What is BitShares?
This blog post will cover:
- What is BitShares?
- Where did BitShares come from?
- What are the advantages of BitShares?
- What are the disadvantages of BitShares?
- How to buy BitShares on SimpleSwap?
What is BitShares?
BitShares (BTS) which was previously presented as ProtoShares or PTS is a financial platform based on blockchain technology. The primary aim of BitShares is to allow users to exchange cryptocurrencies with no involvement of third parties. There is its own cryptocurrency called BTS coin. While producing BitShares, its developers aspired to make a business platform that unites the competencies of BTC and ETH, and can also comply with the duties of a bank or decentralized exchange. BitShares is based on an open source blockchain Graphene. Graphene is used by various projects, such as Steemit.com and PeerPlays.com, which points to its use in the real world. The operation of BitShares is controlled by Decentralized Autonomous Company, which allows BTS owners to contribute to the project and decide on the perspectives of BTS.
Where did BitShares come from?
BTS is the result of the persistent work of two people. The idea of creation belongs to entrepreneur Dan Larimer, who worked hard to create a number of factors that could make a new coin attractive in the financial sector.
But, like any other idea, it needed improvements. The author of the BTS final touche was the Ethereum creator - Charles Hoskinson. Two persons so famous in the business area have provided the new cryptocurrency with a nice start.
Initially, they had to create BitShares ProtoShares. ProtoShares (PTS) introduced the newest development in blockchain and cryptographic technologies. The platform intended to be called BitShares X originally appeared under a different name. It should be a powerful blockchain that received most of its benefits from built-in services. PTS became a clone of Bitcoin and its tokens were planned to be updated after a while.
In 2014, the project was renamed as BitShares (BTS) and restarted after merging with several other products of the company.
What are the advantages of BitShares?
- High network transaction speed
The developers claim that BitShares is able to process 100,000 transactions in a second and even more if you apply optimization.
- Account Names
The wallet address on the BitShares platform applies names chosen by the user, not a set of characters that can be hardly remembered.
- Custom Assets Issue
Customers can generate their own coins. It can be done for several purposes, for example, to support their business or finance a startup. BTS coins can be traded or stored as a permanent asset.
What are the disadvantages of BitShares?
The difficulty for ordinary users to understand the necessity of the platform.
- Lack of a strong marketing campaign
The founders of the platform assume that their financial instruments will work successfully and develop steadily throughout the market.
- Unintelligible ecosystem
BitShares has a complex ecosystem, the design of which some users do not like. Due to this, the audience is leaving and chooses platforms with a simpler interface.
How to buy BitShares on SimpleSwap?
The SimpleSwap platform makes it easy and comfortable to exchange cryptocurrency. To get some BTS coins just follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select BTS in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. BitShares will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
That’s it! In a few moments, you will receive your BTS coins.