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Does Bioglitter™ dissolve in water? Would that not be a good thing?

No Bioglitter™ does not dissolve in water. 

Dissolving and biodegrading are completely different.

Microorganisms are needed to digest Bioglitter™ and transform it into harmless substances; carbon dioxide, water and biomass.

If Bioglitter™ did dissolve it would NOT be a good thing as it would still be there in the water, just you would not be able to see it.  For example salt dissolved in seawater; it is still there just you cannot see it, this is very easily demonstrated when sea water dries on the skin, the salt is left behind is clearly visible.