Today I want to introduce the beautiful mind that is the BitShares ecosystem.
More specifically, the BitShares decentralized exchange OpenLedger.
This is my first time using OpenLedger, so you’ll see me fund my new wallet with BTC and then trade it for BTS.
The first thing I noticed with OpenLedger is that I didn’t need to give my email to get started so that’s really nice. They also created a “basic mode” or view of the exchange for those beginners who might feel a little overwhelmed with all of the information that is displayed on the other option of “advanced mode”.
You can toggle between these views using the button on the top of the page.
This is how you can fund your wallet.
Select the Deposit/Withdraw tab on the top of the site.
I’m going to send BTC to my new OpenLedger wallet, so I’ll select gateway since this is for cryptocurrencies.
I’ll select the crypto that I’d like to deposit from a different account that I have.
Next, I’ll copy the address that is given to me that corresponds to the coin I’d like to deposit.
From here I go to my other account that has the BTC I’d like to send to OpenLedger and send it to this address.
Now if I wanted to fund this wallet with a fiat currency, I’d have the options of USD, Euro or Chinese Yuan.
This is where Openledger will request quite a bit of your personal information. Much like any other exchange that allows you to trade with fiat currencies, they’ll need information like your phone number, email, ID, and a piece of mail proving your address.
They’ll also need all of your bank information since that is how you’ll be funding your open ledger wallet.
Keep in mind that third party funding is not permitted.
If you wanted to make a withdraw from OpenLedger, just select the withdraw option and follow the instructions provided.
The next thing that I noticed about OpenLedger is that there are these things called open.btc and open.eth.
This was the first time I’ve come across anything like it so after a bit of digging I learned that these are essentially IOUs that are 100% backed by the real crypto.
So even though I deposited BTC and my wallet reads that I now have open.btc- it’s the same thing.
Basically Poloniex does the same thing but they don’t label it as polo.btc, so in this way OpenLedger is being transparent.
If you need more clarification I’ll include links to this down below.
Ok so let’s make a trade.
I want to buy Bitshares, abbreviated BTS, with the BTC or rather open.btc that is now in my wallet.
You’ll notice that I’m in the “basic mode”, this is where you’ll see your available balances along with the list of cryptos you can trade.
I’d like to buy some BTS.
I do this by clicking the buy option for BTS.
I’m presented with a form that shows the current price of BTS and so I will fill out how much open.btc I’d like to spend to purchase an amount of BTS.
It’s very simple and straightforward.
I’ll submit the transaction and then provide my password for my wallet so that it can be unlocked to make the transfer.
Confirm again and then you’ll see the transaction published onto the blockchain.
So again, this is how you make a trade using the “basic mode view”.
You’ll see that the “advanced mode” gives you more options.
You can see the price, volume and percentage change of the coins.
Also when you go to the exchange tab in the “advanced mode” you can do all sorts of things like set the price point you’d like to buy or sell, and I’m sure there is much more you can do that I have yet to uncover.
In addition to being an exchange that facilitates trading cryptos and pegged tokens, OpenLedger also caters to the advertising side of things with HubDSP and BitTeaser,
and for those looking to release an ICO with OpenLedger, you'll have a platform designed to help with the crowdfunding campaigns, and for those who are tired of missing out on investing in ICOs or can't keep track of the upcoming release dates, you can take advantage of the ICOO.
I've been using Bitshares for over 2 years and love it. You can't loose your coins (ahem Gox, BTC-e), trades are super cheap/fast and they have things like bitUSD, bitCNY, bitGold, bitSilver etc. that are pegged to the real things.
Plus the community is very active and they have great devs that get paid directly from transaction fees, which means Bitshares is the only blockchain that turns a profit and uses it to pay for maintenance and upgrades. Because the chain runs on DPOS there is no miner cartel wasting billions in electricity and trying to screw everyone like we are seeing with Bitcoin right now.
Bitshares is the undiscovered gem of the crypto world!
I will also try Bitshares!
Blunt, but I have never seen anyone describe the situation more accurately. Thanks for the laugh. =P
The more i read about and investigate the more i find positive feedback !
thanx 4 telling your personnel experience. Cheers Mate :)
Good enough points for me. I just jumped on, opened an Open Ledger account and bought bitshares. At first it looked intimidating but wasn't that hard. I think they could use a GUI update though. It looks more complicated than it is.
Thanks for the post on Openledger!
