Bitshares is a popular type of cryptocurrency that runs on a decentralized platform. BTS is the ticker symbol for the coin, and their network is the first DPOS blockchain, which means Delegated Proof Of Stake. This unique system allows users of the network to stake their coins and submit proposals/votes, creating a forward-thinking digital community that’s fair and essentially impossible to corrupt.
While most people are aware of the Bitshares token, many don’t realize the platform has a lot more to offer. Using BTS, you can access their decentralized exchange to trade different digital currencies, create & deploy smart contracts, submit proposals, and cast votes. This digital ecosystem is centered on their Graphene blockchain and offers a fast & secure global payment network.
Certain types of networks can become congested, slowing transactions dramatically. Bitshares users enjoy super-fast transactions, with the average being under five seconds. The network can handle up to 100,000 transactions per second, putting it in the same league as Mastercard.
Bitshares users also enjoy some of the lowest transaction fees, with the average costing $0.20. This low cost is significant compared to other coins that can see expenses rise to up to $10/transaction. BTS can help save time & money when being used for online gaming.
A Brief History of Bitshares
The Bitshares plan started with an idea from Dan Larimer. The idea turned into reality when Charles Hoskinson, the creator of Cardano and co-founder of Ethereum, joined the team to work on BTS. They secured funding for the project from Li Xiaolai in China, and after much hard work, Bitshares was created in July 2014.
They’ve had a long journey, and today their ranked 153rd on CoinMarketCap. With a total market cap of over $330 million. There is a maximum of 3.6 Billion tokens, and its current price is $0.11. BTS has fluctuated throughout the years, going as low as $0.00238 and hitting an all-time high of $0.916.
The Bitshares token enjoys excellent liquidity thanks to being around for more than six years. Anyone can buy, sell and trade BTS on more than 27 crypto exchanges. Some of the popular ones are Binance, HitBtc, and Poloniex.
Online it can be a bit difficult to find Bitshares casinos, but these days the number of sites offering BTS payments is slowly increasing. Currently, there are more than 10 sites that accept this digital currency. Some of the most popular are 1xBit, Bitstarz, FortuneJack, and MelBet.
In 2016 Bitshares signed a significant deal for their blockchain technology & digital currency to be used on Microsoft’s global Azure platform. This move helped them grow their credibility and recognition.
Bitshares – Pros and Cons
- Superfast transactions
- Low fees
- Easy access to sites from jurisdictions with tighter gaming laws
- Unique blockchain with lots of cool features
- Not that many online casinos accept Bitshares yet
- BTS can’t be stored on popular online wallets like Bread or Exodus
How to use Bitshares at Online Casinos
The first step to start playing at Bitshares casinos is to acquire some BTS tokens. We always recommend picking an exchange with an excellent reputation and security features. Two very popular sites that you can buy/sell BTS are Binance and Poloniex. These exchanges will let you purchase cryptocurrency using traditional banking methods like wire transfer or credit card.
Once you’ve got your BTS coins on the exchange, the next step is to find a reliable cryptocurrency wallet to store your funds. We recommended using the official Bitshares wallet. You can download it from their website and use it easily on your computer.
Once you’ve created your BTS wallet, you will need to get a receiving address from the wallet, copy and & paste across to the exchange withdrawal address field, and press send.
Now your funds are in your dedicated wallet, and you’re free to take your pick of Bitshares casinos and sign up for an account. After that, click on the cashier/deposit option and pick Bitshares. The casino site will generate a unique wallet ID for your to deposit your BTS tokens to.
From your BTS wallet, you will need to input the casino wallet ID (it’s best to copy & paste for accuracy) and enter how much you wish to send. Depending on the type of casino you play at, once your deposit is received, it will either remain in BTS or converted to Fiat currency, usually EUR/USD for playing. If this is the case, when you process a withdrawal, the Fiat amount is converted to BTS, and you will receive your cash out in cryptocurrency.
Now your funds are in your gaming account, and you can start to hit the slots & tables. Once you’ve had a win, you will want to cash out some profits. Head to the cashier, select Withdraw and choose Bitshares. You will need to enter a receiving address from your BTS wallet. Copy & paste this into the casino withdrawal field, enter the amount, and press withdraw.
After the funds have arrived in your wallet, you can then use several methods to cash out your crypto into regular cash. Popular exchanges like Binance, Huobi, and Poloniex allow you to send BTS and trade it to larger cryptos like BTC or ETH, which you can exchange & withdraw in cash from the exchange. Alternatively, you can use P2P platforms that use Escrow, like LocalBitcoins and Paxful.
In 2021 cryptocurrencies are becoming more widely accepted as people see the advantages of using digital cash online. Bitshares offers a unique platform that makes sending funds to another wallet in less than five seconds possible. The tokens’ breakneck speed and long-established history make BTS an ideal casino payment method.
Crypto coins like Bitshares are perfect for providing an extra layer of anonymity. Digital currency offers privacy, so there’s no need to risk your banking details on different sites. As time goes on, it will be good to see more casinos accepting this crypto for deposits & withdrawals.
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