BitShares (BTS) is a proof-of-stake (PoS) blockchain network that offers a decentralized exchange (DEX) and a utility token used for staking and voting. It allows users to peg digital assets to real-world assets, creating a market for nearly any asset to trade freely. The network is governed by a committee of elected individuals and businesses, and users can create their own tokens and participate in the decentralized exchange.
BitShares (BTS) is a cryptocurrency token used within the BitShares platform, an open-source, public, blockchain-based real-time financial platform. The primary aim of BitShares is to allow users to exchange cryptocurrencies without the involvement of third parties. BTS is used for several purposes:
Transaction Fees: BTS is used to collect fees for network operations and as collateral for loans within the platform.
Smartcoins: BTS is the core currency backing the value of Smartcoins, which are tokens that have their value algorithmically adjusted to that of some asset, such as the US Dollar or a precious metal. These Smartcoins can be automatically converted to BTS at any moment without the need to use an exchange.
Stakeholder-Approved Project Funding: BTS is used to fund projects proposed by users and approved by the community through a voting system. The funds for these projects come from a reserve pool that collects transaction fees.
Decentralized Autonomous Companies (DACs): BTS is used to create and manage DACs, which are companies that run without human involvement under the control of an incorruptible set of business rules. These rules are implemented as publicly auditable open source software distributed across the computers of their stakeholders.
Custom Assets Issue: BTS allows users to generate their own coins, which can be traded or stored as a permanent asset. This feature supports various purposes, such as financing a startup or supporting a business.
Voting: BTS holders have the right to vote for delegates who perform tasks and monitor the functionality of the platform. These delegates receive earnings from shareholders for their services.
Overall, BTS is a crucial component of the BitShares ecosystem, facilitating various financial transactions, governance, and decision-making processes within the platform.
To store BitShares (BTS) tokens, you can use a variety of wallets designed specifically for this cryptocurrency. Here are some options:
Desktop Wallets- Official BitShares GUI Wallet: This is the official desktop wallet for BTS. It requires downloading the full blockchain, making it a more secure option. However, it only supports BTS and BTS tokens.
- Guarda Wallet: This mobile wallet supports 24 coins and ERC20 tokens, including BTS. It also features a built-in exchange but lacks two-factor authentication.
- Guarda Web Wallet: Similar to the mobile version, the Guarda web wallet supports multiple coins and tokens, including BTS. It also has a built-in exchange but lacks two-factor authentication.
- Open Ledger Web Wallet: This web wallet is specifically designed for BTS and BTS tokens. It does not have two-factor authentication.
- Ledger Nano: This hardware wallet can be used to secure BTS tokens by storing them offline. It requires setting up an account and managing assets through the Ledger interface.
When choosing a wallet, consider factors such as compatibility, security features, and the range of supported cryptocurrencies. Always ensure you follow best practices for securing your wallet and keeping your private keys safe.
To buy BitShares (BTS) tokens, follow these steps:
Choose a Reliable Exchange: Select a trustworthy cryptocurrency exchange that supports BTS purchases. Popular options include Binance, Gate.io, HTX Global, and WazirX. Ensure the exchange accepts customers from your country and offers the necessary trading features for your needs.
Create an Account: Register a free account on the chosen exchange. Provide the required personal information, including your name and email address. Complete the Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.
Add Funds: Deposit funds into your exchange account using a credit or debit card, bank transfer, or other supported payment methods. Some exchanges also allow depositing cryptocurrencies.
Place a Buy Order: Navigate to the BTS trading page and place a buy order. Specify the amount of BTS you want to purchase and confirm the transaction. The BTS tokens will be credited to your exchange wallet.
Store Your BTS: Transfer your BTS tokens to a secure wallet, such as a hardware wallet or a reputable software wallet, to ensure safe storage and control over your assets.
Monitor Your Investment: Keep track of your BTS investment performance and adjust your strategy as needed.
Remember to research the exchange fees, security features, and supported currencies before making a purchase.
