Due to the growing interest in cryptocurrencies and the rather high quotes of the most popular representatives of the class, assets such as Bitshares are also gaining weight. This article will explain the role of these Bitshares and how to use them.
Bitshares and its investment opportunities
Nowadays, investors are looking for new cryptocurrencies that have great growth potential. If you have time to identify such a currency, this gives a huge potential for earning. For example, since the start (from July 2014) of BitShares trading, the price has increased 25 times. Recently, more and more large-scale cryptocurrency projects have appeared, and Bitshares is experiencing certain difficulties in maintaining its position. However, this platform has been afloat for several years and still has technologies far superior to anything other blockchains offer.
BitShares is a decentralized platform that allows users to issue and trade shares and create smart contracts and decentralized applications. The Bitshares project uses blockchain technology to create “free market solutions using the power of global decentralized consensus and decision making.” However, according to the platform founder Daniel Larimer, the project goes beyond this description. Larimer explains that Bitshares is software, network, ledger, bank, exchange, and currency. The platform is software that provides a distributed, multi-user database with update permissions controlled by a given set of rules and public key ciphergraphy. It is also a decentralized network supported by users from all over the world who synchronize their databases according to the rules of the software. It allows the network to work as long as it has at least two users communicating over the Internet. Finally, it is a distributed ledger where all transactions on the blockchain are recorded. In addition, BitShares can act as a bank by maintaining a distributed ledger that displays debt secured by collateral in other assets. Here, it is backed by its cryptocurrency, BTS.
Bitshares – a promising cryptocurrency with a decentralized exchange
The blockchain technology, on which the cryptocurrency works, carries huge potential in the following areas:
- data security;
- storage and transmission of any information;
- smart contracts, etc.
The smart contract platform makes it possible to generate custom assets. Anyone can create their cryptocurrencies using the Bitshares blockchain. These coins can be used for any purpose, such as investment, proof of ownership, ticket sales, etc.
Another advantage of Bitshares is that it makes no sense to quickly get rid of it in fear that high volatility can dramatically reverse the price. Moreover, fees and counterparty risks, coupled with taxes, are kept to a minimum as the currency can be held between transactions. With Graphene technology on Bitshares, transactions can be incredibly fast and cheap. With this technology, Bitshares can process up to 100,000 transactions per second, and the block creation time is only 1.5 seconds. It is much faster than, for example, bitcoin or ether, which can carry out 4 and 15 transactions per second, respectively.
Where to buy BTS: the ultimate guide
BTS tokens can be bought on the following exchanges:
- Bitshares Asset Exchange;
You can store BTS in a Bitshares wallet or on a decentralized exchange. Unlike centralized exchanges, holding tokens on a decentralized exchange does not expose your money to third-party risks, as you manage your private keys and always have access to your tokens. Bitshares mining does not require enormous computing power since the network uses the DPOS (Delegated Proof of Stake) consensus algorithm. Only delegates elected by voting can process transactions and create new blocks. Any user can become a delegate.