Connect with us

Blogs

Investing in BitShares: Reasons Why It Can be Rewarding for Crypto Traders

Published

on

unifox-ad
BitShares
READ LATER - DOWNLOAD THIS POST AS PDF

As cryptocurrency is becoming an inextricable part of people’s lives across the globe, a number of traders and novice investors are desperately searching for some ancillary benefits and ingenious features from the relatively newer and unfamiliar coins making their way in the cryptocurrency market. The fact that Bitcoin is in a bit of a quagmire at the moment is compelling investors around the world to have serious doubts about investing in this currency. Also, there are other digital currencies that are suffering a similar fate as Bitcoin due to having conspicuous resemblance with Bitcoin’s internal architecture.

Under the circumstances, people are inclining towards those currencies that can provide a blockchain solution devoid of Bitcoin’s well-known problems like slow and expensive transaction, volatility, etc. along with offering a formidable market capitalization. BitShares (BTS) certainly falls under that category as it has managed to gain a position among the top forty coins on Coinmarketcap despite the sheer competition. Since its inception back in July 2014, BTS has been offering a significant number of features to its holders which are hitherto unprecedented. Here, the principal factors associated with this coin will be discussed below to give an idea why it is judicious to invest in this coin at the moment.

The Technology behind BitShares:

BitShares was designed in 2014 by Don Larimer, who also happens to be the co-founder of EOS, Cryptomex, and Steemit. By definition, BTS (previously known as PTS or ProtoShares) is a crypto-equity of industrial grade and a peer-to-peer distributed ledger based Delegated Proof of Stake (DPoS) algorithm.

BitShare’s inherent features are acquired from Graphene, an open-source blockchain implementation solely based on the C++ programming language. Graphene is a very popular blockchain technology that has been implemented by several ICO, gaming, and other start-up companies across the globe. One of the main reasons behind BTS’s efficiency is Graphene’s flawless performance. Besides working as a blockchain technology, Graphene can also be implemented as a consensus mechanism.

The dependence on this technology provides BTS an extraordinary scalability. Graphene is capable of successfully handling 10,000 transactions per second which give BTS the ability to handle more transactions per second that MasterCard and VISA combined.

Delegated Proof of Stake Algorithm:

BTS is the first and only cryptocurrency to implement delegated proof of stake algorithm in its blockchain platform. The main problem with the proof of work algorithm used by currencies like Bitcoin is that it consumes a significant amount of energy and computing resources to resolve certain mathematical problems. This excessive consumption makes the platform unsustainable for long-term usage.

In case of traditional proof of stake algorithm, the users hold a certain number of coins to create new coins. Delegated proof of stake is an advanced modification of this system where it implements a governance layer to the traditional PoS algorithm. In this system, the coin holders can delegate their stake in order to elect witnesses who can collect transactions, bundle them into a single block and send it to the blockchain network. These witnesses are paid in shares from the reserve pool for their services. DPoS allows proxy voting for electing or retracting power to a witness on BTS platform.

Stable bitAssets or Smart Coins:

Smart Coins are another very important part of this cryptocurrency and also one of the main reasons behind its stability amidst market turmoil. The concept of smart coins is based on tracking real-world assets like various fiat currencies (preferably USD) by cryptocurrency assets such as BitShares. This tracking system provides the BTS developers an unmitigated surveillance and control over the entire world economy.

Smart Coins offer several unique features such as convertibility. As every smart coin always has its value at least 200% backed by BTS, it can be converted at any time. Also, smart coins allow the BTS platform to be free from counterparty risk.

Because of Smart Coins, BTS is capable of offering the following advantages to its holders:

  • A stable price with mitigated volatility
  • Hedging against capricious price action and market
  • Acquiring certain units of different accounts from capital gains and losses having increased tax liability.
  • A reliable and foreseeable system where the traders can predict the possible future and act accordingly.

Decentralised Exchange (DEX):

BitShares offers a decentralized exchange with its token currency BTS to its traders. A decentralized exchange or DEX provides many unique features, unlike traditional exchanges. Some of these beneficial features include

  1. Effective elimination of hidden orders, front-running, and high-frequency trading or HFT
  2. Availability of multifarious cryptocurrency instruments along with their derivatives in order to make crypto-trading more convenient for the traders
  3. Availability of marked assets like smart coins for keeping track of the real world assets like US Dollar.
  4. Incredibly low transaction fees without any trading limits which provides the investors absolute financial freedom.

Current Scenario of BitShares:

At the moment, 1 BTS is equivalent to approximately $0.36. With a formidable market capitalization of 955 million USD, BitShares is currently holding the 31st position on Coinmarketcap (As of 3rd May 2018). Besides its own exchange, BTS is also available in well-known cryptocurrency exchanges like Livecoin, Poloniex etc.

Final Thoughts: 

The BitShares team is making continuous upgrades in its existing technology to make it even more efficient and user-friendly. With its delegated proof of stake algorithm, BTS has already managed to grab the attention of several traders around the world. With more developments and lucrative partnerships on its way, investing in BTS is very likely to turn out a lucrative decision in this year.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Blogs

3 Things to Avoid if You Want Your ICO to Succeed

Published

on

ICO
READ LATER - DOWNLOAD THIS POST AS PDF

Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

Continue Reading

Bitcoin

Reasons Behind The New Bitcoin Crash

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

Continue Reading

Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

Published

on

WINGS
READ LATER - DOWNLOAD THIS POST AS PDF

WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

Continue Reading

Elite