Beginner’s Guide to BitShares: Decentralized Exchange & Investment Platform!
# How Does BitShares’ Exchange Work?
BitShares includes a decentralized asset exchange of a high-performance nature. This exchange is capable of handling the same trading volume as the NASDAQ yet settles orders the same second that they are submitted and includes features you want from your trading platform.
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The decentralized nature of the BitShares exchange helps protect it against failure since there is not a single point for this failure to occur. Because it executes trades in seconds, all traders have the same advantages. There is no high-frequency trading, hidden orders, or front running. Additionally, the BitShares exchange is incredibly secure, with every asset held in the form of a SmartCoin on the exchange being backed by as much as twice the reserves you would find on a centralized exchange. The bare minimum is a 100 percent reserve, something that protects against unlikely hacks.
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The BitShares exchange does not have trading or withdrawal limits, without excessive demands for documentation. It is also among the cheapest exchanges you will find anywhere, just several cents per trade in the case of SmartCoin pairs.
What Can You Trade on the BitShares Exchange?
While many of the transactions on the BitShares exchange will involve trading SmartCoins, users can trade nearly anything. Provided an asset has enough interest, there are minimal limits to what users can trade. Examples include cryptocurrencies, national currencies, oil, gas, silver, and gold. The exchange has support for assets that track inflation, indexes, bonds, and stocks. Companies even have the ability to issue their own stock using the BitShares network then offer low-cost trading that includes protection from naked shorting.
One unique feature of the BitShares platform is “user-issued assets.” These are custom tokens that users can register on the platform as well as hold and trade within a set of restrictions. Whoever creates the asset will specify the name, distribution, description, and any customization requirements, such as if only those on a specific whitelist can hold tokens. It is these “user-issued assets” that let companies issue tokens for things like deposit receipts, crowdfunding, reward points, event tickets, company shares, prediction markets, and digital property.
# How Do SmartCoins Interact with BTS?
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SmartCoins are cryptocurrencies with a value pegged to another asset, like gold or the U.S. dollar. BTS, the core currency of BitShares, always backs 100 percent or more of the value of SmartCoins. Users can also convert SmartCoins to BTS at any moment with the exchange rate from the price feed. SmartCoins are almost always guaranteed to have a value that is at least their face value, with the exception of the most extreme conditions in the market. As a cryptocurrency, SmartCoins are free from restrictions, divisible, and fungible.
What Are BitShares’ Dynamic Account Permissions?
The Dynamic Account Permissions are a key technology of BitShares. They are the result of BitShares designing permissions based on people as opposed to cryptography. This makes it possible for accounts to be controlled via weighted combinations of private keys and other accounts. The hierarchical structure involved was designed to mimic real-life permissions and allow for simpler multiuser control of funds. It is this multiuser control that dramatically enhances security and can almost completely eliminate risks of hacking-related thefts.
Does BitShares Support Scheduled Payments?
One of the many areas in which BitShares stands out from other smart contract platforms is in its support for scheduled as well as recurring payments. Thanks to this feature, users can set up authorization for a third party to withdrawal from their account given certain limits. It is particularly useful for monthly subscriptions and bills.
Setting up recurring payments is as simple as granting withdrawal permissions to a user or company with a withdrawal limit per period, such as one withdrawal per month. These scheduled withdrawals are not commitments to pay, however, since the withdrawal will fail if the BitShares account does not have enough funds.
What Is the BitShares Referral Rewards Program?
Like many other blockchain-based platforms, BitShares offers a referral program with rewards. This advanced referral program is actually built right into the software. As a financial network, it benefits both BitShares and every user on the network if more people use the platform. With the referral program, you can get $80 or more for each Lifetime Member that you get to sign up. Specifically, Lifetime Members will pay $100 and get 80 percent cash back for each fee that they pay. If they refer a Basic Account to the network, they get 80 percent of those fees, as well.
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How to Buy BitShares BTS ?
You can purchase BTS on the BitShares Exchange itself by trading it for another cryptocurrency, it is also available on the following exchanges:
Binance
Poloniex
Gate.io
ZB.com
LiveCoin
AEX
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BitShares is an investment currency with its own digital currency, BTS. With BitShares, users can trade and invest in an essentially unlimited list of assets while taking advantage of the blockchain’s security. BitShares has the features you expect from a traditional trading platform, but with the added advantages of cryptocurrency and blockchain technologies, such as decentralization.
Industrial Performance and Scalability
Graphene is capable of 100,000 TPS when we pay for the network to go with it
High performance blockchain technology is necessary for cryptocurrencies and smart contract platforms to provide a viable alternative to existing financial platforms. BitShares is designed from the ground up to process more transactions every second than VISA and MasterCard combined. With Delegated Proof of Stake, the BitShares network can confirm transactions in an average of just 1 second, limited only by the speed of light.
