What Are Bitshares BTS?
Bitshares represents an innovative cryptocurrency, that was designed to utilize the blockchain technology in trading of various digital as well as tangible assets. BitShares’s platform is structured to handle a trading volume as big as that of NASDAQ’s, with a scalability that settles orders the second they are submitted.
BTS relies on Smartcoins, so what are SmartCoins?
A SmartCoin is a unique form of cryptocurrency whose value is pegged to that of another currency or commodity such as the USD or gold. 100% of the value of SmartCoins is backed up by BitShares’ core cryptocurrency, BTS; thus, SmartCoins can be converted to BTS at any time, according to an exchange rate that is formulated via a trustable price feed. At any point of time, except during utmost conditions, SmartCoins are insured to be worth at least their face value (but probably more, in most cases). Just like any blockchain based crypto currency, SmartCoins are divisible, fungible and fully decentralized.
The BitShares platform is a “Decentralized Autonomous Corporation” whose board of directors is represented by 101 “delegates” who are elected by owners of the BTS cryptocurrency. Technically speaking, BitShares is a decentralized exchange where almost any asset can be traded including assets that are hedged to the value of conventional commodities such as gold, fiat currencies like the USD and cryptocurrencies such as bitcoin, without having to rely on any form of third parties e.g. brokers, banks, exchanges…etc.
The BTS decentralized exchange offers a myriad of opportunities for traders and investors to make profits.
Understanding the concept of “Bitassets”:
Bitshares’ exchange relies on digital assets known as “BitAssets”, which represent digital assets whose value is pegged to assets that are not related to the BitShares cryptocurrency. To better illustrate this, 1 BitUSD is set so that it will always be worth 1 USD, 1 BitCNY is set so that it will always be worth 1 CNY and so on. Just like it works for fiat currencies like USD, Euro, CNY…etc, it also works for various commodities e.g. gold, oil….etc, or new digital currencies such as Bitcoin, Ethereum, STEEM….etc. You can see a full list of all available BitAssets by clicking on the “Exchange” button on the top bar of your BitShares client.
Before you can buy BitAssets, you have to have some BitShares. You can either deposit BTS directly to your wallet or exchange your deposited bitcoins to Bitshares via a bridge service. To do so, select the BlockTrades (TRADE.X) from the dropdown menu labeled “Transfer Service”. Your Bitshares address will appear as shown on the below screenshot; use it to send BTS directly from an exchange’s wallet such as Poloniex, Bittrex….etc. You can also exchange your bitcoins directly to Bitshares via BlockTrades (TRADE.X).
Why bitshares Dex
The bitshares Decentralized Exchange is a DECENTRALIZED exchange. You hold the private keys of your assets. You hold the keys to your castle. If you get hacked (I don't think that ever happended to anyone) it will be because of a poor password and your poor security measures. Not because someone hacked your favorite centralized exchange.
Bitshares DEX is your trading and saving platform.Bitshares DEX is your trading and saving platform.
Thanks to blockpay, now any merchant can accept any kind of bitasset and convert to fiat if need be
Concluding I would like to say that bitshares community is still very active after 3 years of existence despite all the ups,downs,dramas.
