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BitShares is a blockchain-based financial platform that offers a decentralised asset exchange. More than that, BitShares looks to expand the blockchain to all industries that provide services on the Internet, from banking and stock exchanges to music, auctions and many other types of services.
BTS is the native token of the BitShares blockchain and has a wide range of uses on the platform. This guide explains how BitShares works, the role BTS plays, and how you can buy, sell and store BTS.
This is our quick guide to just one way to buy BTS. Compare some other options in the table below.
You can buy BTS at a wide range of crypto exchanges, including:
If you want a detailed guide on how to buy BTS, here’s what you need to do:
Step 1. Register for an account with an exchange that lists BTS
Review the list of exchanges that offer BTS in one or more currency pairs and compare the pros and cons of each platform. Once you’ve decided on the best exchange for your needs, you can sign up for an account by providing your email address and creating a password.
To satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) regulations, many platforms will also require you to provide your personal details and proof of ID. If 2-factor authentication is available as an option, make sure to enable this account feature before you start trading.
Step 2. Deposit funds into your account
If you want to buy BTS with Australian dollars (AUD), you can do so by signing up for an account with the Australian exchange CoinSpot. Once your account has been verified, you can transfer funds by clicking on the “Deposit AUD” link and using POLi Payments or BPAY. Cash deposits are also offered through newsagents using the Blueshyft service.
If you want to exchange another cryptocurrency for BTS, there are several exchanges that allow you to do so. However, you’ll first need to acquire a currency listed in a trading pair alongside BTS, such as bitcoin (BTC) or ether (ETH).
Depositing cryptocurrency into your account is also an easy process. For example, if you’re using Binance, click on “Funds” and then “Deposits”. Choose the currency you want to deposit and copy the wallet address or scan the QR code so that you can send funds to the right place.
Step 3. Buy BTS
The final step is to click through to the trading page on your chosen platform and place your buy order. If you’re using CoinSpot, you’ll need to click “Buy/Sell” at the top of the screen, search for BitShares and then click on “Buy BTS”. You can then enter the amount of BTS you want to buy or the amount of AUD you want to spend.
Meanwhile, if you’re using Binance, click “Exchange” and choose either the “Basic” or “Advanced” view. Search for the pair you want to trade, such as “BTS/BTC”, and specify whether you want to place a Limit, Market or Stop-Limit order. You can then enter the amount of BTS you want to buy.
No matter which platform you’re using, make sure to review the total cost and full details of your transaction before clicking “Buy BTS”.
You can sell BTS at the same crypto exchange where you buy BTS, except you’ll need to enter the number of BTS tokens you want to sell in the “Sell BTS” tab. Remember, too, that you may not be able to exchange BTS directly for the currency you want to acquire.
There are three types of wallets you can use to store BTS.
Find out more ways to hold your tokens in our guide to cryptocurrency wallets.
BitShares was created in 2014 by Dan Larimer, the crypto icon who has also played a key role in the creation of EOS (EOS), Steem (STEEM) and other notable projects. By providing a platform for decentralised financial transactions and interactions, BitShares is designed to provide the “unbanked” with access to crucial financial services.
The platform is based on Graphene, an open-source blockchain also used by Steemit and a number of other platforms. Theoretically capable of handling 100,000 transactions per second, and with an average block time of just 1.5 seconds, it’s designed to offer fast and affordable transactions to users.
Anyone with an Internet connection can create a BitShares account and then use the platform to access a variety of financial services, including:
Cryptocurrencies are a risky asset. You need to understand this if you’re looking to buy BTS or any other cryptocurrency. If you want to buy BTS, make sure you consider the following factors:
By considering these and other factors, you’ll be able to make an informed decision about whether or not to buy BTS.
Image: Shutterstock
At the time of writing, the author holds IOTA and XLM.
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