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BitShares for beginners: How to buy, sell trade BTS

Wondering how and where to buy, sell and store BTS? Read our comprehensive guide.

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Tim Falk
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BitShares is a blockchain-based financial platform that offers a decentralized 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.

Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.
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Quick guide: How to buy BTS

  1. Sign up for an exchange like Coinswitch.
  2. Select your payment currency in the “You Send” box.
  3. Select your desired cryptocurrency in the “You Get” box.
  4. Click “View All Offers”.
  5. Select the offer that’s best for you.
  6. Enter your cryptocurrency wallet address.
  7. Click “next”.
  8. Follow the steps Coinswitch provides to complete your purchase.
Go to Coinswitch's site

This is our quick guide to just one way to buy BTS. Compare some other options in the table below.

Where to buy BTS

You can buy BTS at a wide range of crypto exchanges, including:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Huobi Cryptocurrency Exchange
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, SWIFT, Wire transfer
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more

219
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
View details
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Compare up to 4 providers

Find out more about cryptocurrency exchanges in our introductory guide.

A step-by-step guide to buying BTS

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 US dollars (USD), you can do so by signing up for an account with the US exchange Coinbase. Once your account has been verified, you can transfer funds by clicking on the “Buy/Sell digital currency” link and entering the amount of USD you want to spend. Next, you’ll have to choose a wallet and then transfer funds from the account you wish to transfer from.

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).

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 Coinbase, you’ll need to click “Buy/Sell digital currency” under the “Products” tab 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 USD you want to spend.

No matter which platform you’re using, make sure to review the total cost and full details of your transaction before clicking “Buy BTS”.

How to sell 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.

Which wallets can I use to hold BTS?

There are three types of wallets you can use to store BTS.

  • Web wallets. Examples include the BitShares web wallet and exchange, and the OpenLedger wallet.
  • Desktop wallets. BitShares offers a desktop wallet version for Windows, Linux and Mac OS X.
  • Mobile wallets. You can store your tokens in the SmartCoins Wallet app, and the BitShares Wallet and Trade app.

Find out more ways to hold your tokens in our guide to cryptocurrency wallets.

What is BitShares?

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 decentralized 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:

  • A decentralized asset exchange. Users can trade digital assets with one another and avoid the security risks associated with centralized exchanges.
  • SmartCoins. These are price-stable cryptocurrencies that have their value pegged to another asset, such as the US dollar or gold, by the BitShares core currency BTS.
  • Automated recurring payments. Using smart contracts with built-in support for subscriptions and recurring payments, BitShares allows users to authorize third-parties to make withdrawals from their accounts.
  • User-issued assets. Users can issue their own tokens.

What to consider if buying BTS

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:

  • Supply. According to CoinMarketCap, the circulating supply of BTS in June 2018 was 2,630,780,000 tokens out of a maximum supply of 3,600,570,502 BTS.
  • BTS use. BTS is the native token of the BitShares blockchain. Its primary use is:
    • To pay transactions and fees on the BitShares exchange
    • To act as collateral to create pegged assets, such as BITUSD or BITGOLD
    • To pay the community that develops and maintains the BitShares blockchain
    • To stake for creating new tokens
  • Availability. BTS tokens are available on more than fifteen exchanges, some of which accept fiat currency deposits.
  • Foundation. The BitShares Blockchain Foundation is a non-profit organization registered in the Netherlands. Founded in 2016, its mission is to promote and grow the BitShares ecosystem.
  • Competition. There are plenty of other decentralized exchange platforms competing with BitShares. Check out our guide to decentralized crypto exchanges for more information.

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.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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