Impresive job , very good content n the cool explenation , keep sharing
Great work figuring out how to use OpenLedger. It took me under 5 minutes to get it set up and I was able to fund it with BTS and trade for exclusive coins like whaleshares and BuildTeam tokens. From what I've read launching ICOs is much easier using this platform than alternatives.
This post received a 4.4% upvote from @randowhale thanks to @ehujra! For more information, click here!
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You're so sweet! Thank you :)
@heiditravels really thanks for sharing with us its really helpful for me. Today I'm post about BTC split please checkout https://steemit.com/bitcoinsplit/@raghwendra/well-guys-here-is-the-simple-explanation-about-btc-chain-split-hope-it-will-help-you-to-clarify
Great post @heiditravels. I have been on OpenLedger from day one. I strongly advice everyone to make a back up. This will solve most of you problems. One point you did not stress is that it is decentralized.
Thank you so much Heidi! I look forward to your vids, and I'm so happy to support you with my upvotes!
Good tips Upvoted. What do you think of bitshares? do you buy and hold? Bitshares and EOS which one do you prefare? I have open ledger and bought some bitshares directly via my steemit wallet (blocktrades) and it goes very smooth and fast. I wonder if one can buy EOS via open ledger too. Thanks for your post.
I just learned something new! Didn't know I could purchase things on OpenLedger via my steem wallet... so cool :)
yes and it goes in seconds..first via wallet - click buy and then you go to blocktrades..select steem dollars and recieve bitshares..click below and get your transaction deposit adress. Then go back to wallet and click transfer.. to blocktrades ..amount and on memo, paste your adress and abrakadabra...in seconds its in your openledger wallet..pls show me some lov e (my dearest one) by following me back and checking out my posts hahah thanks for your comments and great videos on Youtube and here.
Feel free to see my latest blog post : Why are Ignorant people Calling Steem & Bitcoin A Ponzi Scheme
Thanks and keep steeming.
Think of the open.assets as tokens in a casino. You leave your money on the way in and play with the equivalent during your stay. And when you leave, the cashier gives you real money back.
Amazing, but for what purpose should I use it? Quite new to openledger.
To Make different tech talk to bitshares tech. Same reason you don't send ether to a bitcoin wallet.
Really informative post thanks. I've never used bitshares before but this has inspired me to give it a go. Iam going to try trading and I'll see how I get in!
Great post very usefull for newcommers! The thing i really like about BITSHARES is Steemits very own DAN LARIMER created it along with EOS. in my opinion all steemites should use BITSHARES it does for exchanges what steemit has done for social media
True, and all three are going to integrate with each other. It's really a new paradigm.
I use Coinbase Heidi , what is the benefit of using openledger over Coinbase ? Also is it possible to use openledger just to trade btc to eur then back to btc without cashing out to bank, you know when there is volatility and i dont want to lose value it would be nice
If you want to hedge against volatility try out bitshares bitusd. Dollar pegged assets on bitshares decentralised exchange (dex). It is backed by at least twice the value of 1usd in bitshares at such is fully decentralised and there is no counterparty risk. You really should try it .
Well Coinbase is definitely a wallet, but since it's all online/hosted by Coinbase, that can be VERY restricting in case their site is down, that means you don't have access to your money during that time. This has happened already a bunch of times during peak crypto volatility. I'd recommend having everything stored on offline wallets such as Trezor, a "paper wallet", or something equally safe and off the web.
The primary advantage is security. If you don't hold the private keys (i.e. coinbase or open.xxx) you don't OWN THE COINS. The advantages of the DEX are transparency, BitAssets (safety from volatility without counterparty risk, unlike the other pegged assets) and speed.
Along with the great responses already in this thread I would add that you are limited to three coins on Coinbase. BTC, ETH and LTC.
Coinbase is probably going to be affected by this:
Why the $BTC Fork Will Cause a Short Squeeze in Bitcoin That Affects You
OpenLedger is great
Good information! Took some mental notes for this if I ever decide to buy one!
OpenLedger is free :)
Oops! lol I confused it with the Ledger Nano S! My mistake.
I want to use bitshares, because I've watched a lot of videos about how lucrative they are. However, I live in america and it's hard to buy most crypto currency here for some reason. People from USA would like to know more about how to buy/sell bitshares and other cryptos.
Good content well explained. Newbies will love it.
Nice post very well explained for people who are new to it this will be very helpful! I love my OpenLedger :) Thanks for sharing have a nice day.
