Why Bitshares?
Let's keep it going with more reasons why BTS is a cryptocurrency and blockchain of the present and future.
Bitshares' better technology, decentralized exchange, and community are three incredible reasons discussed in part one of why BTS. Link here: https://steemit.com/utopian-io/@chiefmappster/why-bts
Now onto three more reasons why BTS is one of the best blockchains and cryptocurrencies.
My intent with these "Why?" guides is to provide information, context, and as much value as possible to you so that you can best set yourself, your family, and your friends up for the future.
This guide will explain my perspective on why pick BTS out of all these cryptocurrencies and blockchains.
REASON FOUR: SmartCoins (pegged assets)
Besides EOS, BTS, and STEEM, one of the many great creations of @dan is the SmartCoin, a pegged asset for use in crypto and other assets.
Basically a SmartCoin guarantees the value of a pegged asset will always be backed by collateral held in the Bitshares blockchain. The most popular SmartCoin is BitUSD which represents $1. Because of the nature of this SmartCoin, each BitUSD is worth at a minimum $1 dollar.
This may not seem as revolutionary as his other creations, but the ability to have pegged assets that are back 1:1 by collateral especially in this cryptocurrency space where some assets are backed 5:1, sometimes even 10:1, is truly revolutionary.
It allows for more stability and gives more confidence to investors because they know that SmartCoin assets are backed by collateral and that there is a minimum guaranteed floor price for the asset.
Knowing that 1 BitUSD = $1 at a minimum is extremely valuable especially with people finding out about the problems with other dollar-pegged cryptos like Tether.
These SmartCoins also allow for the creation and trading of such pegged assets such as BitGOLD and BitSILVER which represents an troy ounce of each substance.
Besides knowing they have a guaranteed floor price, this attracts more investors because some investors may want to diversify their portfolio through these pegged assets. Having the ability to trade guaranteed pegged assets crypto-related or not on a decentralized exchange is a HUGE reason why BTS.
REASON FIVE: User-Issued Assets (UIA)
In this world of creating value through the use of cryptocurrencies, the ability to create your own asset on the Bitshares network is truly astounding.
All it takes is some research, some BTS, and some time and you can create your own asset today on the Bitshares network. No long, intensive process like getting an ERC-20 token on Ethereum.
You just need to do some research on which permissions you want for your token and specifics such as the total amount issued. Below is an awesome informative video by @kronos to help:
And then pay the BTS for the issuing fee and then BAM you have your own user-issued asset. Whether anyone buys, sells, or trades your token is up to the value proposition you provide. That is the hard part.
Giving the ability to any entrepreneur, business, or organization to create an asset with ease is a huge benefit to the Bitshares network and will only continue to attract more users to the network and provide more visibility and brand awareness of Bitshares.
REASON SIX: Low, stable fees
Notice those $50-$75 fees to transact Bitcoin recently? Even before that the fees to transact Bitcoin were in the dollar amount. One moment its this amount to transact Bitcoin and then another moment it is drastically different.
This is not good for individuals, businesses, and organizations that want to use crypto for transactions. I thought crypto was about quick and easy transfer of data not preventing that transfer by limiting and unpredictable fees.
With BTS, there is a small fee of a fraction of a BTS for transactions such as the 0.21851 BTS it is right now to transfer funds from one Bitshares account to another. At present value that is 11 cents. And it has been around this level for a while giving stability to Bitshares fee structure. They don't change drastically like the fees of Bitcoin and the fees collected go straight back into keeping the network functioning optimally.
These low and consistent fees are one of the many reasons why individuals, businesses, and organization are moving away from Bitcoin and into Bitshares for transactions.
Just look at BitSpark, a money remittances business, they moved their money transfer business off of the Bitcoin network and onto the Bitshares network for this very reasons. The high and ever-changing fees on Bitcoin made doing business hard and less profitable. Using the Bitshares network provides low, consistent fees so that BitSpark's operations can function at an optimal level and thus help a huge amount of individuals, businesses, and organizations in the process.
It is only a matter of time until users of crypto become aware of the many benefits of the Bitshares network and when that happens there will be a mass exodus of individuals, businesses, and organizations to Bitshares to take advantage of their low and consistent fees among the many numerous other reasons listed above.
So why Bitshares?
- SmartCoins,
- User-issued Assets (UIAs),
- Low, stable fees,
- Better technology,
- Is decentralized exchange, and
- Community-based.
