How to transfer Bitshares off of Bittrex
Today Bittrex announced that Bitshares would be delisted on October 13 (https://twitter.com/bitshares/status/915256354499125248). They did not provide an explanation to the Bitshares team.
Instead of selling off your Bitshares, if you believe in decentralized exchanges (which is why you should have bought them in the first place), you can move them to the decentralized Bitshares wallet with just a few simple steps.
Step 1
Download the latest Bitshares wallet (https://bitshares.org/download/)
Step 2
Register for an account, either by using the local offline wallet or web wallet. Make sure to use a very strong password if using the web wallet (at least 15 characters, with upper case, lower case, symbols, and random letters, not words)
Step 3
Go to Bittrex, click on withdraw.
Enter your Bitshares account name into the "Registered Acct" space.
Leave the "Memo" space blank (trust me!)
Enter a small amount to test the withdrawal, such as 100.
Step 4
Wait about 10 minutes for the test withdrawal to show up in your Bitshares wallet at the top in the "Account Value" space. Then you can go ahead and withdraw the rest, which went much quicker for me (about 2 minutes).
As a side note, we should all try to become familiar with using decentralized exchanges, as they are the future and there are a lot of problems with centralized exchanges!
Yes that is too bad for bitshares because I like the project very much and it is sure not easy for them to go back to Bittrex.
Good Post, Mate!! This one is self-explanatory, but If there's anyone who wants more detailed then can go see my post. Upvoted.
What do you know about backing wallet up? I saved the .bin file...is it supposed to look like a bunch of gibberish when I open it? I'm just assuming that, should I ever need to restore my wallet, that the .bin file contains what is needed, even though I do not understand it.
The backup wallet is encrypted with your password. It is normal that you are not able to read it. To restore your wallet, you need the Wallet file and your password. Go to "Create New Account", select "Use the Wallet Model" and then "Restore Wallet From Backup".
Thanks! Got my Bitshares on my Bitshare exchange now, woo hoo!
BTS way down today. Sooooo, Oct 10ish a good time to "buy the dip" and long term hodl?
In my opinion, the fundamental value of BTS is dependent on trading volume and value of smart assets they back. The long term trends suggest that these will continue to increase as time goes on, given tailwinds of regulation and problems with centralized exchanges. But there is a large speculative value attached to all cryptocurrencies, including Bitshares, which should be kept in mind. Disclaimer: I am not an investment professional and this is not investment advice, this is just my opinion.
what do you mean by "smart assets"?
On the Bitshares platform there are certain assets that are backed by the Bitshares token itself. For example, BitUSD is designed to track the value of 1 USD, backed by the value of the bitshares token. These are what the Bitshares platform calls "Smart Assets"
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STOPWorked perfectly, thanks
Thanks.
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