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I haven't got into OpenLedger still. It looks really good after reading this, thank you for that! Are you into onG.social? It's a platform similar to Steemit I would love to see you there
I have an ONG social account. Multiple users. U can handle all ur social media accounts from one account. People get paid for Thier content. Best part it is decentralised. ICO of ONG social is scheduled mid Aug,only making it bigger and better
ahem.. i think bts is good investment, but with current devaluation i have a doubt where will bts take me. do you have any advice, hold buy or sell, planning on 2 year investment
Hey, I'm using openledger but its asking for BTS fees. I had no idea I needed BTS and don't know what to do at this point. Can someone please help me or send me just enough BTS for 1 trade...? My account name is yoon-shiky. Please save me!!
I love Bitshare, I use it every day. It's really well thought out. Thank you for this presentation.
Nice and easy to follow. Great post.
Sorry my experience with openledger is poor web interface and very slow
then you switch to faster node or another interface. it's extremely fast. there are like 7 different user interfaces in addition to openledger one for bitshares blockchain. https://bitcointalk.org/index.php?topic=1949828.0
Very well explained!
Look out for TEZOS it has good potential...
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Thank you, you always have good posts!
Upvoted & RESTEEMED!
Thank you!
Hey Heidi, I saw your interview with @jeffberwick - inspiring story.
Anyway, I'm sure this is a super dumb newbie question, but how is openledger different from something like Exodus, which is according to their site "Exodus encrypts private keys and transaction data locally for your eyes only - no accounts, no servers, no data sharing."
There's so many different wallet options out there as I also just mentioned to @reloadbeatbox in another comment here, it's almost getting to be a full time job keeping track of them all! Ooh...now comparing the various crypto wallets out there might be another post idea...
PS - Resteemed! Obvi.
I just ditched Jaxx for Exodus due to bugs Jaxx has not addressed. All wallets that allow you to control your private keys are superior to any online wallet. For native coins like BTS, OpenLedger gives you that control. Exodus does the same for the coins it supports. OpenLedger does NOT give you control over non-native coins like BTC, they issue an IOU token called a UIA (User Issued Asset). As Heidi points out ALL exchanges do that, they just don't tell you that.
So many in their rush to invest or not loose out on a "great opportunity" overlook principles of integrity and Austrian economics the BitShares platform has stood for from day 1. Principles matter. Ignore them at your peril.
I like how Heidi also mentioned first thing that no ID, no email etc is required to get started. Those are only necessary if you involve fiat. You can deal with fiat on an exchange somewhere, get some Bitcoin there, convert it to BTS via ShapeShift or BlockTrades and move the BTS into your own BitShares desktop wallet (called a "light wallet) or OpenLedger, and never look back to fiat again if you don't want to.
Sorry, so overwhelmed with Steemit and the neverending comments/discussions here (which is a good thing!) I didn't get to this until now.
Sounds like OpenLedger is worth looking into for the other coins Exodus doesn't support..and there are many unfortunately (one of my favorite unsupported Ex. coins is Monero).
You made me laugh at the end when you wrote "never look back to fiat again if you don't want to." -- that day may certainly come in the future but I don't think we're quite at such a crypto mainstream phase yet - at least not at this point in time.
Speaking of Exodus, you might want to check this out if you haven't already heard - basically they aren't supporting Bitcoin cash but you'll still be able to move your Bitcoin somewhere else and then get it if you want (see https://www.cryptoninjas.net/2017/07/27/exodus-not-supporting-bitcoin-cash-users-will-able-claim-bcc/).
Now following, nice connecting here! @full-steem-ahead
Love using openledger and bts❤️❤️
Crypto currency world is taking over every other markets capitalization in no distant future.
The power is overwhelming and that the trend now!
Great video Heidi, really well done!
Looking forward to learning more about the more advanced options :)
Very good info :) I go and look more this :)
This was much needed. OpenLedger is hard to understand at a first glance, I'm glad great guides like yours are being made. Great job!
That's a very nice read. Thanks. I will open an account at openledger and try out how Bitshares work.
Really great information about the OpenLedger website and cryptocurrency trading. Thank you @heiditravels. By the way, you can visit my page @vinaypsychic if you love reading.
agreed... but I use Bittrex
great intro on the video. r u in bali?
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Bitshares is great! You covered some of the more confusing aspects, open.whatever, and explained it very well. Great post! Keep up the good work!
Sounds simple enough, and the video definitely helps a lot! Thank you!
Great article, thanks for sharing!
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Great post. upvoted and resteemed. Please visit my blog @bikash-tutor. Thank you.
Thank you for this video @heiditravels, I'll share your video to my daily giveaway posts: Steem, BTS, and Asset Market Update 7/25 and Giveaway for 8/1 to help others learn.
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