# Technology
The BitShares platform itself is run and maintained by the BitShares community–an open consortium of individuals and organizations committed to providing universal access to the power of smart contracts.
Working together, this community has designed and developed the BitShares platform to include numerous innovative features which are not found elsewhere within the smart contract industry:
# [Price-Stable Cryptocurrencies](https://bitshares.org/technology/price-stable-cryptocurrencies/) - SmartCoins provide the freedom of cryptocurrency with the stability of the dollar
A SmartCoin is a cryptocurrency whose value is pegged to that of another asset, such as the US Dollar or gold. SmartCoins always have 100% or more of their value backed by the BitShares core currency, BTS, to which they can be converted at any time at an exchange rate set by a trustworthy price feed. In all but the most extreme market conditions, SmartCoins are guaranteed to be worth at least their face value (and perhaps more, in some circumstances). Like any other cryptocurrency, SmartCoins are fungible, divisible, and free from any restrictions.
# [Decentralized Asset Exchange](https://bitshares.org/technology/decentralized-asset-exchange/) - A fast and fluid trading platform
BitShares provides a high-performance decentralized exchange, with all the features you would expect in a trading platform. It can handle the trading volume of the NASDAQ, while settling orders the second you submit them. With this kind of performance on a decentralized exchange, who needs risky centralized exchanges?
# [Industrial Performance and Scalability](https://bitshares.org/technology/industrial-performance-and-scalability/) - Graphene is capable of 100,000 TPS when we pay for the network to go with it
High performance blockchain technology is necessary for cryptocurrencies and smart contract platforms to provide a viable alternative to existing financial platforms. BitShares is designed from the ground up to process more transactions every second than VISA and MasterCard combined. With Delegated Proof of Stake, the BitShares network can confirm transactions in an average of just 1 second, limited only by the speed of light.
# [Dynamic Account Permissions](https://bitshares.org/technology/dynamic-account-permissions/) - Management for the corporate environment
BitShares designs permissions around people, rather than around cryptography, making it easy to use. Every account can be controlled by any weighted combination of other accounts and private keys. This creates a hierarchical structure that reflects how permissions are organized in real life, and makes multi-user control over funds easier than ever. Multi-user control is the single biggest contributor to security, and, when used properly, it can virtually eliminate the risk of theft due to hacking.
# [Recurring & Scheduled Payments](https://bitshares.org/technology/recurring-and-scheduled-payments/) - Flexible withdrawal permissions
BitShares is the first smart contract platform with built-in support for recurring payments and subscription payments. This feature allows users to authorize third parties to make withdrawals from their accounts within certain limits. This is a convenient way to “set it and forget it” for monthly bills and subscriptions.
# [Referral Rewards Program](https://bitshares.org/technology/referral-rewards-program/) - Network growth through adoption rewards
BitShares has an advanced referral program built directly into its software. Financial networks derive their value primarily from their network effect: more people on the same network increases the value of that network for everyone. BitShares capitalizes on this by rewarding those who sign up new users, and does so in a fully transparent and automated way.
# [User-Issued Assets](https://bitshares.org/technology/user-issued-assets/) - Regulation-compatible cryptoasset issuance
The BitShares platform provides a feature known as "user-issued assets" to help facilitate profitable business models for certain types of services. The term refers to a type of custom token registered on the platform, which users can hold and trade within certain restrictions. The creator of such an asset publically names, describes, and distributes its tokens, and can specify customized requirements, such as an approved whitelist of accounts permitted to hold the tokens, or the associated trading and transfer fees.
# [Stakeholder-Approved Project Funding](https://bitshares.org/technology/stakeholder-approved-project-funding/) - A self-sustaining funding model
BitShares is designed to be self funding and self-sustaining by giving the stakeholders the power to direct where blockchain reserves are spent. BitShares has a reserve pool of 1.2 billion BTS (about $8 million dollars) that automatically grows as transaction fees are collected and the share price rises. Each day, the blockchain is authorized to spend up to 432,000 BTS (about $77,000 per month), which is enough to hire a small team to maintain the network for years, even with no price appreciation.
# [Transferable Named Accounts](https://bitshares.org/technology/transferable-named-accounts/) - Easy and secure transactions
Named accounts enable users to easily remember and communicate their account information. We don't use IP addresses to browse the internet or numbers to identify our email, so why shouldn't we have human-friendly account names for our financial transactions?
# [Delegated Proof-of-Stake Consensus](https://bitshares.org/technology/delegated-proof-of-stake-consensus/) - A robust and flexible consensus protocol
Delegated Proof of Stake (DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available. DPOS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way. All network parameters, from fee schedules to block intervals and transaction sizes, can be tuned via elected delegates. Deterministic selection of block producers allows transactions to be confirmed in an average of just 1 second. Perhaps most importantly, the consensus protocol is designed to protect all participants against unwanted regulatory interference.
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