How to Buy EOS with Bitshares
The synergy between the @dan created chains are incredible.
STEEM, BTS, and EOS all have the same technological background and foresight so it makes sense that these three have so much synergy.
One of theses synergies is the ability to buy the EOS token with the Bitshares open-source blockchain.
Bitshares is not only a cryptocurrency, but a decentralized exchange where you can buy, sell, and hold your crypto. One of those cryptocurrencies you can buy with Bitshares is the EOS token.
EOS is the newest project from @dan and is a decentralized operating system that people, businesses, and organizations will build decentralized solutions on.
For information on Why EOS go here:
- Part One: https://steemit.com/utopian-io/@chiefmappster/why-eos
- Part Two: https://steemit.com/utopian-io/@chiefmappster/4hgrm1-why-eos
On the Bitshares network, EOS is represented by OPEN.EOS.
OPEN.EOS is backed 1:1 by real EOS on the Bitshares blockchain meaning you can deposit or withdrawal at any time.
Once the "real" EOS comes out in July your OPEN.EOS will be exchanged.
And usually if you hold your EOS on an exchange or in a different wallet you will have to register your EOS tokens before July to make sure you get the "real" EOS when the network comes out. This takes some time and effort to do no doubt.
But by holding your EOS on the Bitshares network, your EOS is registered by the Openledger gateway for you. No extra time or effort needed.
Just buy and hold your EOS on the Bitshares network and you do not have to worry about registering your EOS.
Hope that benefit helps bring value which is the goal of this tutorial to bring as much value and make the buying process of EOS on Bitshares as efficient and effective as possible
Here is the three-step process to buying EOS with the Bitshares network.
Log-in to your Bitshares account.
Click the EOS market here: https://wallet.bitshares.org/#/market/OPEN.EOS_BTS
Or you find the OPEN.EOS market by typing in BTS, USD, or OPEN.BTC for Quote Currency and then type in OPEN.EOS under Asset Name like so:
Click on the OPEN.EOS market you prefer and it will show up like so:
Now you are ready to buy OPEN.EOS with the Bitshares network.
Scroll down so that you see this on your screen:
Since you are buying EOS, you want to take a look at the sell orders so you can see the price you will pay to get the quantity you wish.
Bitshares is a true exchange so there is no arbitrary prices. You can only buy what people are selling for and sell at a price that people are buying at.
In this example we will use 10 EOS as our desired quantity to purchase. If you look at the sell orders below it looks like the price we will have to pay to get those 10 EOS is not the lowest ask of 13.000 BTS/EOS (because only .000001 EOS is being sold at that level), but the 2nd sell order price of 13.500 BTS/EOS.
Click that sell order and it will pre-populate on your screen like so:
Adjust the Quantity to the amount you desire (in this example 10) like so:
Double-check you are okay with the value and specifics of your trade. Then its time for Step Three.
Click the blue "Buy" button and a screen similar to this will pop-up:
Check again to make sure the details of your trade are correct and then click "Confirm."
Congratulations you have successfully bought EOS with Bitshares.
A transaction confirmation will be shown on the right hand of your screen to let you know the transaction has gone through.
I usually double-check the transaction by going to your Dashboard and then clicking "Activity."
Your recent activity will show up like so:
And BAM now you have EOS in your crypto portfolio.
@dan would be so proud.
This concludes this tutorial on How to Buy EOS with the Bitshares network.
Hope this provides value and helps you buy EOS efficiently and effectively with the Bitshares decentralized exchange.
You can always reach out to me on Discord if you need any help with Bitshares or any other type of help. Here to provide value to the community.
Thank you for your time and attention. It means a lot to me.
Image Sources:
- Blog Headers created by myself
- Screenshots by myself from wallet.bitshares.org/
Namaste
Posted on Utopian.io - Rewarding Open Source Contributors
Thanks for helping newbies to their EOS coins through the openledger dex :D
jah bless
You're very welcome :)
Much love
Hi Namaste,
Really nice easy to follow guide you've put together, one thing I've noticed about open.eos is that deposits and withdrawals seem to be down for all ethereum based assets.
How do you find information on this? there was a notice on the 7-1-18 re "Ethereum network overloaded" but it looks like deposits and withdrawals for all openledger ethereum assets are currently disabled including EOS
Thank you so much appreciate that.
I noticed that as well. Usually Openledger will send out information once they fix the gateways. But I usually go onto the Bitshares Discord channel and ask there. Here is the link if you want to check it out: https://discord.gg/Mdw7Ksr
A lot of the Bitshares community is in there so its a good place to get accurate, up-to date information about Bitshares.
Hope that helps.
Namaste
Thank you for the contribution. It has been approved.
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Great discription on how to do this trade! It worked for me!! Wish i would have had better instruction when trying to get in on the BCL launch. But, that trade mucked up. Need to figure out how to cancel it i guess. Thanks again!
Thank you glad I could help out.
And o weeeeee happens to the best of us. Hope all is well.
Nice write up. I don't think I feel comfortable trading any BitShares because it might moon soon. Just my opinion.
Thank you and for sure I am right there with you. More referring to using the Bitshares platform to buy EOS on.
Appreciate you taking the time to read.
This is the first I have heard about not having to register your eos on bitshares or not having to transfer to an ethereum wallet. I am holding half of my eos on bitshares as OPEN.EOS and the other half in a my ether wallet I have registered. Are you sure I don't have to register if I hold them on bitshares? I just don't want to be in for a surprise come July.
Yep yep the people in the Bitshares community confirmed that for me and they even had the CEO of Openledger on there last Saturday to confirm that.
I would keep it as you have it to be safe. But that is one of the benefits of holding it on Bitshares with Openledger is that you do not have to worry about that.
Thanks for the great informative post. However, now that the mainnet is up, should you still be buying open:EOS to get the real EOS? Also, will airdrops still come to your bitshares account?