Rough Guide to [WALLET MANAGEMENT] on the BitShares DEX

in bitshares •  13 days ago


Managing Wallets and Accounts in BitShares DEX User Interface


Following feedback on our Rough Guide to Trading on BitShares DEX we decided to bring you this ‘add-on’ supplement. We figured it warranted it's own post instead of altering the original, and to give us more room for advanced (Local) wallet management.

Why is this so important?


The DEX brings us many advantages and freedoms. With freedom, comes power, with power, comes great responsibility! Use this guide to better understand your Cyber equivalent of locking valuables up safely and retrieving them from the blockchain, and making sure you won’t ever lose the keys - from day 1. This is one of the major differences in decentralized world – there is no central authority storing your details, there is also none to recover them. Wallets and their funds remain in your possession at all times, so taking care of backing them up is your sole responsibility. It’s impossible for your funds to be hacked, stolen or lost, apart from by yourself! For new users, Cloud Account is all you need in many cases. Some however, may want to start off with a Local Wallet back up file - this guide will cover both.

Part 1 - For Cloud Wallet users


So you've decided to stick with Cloud Wallet for now. Then all you require to do is this quick test to continue.

Click on the padlock to first lock, then again to unlock your account


_Unlock - Padlock is shown as closed, the wallet is locked by your password_

Test the password

Cloud Wallet users can do this as a final step to make sure they are satisfied with their password management. We recommend this for any new account using the cloud login method.

You want to change cloud wallet to a local wallet? If you plan to trade frequently or store value for longer in BitShares, then you will be wanting the best security possible - perhaps with paper or usb keys in your possession. Good news, the following steps will show you how!

If you are in logged in with a Cloud Wallet, go to the settings


and select Restore/Import (1)


Here you will see a local wallet is required. Check the button (2) which will take you to create a new account. As mentioned already, to switch to Local Wallet, you must do it at account creation, so please follow on below.

Part 2 - The "Local" wallet guide


Local wallet means exactly that - you store the wallet i.e. on your hard drive or USB stick. Your browser is also your wallet, and will hold the 'lock' shown earlier in step 1. When you change browser, you will need to restore the wallet - and the following steps show how this is done.

Advantages:

  • Local wallets can contain many accounts.
  • Local wallets enable you to create 'cold storage' hardware wallets.
  • Local wallets are the most secure.

Disadvantages:

  • To create a Local Wallet, you will need to create a new account as before and select “Local” instead of “Cloud”
  • You must backup the wallet to a bin file, you must restore the bin file to use the wallet on another computer or browser

Let's go!


Note - You cannot convert a cloud wallet to a local wallet.

Select 'Advanced' to access creating a new account with a local wallet:


Below is the new local wallet creation window where we have chosen an account name and set your own password that is saved elsewhere:



As we can see, there is a green indication showing the passwords match, along with options for restoring a wallet which you would use for an existing backup in a new browser or different computer.

Go ahead and select the CREATE ACCOUNT will present us the following if all is well -


We are told it is time to back up our new wallet, so go ahead and hit the button ...


Next we are prompted to save the .bin file. Go ahead and even rename it if you like, and save it to your secure local disk or usb drive.


When you want to restore this wallet on any other browser or computer, then you will use these steps, selecting 'restore from backup file' option to upload your wallet. You will still need the password of course.


That is more or less it. Once our .bin file is safely tucked away (or perhaps restored), the interface returns us to the dashboard ready to trade...


Other wallet matters ...



What the heck is a brainkey?


Do I NEED to pay attention to this? The answer probably not in most cases. Only if you want to be a nerd, and try out paper wallets. Most of all, you must already have tested other methods to recover your account and Brainkey is recommened for advanced users only.

Once you created your account, backed up the wallet file, saved your password safely, and copied it all to a USB. You still have BrainKey as one more possible option for wallet backup (with no warranty, as the author is yet to test it out).

You can go to create a 'Brainkey' backup and print it along with your wallet password. Together, these form a paper wallet.


Thanks for reading, we hope by following these steps, you'll find smooth sailing on BitShares DEX!


From @apasia.tech - BitShares DEX Thailand
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  trending

Excellent guide, thank you for putting this together. Bitshares is getting easier to use every day, and the new UI is so slick. Wallet and exchange in one place!

·

Thanks, and one more time many thanks on support. It has been not long since we got first few very useful hints from you helping us become a part of Bitshares :)

Cheers,

Luci

Thanks! We really needed this!

