Skip to main content

How to Buy Bitshares

Bitshares is a public, open-source, blockchain-based financial platform that operates in real-time that has its own form of digital currency, known as BTS. On Bitshares, users can invest and trade in various assets while having the security of the blockchain network behind them.

Bitshres offers the same features that a standard trading platform offers; however, it also has its own form of cryptocurrency and the decentralization of blockchain technology.

What is Bitshares?

Bitshares was developed by Dan Larimar and was launched in 2014. In 2016, it became a Service Package on the Microsoft Azure Blockchain.

Bitshares is similar to the New York Stock Exchange (NYSE) in that it functions as a decentralized exchange for assets; however, it is specifically designed for cryptocurrency investments instead of fiat currency investments. Additionally, unlike the NYSE, Bitshares does not rely on a central authority to handle the funds that are exchanged on the platform.

In addition to acting as an exchange platform, Bitshares also offers its own form of digital currency, known as BTS. BTS coins can be transferred between accounts on the exchange. They can also be used to for network operation fees, as well as collateral for loans.

Based on the open source C++ implementation of blockchain technology Graphene, Bitshare functions as a consensus mechanism. Because BTS tokens primarily serve as a form of collateral for various decentralized financial services, such as smart contracts and currency rails, Bitshares functions more like equity rather than a purist form of digital currency; however, it does also serve as its own stand-alone digital currency.

BTS can also be used to represent assets, such as gold and the US dollar. When they are used to make transactions, these assets are represented as BTS. When BTS are transferred, they can be changed back into the assets that they were being used to represent (gold or the US dollar).

In their original form, fiat currencies can be difficult to transfer; especially from one country to another. That’s because it can cost a tremendous amount of money and takes a great deal of time to make such transfers. However, BTS are much easier and faster to transfer, which is the primary advantage of trading and investing this type of digital currency.

Bitshares manages its own ledger of its own form of currency. Additionally, it keeps track of the debts and stocks that are issues by other corporations. While Bitshare’s ability to represent different types of fiat currencies and keep track of transactions between these currencies is its primary advantage, BTS digital currency itself does have value, and that value is projected to increase.

The main objective of Bitshares is to decentralize exchange networks. The BTS currency is a subsidiary of the exchange network, and its goal is to improve the transactions of traditional cryptocurrencies.

As BTS technology advances, developers who power the blockchain and keep track of the Bitshares ledger are receiving BTS as a reward. Rewards for miners will continue until there are 800 million BTS coins circulating. The objective is to increase the value of Bitshares currency by offering a limited number of coins instead of constantly creating new ones.

Where to Buy Bitshares

Bitshares’ digital coin, BTS, can be purchased on several cryptocurrency exchanges. Some of the most popular exchanges that BTS can be purchased on include:

How to Buy Bitshares

In order to purchase BTS tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for BTS. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.

Buy Bitcoin on Coinbase first to buy BitsharesUse the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.

Register on Coinbase

Step 1: Create a Coinbase account

Select the “sign up” tab and complete the form by entering the requested information, including:

  1. Your name (exactly as it appears on your photo identification)
  2. Email address
  3. Password
  4. Location
How to buy Ethereum on Coinbase - Signup

Step 2: Verify your account

  • Issue your phone number
  • Upload an image of your photo ID
  • Verify your credit or debit card, or your bank account information

Step 3: Select the “Buy/Sell” option on the menu, once our account is verified

After verification, select the “Buy/Sell” option on the menu

  1. Choose “Ethereum”
  2. Input how much you would like to purchase
  3. Select the “Buy” button
Buy Bitcoin on Coinbase with Credit Card

Step 4: Confirm your purchase

  • Select the “Confirm Buy” button

Step 5: Open an account on an exchange that accepts Bitshares

Binance Frontpage

For the purposes of this example, we are going to use the Binance exchange

Register on Binance

Step 6: Register your Binance account

  1. Enter your email address and a strong password
  2. Agree to the terms of use
  3. Select “Register”
  4. You’ll receive an email to confirm your account
Sign up to Binance

Step 7: Login to your Binance account

Login to Binance

Step 8: Transfer ETH from Coinbase to Binance

  1. Under the “Wallet” tab, select “Deposits”Select Deposit on Binance Menu
  2. Copy the ETH deposit address you are provided withCopy Ethereum deposit address
  3. Log back into Coinbase
  4. Select “Accounts”
  5. Click “Send”
  6. Enter your ETH deposit address
  7. Input the amount of ETH you want to transfer
  8. Select “Continue”

Step 9: Exchange ETH for Bitshares Coins

  1. When your ETH has arrived in your Binance account, you can exchange it for BTS tokens
  2. Select ETH currency
  3. Search for BTS in the search box and select it

Exchange Ethereum for BitsharesSelect whether you want to “Limit” order (you can choose the amount of BTS you want to purchase) or “Market” buy, which will autofill your order at the best price

Step 10: Select the “Buy” button

  • Once you have chosen the amount of BTS you would like to purchase, select the “Buy button”
  • Your BTS order will be immediately filled; your ETH will be transferred into BTS
How to Buy BTS on Binance

Exchanges you shouldnt miss when you want to trade crypto

Why Buy Bitshares?

Purchasing BTS coins offers a number of benefits, including the following:

  • Faster and easier transactions. Because BTS can be used to represent various types of fiat currencies, transferring the coins is much faster and easier than transferring fiat currencies.
  • It allows you to maintain privacy.
  • Bitshares can be converted back to the fiat currencies they represent.
  • The value of BTS is projected to increase.

How to Sell Bitshares

To sell Bitshares, use the following steps:

  • Create an account on the altcoin exchange
  • Fund your altcoin account with Bitshares
  • Sell bitshares for Bitcoin or Ethereum
  • Sell BTC or ETH for fiat currency
  • Withdraw fiat currency to your bank account

Which Wallets Can I Use for Bitshares?

The official Bitshares wallet is most recommended for the storage of BTS coins.

Conclusion

While the value of Bitshares is still relatively low compared to other types of cryptocurrency, as the popularity of the platform grows, the value is projected to increase.


No Comments found

Send this to a friend