Have you been putting off setting up a Bitshares account?
I had read many great things about Bitshares these past few months but for some reason I thought it was going to be difficult to set up.
These last few days I have been having a pleasant problem. The crypto I had stored on Poloniex had soared, and my account was well above my acceptable threshold for risk. It's high time for me to learn some more about Steemits Graphene cousin.
Crypto 101
The golden rule is don't keep your money on exchanges or you could be Gox'ed.
Obviously its always best to set up a full wallet and keep track of your private keys but this is not always possible or practical and Bitshares offers a decentralised exchange where you can trade and keep some of your crypto, as an alternative to the popular exchanges such as Poloniex.
What is Bitshares?
I found this great article from some months back by @psylains for some further reading about Bitshares.
Set up Couldn't be Easier
The following screenshots show the process from start to finish which only takes a few minutes.
1. Download the Installer
2. Open the Application and Create an Account
3. Choose Wallet Type
Do some research here to understand the risks and benefits of each account type and what is suitable for your needs.
4. Create a Username and Password
5. Create a Backup
This stage is important and will be different depending on whether you set up via Wallet or Account Model.
6. Start Trading
The interface is really intuitive and has some advanced features. I have not explored it much yet but it looks great so far.
It's that easy.
New To Crypto
If your new to Crypto it might be a good time to read some more about digital wallets. Learn the basics and keep your exposure to counter-party risk to a minimum, or at least understand the risks. This article may help Secure your Wallet Today
Your Account is Your Responsibility!!!!
I would recommend testing out your Bitshares wallet with small amounts before sending significant sums of money to the account. Also try sending out of the wallet. The difference between a decentralised exchange and a centralised exchange will become apparent if you need help.
You have no one to call or get in touch with.
SAVE your PASSWORD and make a Wallet BACKUP and keep it safe.
In a decentralized world no one can restore your funds, passwords or backups.
Thank you for reading this. I write on Steemit about Blockchain, Cryptocurrency, Travel and lots of random topics.
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SAVE your PASSWORD and make a Wallet BACKUP and keep it safe.
In a decentralized world no one can restore your funds, passwords or backups.
Very important. I have added your comment to the post.
Great guide will share and feature it my daily post: Steem, BTS, and Asset Market Update 5/9 and Giveaway for 5/16 where (new) users may get some free tokens to try out bitshares with my referral link to help support me and my efforts if one so chooses.
Also you could use a banner I use if you'd like too:
Nice one, thanks @virtualgrowth
Welcome.
Thank you for that guide! Very helpful. I have thought about buying some Bitshares, but as many others I didn't know where to store them in a safe place. Thanks!
The safest place to store Crypto is probably in a hardware wallet but there are even risk with that.
Thanks for the tips. I'm still a crypto noob and admittedly know little about wallet security, so I really should read up more on this. Have exchanges like poloniex and bittrex been Gox'ed before, or is it just something that theoretically could happen at any time? Do you have a hardware wallet that you recommend?
Well for the last few days Poloniex has been suffering from DDOS attacks. That may not be such a big issue for you as your money is safe, you just cant access it but some big exchanges have been hacked and funds taken in the recent past.
Last year Kraken was hacked and funds were stolen
There are other examples of smaller exchanges that have just disappeared
Here is a good article that is worth a read by @heiditravels
Yikes! That's rather frightening. I don't have much to speak of yet so I'm trying to grow it by getting into trading. Do you know if Mycelium has a good reputation for being safe?
Thanks again for the advice.
I don't know much about Mycelium. If your new and looking to learn the ropes I would recommend Steem of course but try out the Exodus wallet for other coins. Join their slack channel the guys over there are really helpful. https://www.exodus.io/
Great thanks I'll check it out!
I had steem in my bitshares wallet. I wanted to sell. Went to "send" selected opn.steem from the drop down and sent to bittrex. Bittrex deposit account gave me a memo and a registered account by the name of bittrex . However , when I entered bittrex in the account field it told me to change it to bittrex-deposit. Which I did. I also entered the memo and hit send. The transaction seemed to have gone through in the bitshares wallet but doesnt even show as pending in bittrex. This is in my bitshares wallet history : ksh-9792 sent 121.15 STEEM to bittrex-deposit
Unlock your wallet in order to see this memo . Where is my STEEM??:( Please help!