Finally I'm on Bitshares & Here is My opinion about BitShares [Some Basic Ideas Are Given]
Finally I got a Bitshares account and loaded some BTS by transferring some SBD with blocktrades.us
At first it seemed so complicated but once I kept browsing and clicking different links I'm now able to understand the basic of this system.. I'm still confused about all these open.BTC and other open.Assets
I guess these are not real coins but perhaps they are all pegged to their respective coins and can be redeemed anytime..
But I think its more reliable exchange.. The goal is to buy low and sell high.. It can be difficult using other exchanges and do it again and again using fiat, but it gets easy with Bit.USD which has the same value as fiat USD and trading within the system also allows us to continue trading without paying miners fees.. for example if I trade the same Bitcoin 5 times a day it will get difficult with all that huge miners fees for the BTC network.. the only disadvantage I think is that if the Bitshares blockchain gets hacked then we lose our coins, but that is a kind of risk for every exchanges.
But for now I guess this book BitShares 101 written by Max Wright is a rare jewel for all those like me starting BTS for the first time. I'm gonna leave a link here of this awesome book and would recommend everybody to read it, its a great book written and very easily to understand when you read it.
I guess these are not real coins but perhaps they are all pegged to their respective coins and can be redeemed anytime..
But I think its more reliable exchange.. The goal is to buy low and sell high.. It can be difficult using other exchanges and do it again and again using fiat, but it gets easy with Bit.USD which has the same value as fiat USD and trading within the system also allows us to continue trading without paying miners fees.. for example if I trade the same Bitcoin 5 times a day it will get difficult with all that huge miners fees for the BTC network.. the only disadvantage I think is that if the Bitshares blockchain gets hacked then we lose our coins, but that is a kind of risk for every exchanges.
But for now I guess this book BitShares 101 written by Max Wright is a rare jewel for all those like me starting BTS for the first time. I'm gonna leave a link here of this awesome book and would recommend everybody to read it, its a great book written and very easily to understand when you read it.
Downloading the pdf is the best idea, I often read books while I'm stuck on traffic while traveling, thats why I prefer downloading and reading them offline..
The only thing I can tell now is that the prices of cryptocurrency fluctuates all the time, so this is a great opportunity to make some profits by buying it when the price is low and selling it when the price is high..
Oh and one more thing, if you are a veteran on BitShares please allow me to learn from you.. I will be more than glad to be your apprentice and learn from your wisdom... THANK YOU FOR READING THIS POST
Bibliography:
gitbook.com
wallet.bitshares.org
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@originalworks
Bitshares is not a centralized exchange, so it cannot be hacked. E.g. even if the server of Bitshares gets hacked, they can only bring the website down, they do not have access to your coins because you own your coins via your password and key. This is how Bitshares is different from Centralized exchanges, your coins are not saved on the server.
Thanks a lot for that information. May I ask a question.. What happens to our coins when we send them to Bitshares.. Who owns those coins, or where do they store it, or what exactly they do with those coins.. do they just store it somewhere safe or invest them somewhere.. Because Open Assets are just a token within the blockchain.. Yes it can be very easily exchanged with real cryptos but I'm curious what happens to those coins before we get them out of BitShares
Sure. Bitshares is a blockchain whose main coin is BTS, but it has the ability to support thousands of other coins/tokens. When you make an account on Bitshares, your password is linked to your private key. So whatever coins you have on Bitshares, are ONLY with you, ONLY the person with your password can spend those coins. The coins are on the blockchain, and Bitshares.org is ONLY a block explorer (like blockchain.info for Bitcoin).
So using Bitshares.org will only display information from the blockchain. But to spend your money or send it, you need your password. When you want to do a transaction, your password is used on your own machine to create a signed transaction which is then sent to the server. So your coins are as safe as your password or the computer you save your password on.
Also, there is no "They", because there is no one who owns the exchange. The orders get posted in the blockchain and when someone wants to buy/sell your order, the transaction happens automatically.
As for OPEN assets, they are not completely decentralized. OpenLedger is a 3rd party company that has issued tokens on the Bitshares exchange, e.g. OPEN.BTC. They did this so users can exchange Bitcoin (Ethereum etc) on Bitshares. But Bitcoin cannot be brought on another blockchain, so how they did this was, they said if you send them BTC, they will give you OPEN.BTC. i.e. 1:1 IOU. You can use this OPEN.BTC on the bitshares exchange, and when you want, you can withdraw it, and then you will get your real BTC back. So in case of OPEN assets, you need to trust OpenLedger company that they will return your money when you want to withdraw it.
Let me knwo if you still need to know anything else.
wonderful explanation.. you saved me the efforts of reading the whitepaper :D
Thanks :) I'm in process of starting my website: BareCrypto.com
Oh your homepage is nice.. Guess I will follow you on Steemit and learn from your wisdom ;)
Thanks, most welcome :)
i am yet to get some bitshares don't know when i will but definitely looks like i need to grab some sooner
A little tip if you trade open.assets like open.btc: Log in to openledger.io when you trade those, then you don't pay the extra market fee.
The username and password is the same as for bitshares and the UI is also pretty similar.
ok sounds interesting.. if I trade between open.btc & bitUSD is it still fee free..
yes, if you do it on openledger, not if you do it on the bitshares page directly.
Hey i jst upvote ur post can u plzz upvote my post plzzz I need soo much of support from all off u
oh I remember you.. I once upvoted you but you flagged me.. now you are asking me to repeat that same mistake I did before.. LMAO
Hahahaha
No bro...
That time is different now this time is different
Plz support