Frequently Asked Questions
Have a particular question or suggestion?
Who are you?
The BAGS Community is run by a small, hugely dedicated international team with a shared passion for blockchain technology.
What differentiates us from other Blockchain projects?
1. Only one million tokens are going to be created (instead of billions).
2. Pure store of value. We are not trying to be a currency of the world or solve an unresolvable problem like most projects.
3. BAGS token will have its own progressive deflationary system: a yearly halving deflationary burn fee for transactions over 10 tokens. For the first year, every transaction with an amount larger than 10 BAGS tokens will burn 2% for the transaction. In the second year, the deflation fee will halve to 1%. In the third year, it will halve again to 0.5%. In the fourth year, it will halve yet again to 0.25% and then it will stay fixed at 0.25% forever.
4. We want BAGS to be more than just a token. Instead, we envision a collaborative community where users can unite and share ideas in a way that allows creativity to flourish.
5. Forget shady businesses and promises of ICO campaigns, the BAGS team values creativity and puts in the work needed to fulfil the community’s desires.
What is token upcycling?
1. Upcycling is all about taking something that’s unwanted or without value and turning it into something that people want.
2. With BAGS, upcycling means taking low-value tokens, mostly from abandoned projects, and giving crypto traders something new in return–the BAGS token!
How can I trust you?
1. Can you trust some anonymous guy named Satoshi Nakamoto?
2. When upcycling, we do not require you to send a high amount of your tokens. Instead, we only require 0.01$ of your token value for verification.
3. Only a small amount of money it is going to be involved when receiving 0.01$ value of token from a person, and we will not launch an ICO campaign for our project’s implementation.
4. We, as a team, have skin in the game – 10% of all BAGS tokens. So our success is directly related to success of the token.
How will this token increase in value?
The value will depend on what the market demand is. Basically the number of people who buy and sell after the primary distribution.
How can I receive my tokens?
1. You need to subscribe to our email list, after that you will receive instructions on how to get your first tokens.
2. To buy directly from people who already received BAGS tokens.
How does token deflation work?
1. A yearly halving deflationary burn fee for transactions over 10 tokens. For the first year, every transaction with an amount larger than 10 BAGS tokens will burn 2% for the transaction. In the second year, the deflation fee will halve to 1%. In the third year, it will halve again to 0.5%. In the fourth year, it will halve yet again to 0.25% and then it will stay fixed at 0.25% forever.
2. This deflationary system is designed to follow the token growth curve, benefitting small holders and small transactions who are protected from excessive deflationary fees levied by other deflationary tokens (like BOMB) when transferring small amounts. If you send up to 10 tokens to an exchange or to another user, you will not be charged with a deflation fee.
What will the BAGS token do?
1. UPCYCLE crypto tokens, both good and bad ones! Previously, if traders wanted to change their tokens to new ones, they would have to sell them. With BAGS, we only collect only 1 token per person for verification purposes (also known as “Proof Of Bag”) and give back new BAGS tokens in return.
2. BAGS token will have its own progressive deflationary system: a yearly halving deflationary burn fee for transactions over 10 tokens.
3. Reach a broad number of people that can be described as “BAG holders” – people holding a number of different tokens that lost most of their value.
4. Gather as wide community of blockchain enthusiasts as possible, to achieve a thriving community and fame for BAGS token. A currency that no one wants to spend but everyone wants to have, and that would result in an ever-growing value.
What problem are you solving?
Lots of blockchain projects who raised millions of dollars during a bull run lost their token value in a bear market, and without a working project or any income, were unable to pay their employees and had to end their projects. These “zombie” tokens still have some active traders, so they have value, but project progress has stopped and founders dumped their tokens. Token holders are forced to sell low or hold without knowing if the value will ever rise. BAGS will try to help all those victims to regain their investment value.
What is your solution?
1. With BAGS, Upcycling low-value tokens, mostly from abandoned projects, and giving crypto traders something new in return–the BAGS token!
2. You do not need to sell your current tokens to receive new ones. For verification reasons, we only need 1 token (0.01$ value) from you! We are creating a new token out of broken dreams from the 2017-2018 ICO token rush.
3. If you are not satisfied with the current tokens you are holding, and you are not willing to sell now – join BAGS token Community.
Which coins or tokens will you accept for upcycling?
For now, we are accepting only Ethereum ERC20 tokens.
Is it possble to receive tokens for free?
1. New BAGS community member who registers and completes verification will receive 9 BAGS tokens.
2. New BAGS community member who completes “Proof of BAG” will receive 90 BAGS tokens
2. For all users who will be willing to participate to receive BAGS Tokens, we will share a list of BAGS promotion tasks.
It will be possible to check BAGS collected tokens?
For now It will be possible to check collected BAGS on etherscan.io
What if all various collected Bags will get value?
Currently, we only collect 0.01$ value of token as “PROOF OF BAG”. This small amount does not produce a cache of valuable tokens, so it’s up to a person holding his own “BAG” to act on market changes.