BTCST — FAQs (January 2021)
With our successful debut on Binance Launchpool, BTCST has become the benchmark hashrate token with deep market liquidity and robust price premium.
We have received many inquiries since then. We have summarized the most commonly asked questions and their answers below. This document will be updated from time to time to reflect the latest project updates.
If additional answers are needed, please join our Telegram community at https://t.me/BTCST_Community_EN
How do I stake BTCSTs to mine BTC?
Do I have to use MetaMask?
No. Any wallet that supports Binance Smart Chain works. This includes TrustWallet, MathWallet, and many others. The steps to follow are substantially the same with those for MetaMask.
If you are using a mobile app, the steps typically begin with launching the wallet app and pointing the internal browser to https://get.1-b.tc. If the iOS or Android version of a wallet does not work well, consider using the desktop browser extension version of the wallet.
I followed the steps and failed to stake/unstake. What are the common reasons for failure?
- Switch to BSC: BTCST is a Binance Smart Chain token. Make sure to switch your wallet to Binance Smart Chain mainnet. For example, if you see an Ethereum logo in your wallet’s address bar, you are still on Ethereum. Our dApp will not work until the chain has been switched to the Binance Smart Chain mainnet.
- Have BNB (Binance Smart Chain version): To interact with our dApp, you must have a small amount of BNB (Binance Smart Chain version) in your wallet to pay for the network transaction fee. If you do not have any BNB (or if you have the wrong version of BNB), you will not be able to interact with our dApp.
Can I mine BTC with BTCSTs if my BTCSTs are in my exchange account or in my own wallet?
You must stake your BTCSTs to mine BTC. Owning BTCSTs in an exchange account or keeping BTCSTs in your wallet is NOT staking. Follow the guide here to stake.
Is there a minimal amount requirement for staking?
Can I unstake at anytime?
Yes. But you may be unable to claim BTC rewards for the last day of staking. Read more about it here.
Exactly how many BTC can I make for one day of staking a certain number of BTCSTs?
Visit our dApp and use the Stats page, where an Estimated Rewards Calculator will generate an accurate forecast using real-time data.
I have staked. Why don’t I have available BTC to claim?
As explained in our whitepaper and here, only BTCSTs staked through a full day (specifically, from 8:00 pm Singapore time on Day 1 to 8:00 pm Singapore time on Day 2) are entitled to share the daily rewards from that day.
- Important: If your staked coins are moved during that day, they become ineligible.
- Important: If your staked coins are staked later than 8:00 pm Singapore time on Day 1, they are ineligible for rewards from Day 1 — Day 2.
- Important: If you intend to claim rewards from the last day of staking, do NOT unstake until rewards from the last day have been deposited into the dApp. Otherwise you will NOT receive any rewards even if you have staked through 8:00 pm (SGT).
What is BTC rewards “Boost Factor”?
Read about Boost Factor here.
I have claimed BTC. These are BTCB (Binance Smart Chain BTC). How do I “convert” them back to “normal” BTC?
Two ways. First way is to deposit them into your Binance Wallet; make sure to select BEP-20 as the version of Bitcoin to deposit to receive the correct deposit address. Send your BTCB to this address and they will become your BTC balance in the balance page.
The second way is to use Binance Bridge.
Who owns the initial supply of tokens that are not distributed via Launchpool?
Our tokenization miners do. We do not have pre-sale, private sale, public sale, team token or ecosystem token, etc.
Why are miners keeping BTCSTs on exchanges? Do they plan to “dump”?
Unlike start-up DeFi projects, BTCST and its tokenization miners have no fundraising needs and no reason to dump: the project and its partners are already profitable; and we do not need to fundraise to build a product because our product is done. We must, however, keep sufficient tokens on the exchanges to protect our token holders from pump-and-dump schemes launched by malicious third parties.