day.,[object Object]

Question 16

How can I earn BGPoints?

Accepted Answer

The easiest way to earn BGPoints is by staking your BGBTC. As we roll out new partnerships and integrations, more opportunities to earn BGPoints will become available.

Question 17

Will I lose my BGPoints?

Accepted Answer

No, your BGPoints will not be lost. They will still appear on your Assets page after you redeem BGBTC. After Season 1 officially launches, you can either settle your BGPoints early or hold onto them until the token airdrops from the underlying projects are distributed. BGPoints will be reclaimed by the platform once early settlement occurs or all token airdrops are completed.

Question 18

Can I settle my BGPoints early?

Accepted Answer

Yes, you can initiate early settlement of BGPoints on the Assets page. However, this option is only available once all your assets have been fully redeemed. Returns from early settlement will be discounted based on the current market pricing of the project points. The exact APR will be displayed on the page when you click "Settle Early." Please refer to the announcement for the specific launch date of this feature.

Question 19

Can I transfer my BGPoints?

Accepted Answer

BGPoints cannot be transferred, but they will be reclaimed by the platform through the early settlement feature.

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