·

It's our pleasure @stan, we hope it makes wallet management clearer for all users.

Fantastic!

Upvoted, resteemed and promoted!

·

Excellent and thanks for spreading the word! Perhaps when people see actually how easy it is to save a wallet file and password, they'll try out the DEX more. Especially folks here with STEEM to start trading with :)

This is a great guide. I will be sure to share it. :)

·

Thanks Tony, good to see you here! Same also for your guides and contributions, we recommend your videos to anyone learning Bitshares

thanks for this.. I'm considering opening an account on bitshares soon but I'm just a n00bz so this type of articles help me a lot.. looking forward for more

·

Please check out our previous article on doing exactly that, many thanks for your support and welcome to BitShares - Good Choice!
https://steemit.com/bitshares/@apasia.tech/rough-guide-to-trading-on-bitshares-dex-for-beginners-nov-2017-latest-gui-release-v2-0-171121

·
·

Yes I will try reading all your articles.. do you have any idea why I'm failing to open an account using the android app which I downloaded just yesterday

·
·
·

You can only use Android app as a wallet and don't unless you know what it is. I just use the website as per the instructions here.

·
·
·
·

I don't know much yet.. but I have taken crypto world as a hobby.. perhaps I plan to get married to crypto cuz it's so fun and has good ways to make money and it gives me location independence.. my job requires me to travel a lot while maintaining a tight schedule.. that's why I been very stressed lately.. do you think it's a good idea to quit my job and get fulltime involved with cryptocurrency

This is another excellent article, very clear both in wording and in graphics too. Thank you, upvoted and still followed... ;)

Namaste :)

·

Very nice comments and glad you found it helpful!

Awesome a lot of ppl needed this.

·

Yes, we thought it important to separate a whole wallet guide from a starter guide. Glad people seem to like the outcome.

To compare with other DEX wallets, Bitshares is more complete and professionnal.
But for the average Joe, it's quite complicated.
Maybe a simple and slick wallet without trading (aside the actual one) would convince more users ?

·

These kind of things can also be built by 3rd party providers on top of the BitShares eco-system. That's a great thing about BitShares, anybody can build a slick wallet that manages all the password and support hassles for average joe users. In future also who knows perhaps cloud wallet will be evolved to be even more slick and simple.
Fact is, end of the day people want freedom and decentralization, this means you must pay the price - looking after a .bin file and a password is all it requires.

bookmarked thanks for this useful guide mate.

·

We are very happy you enjoyed it and found it useful. Wishing all commenters every success with BitShares DEX.

Thanks for this kind of helpful article !

·

We are glad you found it of assistance, there will be more to come soon.

Great article! You have my upvote and follow also if you dont mind check out my photography work on my profile Im new to Steemit. :)

·

@mladenpaunovic - Mladene neka si ziv i zdrav i dobro dosao u Bitshares! Pozdrav sa Tajlanda!

·
·

Hvala puno! Pozdrav :)

·

Please keep it up and work hard at your photo niche on Steem, then you can come to trade your earnings on the BitShares DEX :)

Great guide!
Hey, do you have any volume going through your exchange already? I mean are thai people interested in the platform at all?

·

hi there @ravid, if we take a look at BX.in.th daily volumes, our exchange targets will be a percentage of this, once we are done with localization, launch and marketing which is in progress. Currently, we are having only RPC node (listed in the UI as Bangkok, Thailand). Today we have seen a lot of users trading on our node, as it will be automatically connected to when it has the least latency. So, yes simple answer we are seeing plenty of traffic even before launching official UI for Thailand :)

·

No, UI has not been translated yet, but even without Thai people, currently our RPC is having plenty visits from neighbor countries around.

Cheers,

Luci

·
·

I meant actual thai people that consciously come to the exchange. Didn't know you haven't started yet, sorry!
I wish you a binance-level of trading volume, good luck!

·
·
·

Thank you!

Thanks a lot for Guide

943923_10154411010090830_8807835494309197227_n.jpg

is there really any difference between using the Bitshares wallet directly and OpenLedger?

iNTRO pIC-01.jpg

Congrats this post was randomly resteemed & upvoted by @superbot - the Best Resteem bot on Planet !
Good Luck!

Follow for 10 minutes ,
Send 0.100 Steem/Steem Dollar and the URL in the memo that you want resteemed and upvoted.

So don't waste any time ! Get More Followers and gain more Visibility With Superbot .

Thanks we really nedd this

Helpfull although I have 0 in my wallet but thanks anyway 😁

·

May you have more soon!