Table of Contents
BitShares is basically a crypto that depicts itself as a “stack of financial operations that includes exchange and banking on a blockchain.” BitUSD and BitEUR are two of the BitShares blockchain tokens that are intended to be linked to real assets like the dollar or the euro. Let’s learn more about this crypto, what it will contribute, and how to purchase it on the WazirX platform.
What is BitShares (BTS)?
Blockchain technology called BitShares was developed by young businesspeople, developers, and traders with the aim of solving market challenges. The platform asserts that it is the first DPoS (Delegated Proof-of-Stake) blockchain technology with self-governance and focuses on completing a transaction within just 3-seconds. Delegated Proof-of-Stake (DPoS) is an upgraded version of the Proof-of-Stake (PoS) consensus mechanism.
In order to manage a safe, secure, and scalable ecosystem, BitShares focuses on combining innovations, ethics, impartiality, accountability, knowledge, and experience.
Why is BitShares a good investment?
Since the crypto market is unstable and highly speculative, you should do thorough research on crypto projects in which you are interested before buying or investing. BTS is one such potential project, but you should consider the following factors before investing in it:
- Use-case. BTS represents the native token of the BitShares blockchain. It can be used for multiple purposes, like staking, rewarding community developers, creating pegged assets, paying fees on the BitShares exchange, and serving as collateral.
- Foundation. The BitShares Blockchain Foundation is a non-profit organization registered in the Netherlands. It was established in 2016 with the goal of advancing and expanding the BitShares ecosystem.
- Competition. Since the start of the decade, the decentralized finance industry has been on the rise. As the number of decentralized exchanges is increasing, the competition to make space in the market is also intensifying. To acquire customers, BitShares needs to compete with companies like UniSwap, Pancakeswap, and Binance DEX.
How to buy BitShares coin in India?
Following a few simple steps, you can buy BTS tokens in India via WazirX, India’s most trusted and widely used cryptocurrency exchange.
Now, you can buy BTS tokens using P2P trade. Here are all your questions answered about P2P.
Step 1: Sign-Up on WazirX
To start trading the BTS token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.
Here’s a guide explaining how to open an account on WazirX.
Step 2: Verify your email account and set up your account security.
The following step is to verify your email address. After signing up, you’ll receive a verification link on the email address by which you’ve just created your account.
On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3: Complete the KYC.
After selecting the appropriate country, complete the KYC process.
Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.
Step 4: Add funds to your WazirX account through P2P.
After linking your bank account to your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will work as funds to buy other coins.
Step 5: Buy BTS on WazirX
You can purchase BTS tokens using P2P trade through WazirX. Check the BTS to USDT here.
After logging in to your WazirX account, you can select USDT from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the BTS coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
