The cryptocurrency landscape has seen a significant evolution since its inception. From the early days of Etherdelta to the more sophisticated platforms like FTX, a myriad of exchanges—both centralized and decentralized—have risen, and some have even vanished, leaving a significant impact on the crypto ecosystem.
Within this crowded space, distinguishing between those that are simply following trends and those genuinely committed to innovation is crucial. This brings us to Bitget, an exchange that carved its path during a bear market and has since remained steadfast in its commitment to providing an advanced yet user-friendly trading platform.
Background
In a landscape where many startups buckle under pressure, Bitget emerged as a resilient entity, forged in the crucible of challenges. The company’s origins can be traced back to a time when blockchain technology was still considered a fleeting craze, akin to the “tulip mania” of the 17th century. Unfazed by the skepticism, Bitget’s founders, who had a rich history in traditional finance, delved into the world of cryptocurrencies. Their deep dive into the Bitcoin whitepaper and Ethereum’s burgeoning ecosystem cemented their belief in the transformative power of digital currencies.
Bitget’s official journey began in 2018, a year marked by a significant market downturn that tested the mettle of even the most ardent crypto enthusiasts. While many fled the scene, a committed 10% stayed back to build and innovate. It was among this tenacious minority that Bitget found its genesis. True to its birth in a bear market, the company has maintained an unwavering commitment to user-centric service, innovative product development, and a focus on long-term sustainability. Through this steadfast approach, Bitget aspires to change how people interact with cryptocurrencies, one trade at a time.
What is Bitget?
Bitget stands as a prominent global crypto exchange, though it’s not available in certain regions like the United States, Canada, and countries facing sanctions. Specializing in both spot and futures trading, the platform has carved out a unique niche with its copy trading feature, which enables users to mimic the strategies of elite traders. Recognized as one of the top 20 exchanges on CoinMarketCap, Bitget boasts an extensive selection of over 560 tokens across more than 775 trading markets.
When it comes to the safety of customer funds, Bitget doesn’t cut corners. The platform operates under stringent security protocols that include a 1:1 ratio for Proof of Reserves. This guarantees that the exchange has sufficient reserves to cover all customer balances. Further fortifying its security measures, Bitget employs cold storage solutions, keeping a majority of users’ assets in multi-signature offline wallets. Additionally, a $300 million USDT protection fund has been set up to shield users from potential security risks.
Although Bitget supports fiat deposits and withdrawals, there is room for improvement in its “earn product” offerings and crypto asset support. Despite this, the platform’s unwavering focus on security and privacy makes it a go-to choice for those looking to trade or invest in the cryptocurrency space. As Bitget themselves put it, their platform allows you to “trade alongside the best,” enabling you to elevate your investment game with just a single click.
Bitget vs Binance
When it comes to cryptocurrency exchanges, Binance is often the first name that comes to mind, boasting the largest trading volume globally. With a user base of over 90 million worldwide, the platform offers an expansive array of services, including more than 380 cryptocurrencies and over 1700 trading markets. It is, without a doubt, an industry giant.
Bitget, although smaller in scale with a user base of around 10 million, punches above its weight. The platform offers an impressive variety of products and services while maintaining a high level of security. Both platforms have their merits, and the choice between them ultimately boils down to individual preferences and specific needs.
Binance excels in offering a wide variety of cryptocurrencies and markets, making it ideal for those looking for extensive options. On the other hand, Bitget shines with its specialized features like copy trading, as well as its focus on both spot and futures trading.
$BGB
The Bitget Token, known as BGB, serves as the cornerstone of the Bitget platform’s ecosystem. Unlike some tokens that have limited functionality, BGB is versatile, fulfilling various roles within the platform. One of its primary purposes is to act as a proof of rights and interests, giving users at different levels distinct privileges within the Bitget ecosystem.
In addition, BGB plays a unique role as a social token, facilitating interactions between fans and copy traders. This social element enhances community engagement and adds a layer of trust and collaboration among users.
Another noteworthy utility of the BGB token is its ability to offer fee discounts. If you’re an active trader, the benefit of reduced trading fees can add up significantly over time, making BGB valuable for frequent users of the platform.
Why Should You Hold BGB?
There’s more to holding BGB Tokens than you might initially think. As the native utility token of Bitget, BGB offers its holders a plethora of exclusive benefits that not only enhance their trading experience but also provide various avenues for investment and savings. Here are some compelling reasons why you might consider holding BGB:
Launchpad Access
By holding BGB, you can gain special access to new and carefully curated project tokens in their nascent stage. This is an excellent way to get ahead of the investment curve and be part of potentially lucrative ventures from the get-go.
Free Staking in Launchpool
With BGB, you can stake your tokens in the Launchpool to earn a stake in qualifying project tokens, all without any additional charges. It’s an effortless way to diversify your crypto portfolio.
Reduced Transaction Fees
If you frequently engage in spot transactions, BGB can be particularly beneficial. Users who opt to pay using BGB can avail themselves of a 20% discount on transaction fees, which can result in significant savings over time.
Groupcoin Discounts
Holding a certain amount of BGB tokens allows you to buy mainstream tokens at discounted rates under the Groupcoin initiative. It’s like having a VIP pass to some of the most sought-after cryptocurrencies.
Profit-Sharing Benefits
BGB token holders are eligible for a share in the profits generated by their followers. Specifically, you can earn up to 10% of the commission from the profits your followers make, adding an extra income stream to your trading activities.
Vote and Earn
The democratic feature of BGB lets you use your tokens to vote on potential listings on the Bitget exchange. As a cherry on top, you’ll receive airdropped tokens from the successfully listed project you supported.
Conclusion
From its humble beginnings in a bear market to the comprehensive suite of features it offers today, Bitget has come a long way. With its unique features such as copy trading, spot and futures trading, and a native utility token (BGB) that provides multiple benefits to its holders, Bitget has positioned itself as a secure and dynamic platform.
The exchange continues to innovate, as evidenced by its recent launch of AI-based trading strategies like the Martingale and Grid trading. The next significant event on the horizon for Bitget is the expected token halving, slated for sometime between 2022 and 2026. This event is likely to create scarcity, potentially increasing demand and positively impacting the price of BGB tokens.
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- Source: https://www.asiacryptotoday.com/bitget/