These are just some of the many benefits that BTS offers. Would love to hear anymore benefits you can come up with in the comments as well.
For more detail into the reasons of better technology, decentralized exchange, and community-based crypto go here for a comprehenive review of reasons #1-3: https://steemit.com/utopian-io/@chiefmappster/why-bts
Hope this brings value to you and hope this helps you make the best decision for yourself, family & friends, and livelihood.
Thank you for your time and attention. It means the world to me.
Sources:
- https://bitshares.org/technology/price-stable-cryptocurrencies/
- https://bitshares.org/technology/user-issued-assets/
Image Sources:
Namaste
Posted on Utopian.io - Rewarding Open Source Contributors
I am on Team BitShares also - spreading the knowledge, helping people set up accounts, acting as broker, even making deals for real world applications and value. BitShares all the way!
Following you now Chief.
O heck yeah that is so awesome @anarchrysalis love that. I am right there with you buddy. The more of us out there helping and spreading the knowledge the better. Teamwork makes the dream work :)
Appreciate you
Thanks @chiefmappster. This is how it's going to happen...when there is real world value.
Get this: I have a buddy who does some radical energy stuff and he designed and GCed a solar install for me at my farm. I raved to him a whole lot about crypto and specifically the Larimer projects and he let me pay him for his work by helping him set up a bitshares account and then funding it with a diversified portfolio!
Less than a week later he was wanting to buy in more with some of his own money. I really believe that once people start to see the power of appreciating value, there is no turning back!
O heck yeahhhhhhhhh wow that is absolutely incredible. What a great example of how to do it freakin love it. And totally agree once they see the benefits and value there is no turning back :)
And just a random friendly thought if you have a farm you might want to get hip to structured water. It helps boost yields for plants very nicely :)
Much love
Yes my man, thanks for your positivity!
I just did a quick check on structured water and it looks super interesting. Have to hit the sack now, but thanks for the heads up!
You're very welcome. I was passed the knowledge on so thought I would keep it going :)
Great explanation of #Bitshares strong points. I've been helping people set up Bitshares accounts to get started in crypto.
Thank you so much appreciate you taking the time to read.
And heck yeah that is so awesome. I am doing the same thing as you buddy and it's seems to be an awesome way for them to learn about crypto, financial trading, and life haha
Hope you have an awesome holiday season.
Namaste
Bitshares is best wallet but current time its signup is disabled ...!!!
Interesting. Which portal are you using?
Have you tried this one https://wallet.bitshares.org/#/dashboard
I like bitshares for its low price.. thanks for those information
Ayyy there is another reason :)
You're very welcome thank you for reading
Namaste
Wow! This information would be useful to me. Thanks for sharing
You're very welcome glad I could provide some value.
Much love
Do you think someone could create a "SAFE," instruction manual for acquiring bitshares?
Something step by step with good links. I have not seen anyone spell it out with the actual links and steps.
I really like that idea a lot. I have been noticing an institution manual that is interactive could provide a lot of value.
Appreciate you.
Namaste
When anyone is entering into unfamiliar waters, it's always tremendously helpful to follow in someone else footsteps, whom they trust.
It's analogous to providing engine diagrams to a sixteen year old. They really just want to learn the basics from the instructor and get the address to the DMV. They don't need to be convinced that cars are useful and fun!
Amennnnnnn you are preaching the truth appreciate you.
If you ever want to comunicate with the Bitshares community here is the Discord link. It's a good place to go interact and ask questions with people familiar with Bitshares and in the Bitshares community.
https://discord.gg/Mdw7Ksr
Hope you have a bless holiday season.
God bless
Oh, thank you so much for the sweet blessings. I hope you enjoy your holidays as well.
You're very welcome and thank you so much :)
:)
question, what is bts pegged to now?
is it by design always going to stay around 1 dollar value?
That is the design of the BitUSD to be at worst case scenario worth a $1 roger that. It serves as stability for the market and other markets who use BitUSD.
But BTS (Bitshares) itself is not paired to anything and it trades with the market and is currently priced at around $0.52.
Hope that helps out. Here to help if you have any more questions.
Namaste
Thank you for the contribution. It has been approved.
You can contact us on Discord.
[utopian-moderator]
Appreciate you
enlightening, thank you so much!
Thank you. You're very welcome, glad to help out :)