Coins That You Can Trade On Bitshares Decentralized Exchange and How Does It Work
Due to my posts lots of people registered to OpenLedger - if you havent , do it now - its free and worth it.
Its a decentralized exchange based on Bitshares Network (older brother of STEEM) where you can trade coins, commodities, prediction markets and more.
Today i want to distinc non-BTS chain coins and other things.
I may do some tech mistakes here but logic wise, its how it works so please excuse if i do that - i will try to do not.
Currently when you enter exchanges, they host loads of wallets on different systems where you deposit and withdrawal.
OpenLedger or BTS DEX work different - they host all assets on their chain without installing anything else.
First step is to get free account by CLICKING HERE i read this as i urge you to register. This is the technology of the future and having account doesnt hurt.
Now you can trade Bitshares and assets build on it ie bitUSD [equivlanet of 1USD] bitCNY [same but for CNY], GOLD and whatever else. There is also assets built on BTS [like you can build tokens on Ethereum] ie or @zappl here.
So you can go to OL get some Bitshares and build a coin [token] doing whatever you want - to be your companys asset, be pegged to OIL/GOLD, be a prediction market of when is the hottest day etc.
But what when.. you want to trade coin that has its own chain like ETH?
This is what i want to explain in this post. Prolly one of my longer text posts but lets do it.
There is alot of coins to deposit but the ones i use are:
BTC DASH DOGE ETH EXCL LTC MAID PPC SBD STEEM USDT
The moment you deposit any of those they became OPEN.X (which X is a name) asset.
This way they are now on BTS blockchain but the gateway that let you deposit them ie OpenLedger hold collateral in real wallet.
So now non-bitshares coins became stored on BTS chain while actually being full usage coins of themselves.
Now we go to markets and seek for our pairs each has bitUSD/BTC/BTS/OBITS right away.
So if you followed steps now you trade on exchange which cant get hacked and cant get closed - because its decentralized and all trades are p2p.
OpenLedger Volumes
Not all, seems CMC needs some updates.
TLDR; REGISTER TO DECENTRALIZED EXCHANGE HERE
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What I think is one of the things most needed on Bitshares is the ability to accept A LOT of the Cryptocurrencies listed on Coinmarketcap.com at least the first 20 or 30...
Fully agree with you. If you go to openledgers webpage there is a application for other coins to join at the bottom of the page. And things has started to expand. My last version had 6 or 7 different coins. Now it's like 20. They seem to be implemented on the web first before they are integrated into the software. Maid is a perfect example. I found it first on the web before it now shows up in the desktop app.
Too low volumes
It's a chicken and the egg problem. I want to use Bitshares more to trade because it's decentralised, but there is not enough volume there to trade without severe slippage, so I trade on a centralised exchange instead, taking potential volume away with me. How do we solve it? Is market making profitable, and how do we encourage it?
Some notes:
Hello I'm trouble finding a bot myself, do you have a download link?
@fxminer Probably because Bitshares does no marketing and rarely does interviews and such. At least i never hear about them for the past 2 years. Also it's highly confusing with bridges and gateways and weird coin names.
gateway = how polo works
bridges = basically shapeshift
This is great to see Bitshares getting exposure like this, especially after reading this post by @thecryptofiend entitled "Why we need Decentralized Exchanges"!
Timing is everything and by the looks of it, the decentralization of trading is coming on the radar for us all to trade in safety and piece of mind without loosing and arm and a leg! thanks a bunch for your information and work with us on Bitshares, namaste :)
yes this decentralized idea is cool - but people doesn't like it a lot - maybe bitshares should look for other ways to make it REALLY decentralized.
Yeah i already got some users to BTS from STEEM but i feel still this needs more exposure :)
Bitshares has been something i've been interested in since i started with steemit about 2 months ago...havent played around with it too much. I've been looking around for videos and posts of people actually using the platform...and havent found too much support thus far. I see pretty huge potential with it...seems like it's just a bit of a learning curve in realizing the ways in which I can make advantage plays that are all around solid and mutually beneficial. Decentralized exchange is for sure the way to go in my opinion. I suppose the tricky thing is in people taking on leadership positions in terms of promoting the platform and application as active participants who see and realize the value and potential value here.
Having lost money on four exchanges that were hacked or scammed, I really need a decentralized alternative, so thanks for explaining.
How is trusting a gateway different from trusting a centralized exchange?
Gateway has coins for a second and if one dies, other one can come. Yet your assets on exchange are safe and have same value as they had.
Also you dont have to ever get out of DEX with non-chain coins. You can just go out with BTS to zillions of exchanges.
EDIT: Actually BT used to help OL, but now OL is their own gateway. So had to edit that part.
One thing: i think blocktrades will withdraw their gateway service. It says something to that effect in the dep/withdraw pane.
There is 3 withdrawal gates currently and i know 1 more is coming soon too
Great info its funny I was just looking at my bitshares account road2wisdom thinking what to do with it! Thanks for the
Enjoy :)
Thank you :))
Fortunately bitshares is one of the last wallets that hasn't been hacked out of my life...
Thank you for sharing. I think I'll definitely dig a little bit deeper into this topic.
This is not really decentralized.