|Circulating Supply||2,684,990,000 BTS|
|Max Supply||3,600,570,502 BTS|
Bitshares is a decentralized peer-to-peer cryptocurrency exchange that allows users to have the ability to be able to trade their cryptocurrencies without the involvement of any central authority. Essentially, traders can communicate directly with each other rather than having to use a centralized exchange such as Kraken or Coinbase.
The rate at which users can trade their cryptocurrencies is determined by the native cryptocurrency of Bitshares which is BTS. Bitshares are the currency that will be used when selling or buying other major cryptocurrencies. A seller will be paid the current rate of BTS against the currency that they are selling while a buyer will be using BTS to purchase a cryptocurrency.
What is The Bitshares Coin (BTS)?
The Bitshares coin (BTS) is the unit of economy on the Bitshares platform or other words, is the main currency that will be used on the platform for purchases. These Bitshares can then be traded for fiat currencies at other online exchanges.
A single BTS coin is worth $0.21547 in today’s market and there are 2.6 billion of them in circulation. BTS also has a market cap of $562,229,726 and a daily trading volume of close to $7 million.
This coin can be found at a number fo cryptocurrency exchanges which we will take you through a little later.
Whats Special About Bitshares (BTS)
Bitshares is certainly a project that has a lot of potential and one that is already receiving a lot of backing. Below are some of the core benefits of what Bitshares provides:
- No Centralization – There is no central authority or regulation which means transactions can be completed quickly and privately. Transactions are completed on a peer-to-peer basis directly between the sellers and buyers.
- Low Exchange Fees – At cryptocurrency exchanges transaction fees are quite high but on Bitshares, you are charged an extremely small amount that is just a fraction of a cent for each transaction made.
- Extremely Fast Transaction Times – Bitshares is renowned for being one of the fastest blockchains as it can execute more than 100,000 transactions in a matter of seconds.
Where to Buy Bitshares (BTS)
The good news about Bitshares is that there is certainly no shortage of cryptocurrency exchanges that you can use to trade them. We always recommend that you choose your cryptocurrency exchanges carefully however and recommend using one of the following:
Binance is cryptocurrency exchange that we really rate and it would seem that many other traders are of the same opinion as us. Here you can perform trades with numerous trading pairs but you will not be able to use fiat currencies.
This is a fairly new cryptocurrency exchange but one that we feel is a good option as it has so many trading pairs available to trade. Crypto-to-crypto trades are all that is possible here, not fiat-to-crypto trades.
At Bter you have a name that has been in the industry for five years that offers users the ability to trade cryptocurrencies. Fiat currencies are also accepted while all trades are subject to competitive fees.
- Bitcoin Indonesia
Bitcoin Indonesia is another cryptocurrency exchange that has been in operation for a good number of years having been launched back in 2013. Here you can perform fiat-to-crypto trades with around 12 different cryptocurrencies.
Based in London, Livecoin was launched back in 2015 and it gives traders the ability to trade dozens of different cryptocurrencies. All of the main coins are supported here alongside a number of altcoins as well.
Investing in Bitshares (BTS)
BTS or Bitshares is a development project that aims to provide traders with a truly decentralized way to trade their cryptocurrencies. This might not be a unique vision as others such as Waves are building something similar but it does show that this is something that cryptocurrency traders really want.
Is Bitshares a good investment? Possibly, if you believe that it has the potential to beat off its competition and become a true blockchain success. We do feel that day traders that are looking to make quick profits might want to look elsewhere and possibly trade directly with cryptocurrencies as this is more of a long-term project and one that will appeal more to those looking for some cryptocurrencies that they can hold onto for some time.
Do I Need a Bitshares Wallet?
The cryptocurrency world is a dangerous one due to being unregulated. There are a lot of shady exchanges and hackers out there that will want to get their hands on any cryptocurrencies that you might have. This is why it is important that you perform due diligence when it comes to choosing both a cryptocurrency exchange and the wallets that you are going to use to store your currencies.
We always say that you should not keep your currencies on the exchanges for too long. Hackers are always trying to raid these places and you should never completely trust an exchange that is not regulated as well. You then have to consider if the wallet you plan to use is going to be a safe option as well.
These are probably the safest form of wallet alongside paper wallets but unfortunately, there are no hard wallets that currently support BTS. This does not mean they won’t be though, as there are only a couple of decent hard wallets out there right now and these have made sure to support the more major coins first.
Wallets such as the Nano Ledger S are starting to support a number of smaller coins so we imagine that over time it may be able to support this cryptocurrency.
As you will not be able to store your Bitshares cryptocurrency in a hard wallet, you will have to make a decision between keeping them stored in the wallets at the cryptocurrency exchanges or finding a software-based wallet to use instead. The latter would be your best option and currently, there is only one ‘good’ wallet that you can trust to use for the storage of BTS.
The only software wallet is the following:
- Lite Wallet
This wallet can be downloaded from the Bitshares website and is designed to run on Windows 7 and higher or Mac OSX. This wallet is generally the most popular among traders that like Bitshares.
- Web Browser Wallet
This is also developed by the Bitshares team and is the online version of their wallet. Many of you might not feel comfortable with your Bitshares being stored online but it does make for the most convenient of storage.
This wallet is also an online wallet that also comes with a built-in cryptocurrency exchange that you can use to trade your BTS. Again, we still recommend the Lite Wallet as your funds with this wallet will be stored online.
Those are the three wallets that we recommend you take a look at but there might be other options out there for you to consider too. That being said, you should always read reviews about any wallets to see if they can be trusted. Other users will make sure to tell you if any third-party wallet is worth using.
Pros & Cons
Bitshares has come quite the way since its launch a little more than a year ago but can it really unlock its true potential to become something that traders will want to make use of on a regular basis? Time will tell but for now here are the main pros and cons for Bitshares.
- Superfast transactions
- Low transaction fees
- Perhaps a little too much in terms of the volume of services
- Has similar competitors such as Waves