1 Level
22 Review
48 Karma
Review on BitShares by manhatan davistrue
Users of BitShares are able to stabilize their investments by converting to…
Users of BitShares are able to stabilize their investments by converting to stable cryptocurrency assets that are pegged to <abbr rel="tooltip" title="Currency that a government has declared to be legal tender, but is not backed by a physical commodity. For example the US dollar, the Euro and almost any other country related currency you can think of.">fiat</abbr> currencies. Because there’s no need to convert to fiat currency at any time, users have greater anonymity as a result. BitShares has its own <abbr rel="tooltip" title="A crypto asset created on top of another blockchain">token</abbr> of the same name. Converting BitShares (BTS) to BitUSD works much like converting to USD except there’s no need to leave the security of the blockchain. 1 BitUSD will always equal 1 USD. As such, users are protected from the volatility of the cryptocurrency market since fiat currencies are much more stable than newer digital currencies.
Pros
- Signing up for a BitShares account is quick and easy. Users aren’t asked to provide vast amounts of personal information in order to register for an account and trade on the platform. This stands in stark contrast to centralized exchanges, which must obtain such information in order to comply with government regulations.
Cons
- One of the primary problems being solved by Bitshares is the risk that is inherent in centralized exchanges. That doesn’t just mean traditional exchanges, but also the centralized cryptocurrency exchanges, which have proven to be unsecure as seen by the famous Mt. Gox hack and the more recent Coincheck hack. There have been numerous other smaller hacks as well, and this has led to the loss of funds for scores of users, simply because they had to place their trust in a centralized third party provider.
