3-Steps to Withdraw Digital Assets through Bitshares Gateways

in #bitshares6 years ago

This post is not sponsored by GDEX nor do I receive any financial benefit if anyone uses their services. I recommend you use the gateway you feel comfortable with – or even better: diversify your interactions across a variety of gateways.

The Bitshares platform is one of the most undervalued ways to engage with digital assets. I believe Bitshares will positively impact millions of people around the world. Once an individual experiences for themselves the feeling of autonomy and power that comes from transacting without permission they will never look at legacy institutions the same way.

Bitshares is an open decentralized exchange platform. Any business is free to offer exchange services on the Bitshares blockchain protocol. These are known collectively as “gateways” because they are the point of contact between the Bitshares blockchain and outside ledgers. Unfortunately many users become frustrated or confused when they first try to use Bitshares. If you are new to crypto or financial transactions in general this simple 3-step walk-through of a Bitcoin withdrawal is for you.

Let us assume you’ve done some trading and are now interested in pulling your Bitcoin off the Bitshares exchange (either offline cold storage or even another exchange – so long as you have a BTC address you are ready to rock). Depending on the gateway service you use (i.e. the xxx.BTC asset you are trading) some of these steps may look different but the basic process is identical.

Step 1: The Dashboard:
Screen Shot 2018-06-07 at 12.29.44 AM.png

This is where a user can see their assets and the quantities of each. Notice, the value is simply an estimation and can vary unpredictably for assets without highly traded markets. When you are ready to withdraw, click the deposit/withdraw button on the top of the interface.

Step 2: Withdrawal interface:
Screen Shot 2018-06-07 at 12.31.20 AM.png

Here there may be some descriptive information and a prompt to acknowledge that you understand how the process works. Indicate your understanding by pressing “Agree” (if you do understand and agree to the terms).
Screen Shot 2018-06-07 at 12.32.27 AM.png

Almost there! Now make sure that you press “Withdraw” if that is your intention. Notice this is also the same screen used to deposit assets to the gateway (for another post). Smash that “Withdraw Now” button to go to the final screen.

Step 3: Final step!
Screen Shot 2018-06-07 at 12.33.32 AM.png

Enter the amount you would like to withdraw in the first box and the address to which you would like to withdraw BTC (always double check to confirm the correct address – there are no take-backs after this step). For every operation on Bitshares there will be a small fee payable in bts. Below that some gateways will charge a fee in exchange for using their service. I find GDEX’s fees to be acceptable but you will have to determine if they are worth it for your circumstances.

You did it! Go ahead and confirm the withdrawal and the gateway should broadcast the transaction to the network and you should receive assets shortly. Pat yourself on the back. Thanks for reading and happy trading!

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Awesome guide @john-robert, in my wallet am not able to see the Deposit option and my exchange is always blank. I think, I am using a different interface.

Screen Shot 2018-06-07 at 4.52.54 AM.png

two issues here: For the blank interface, try to connect with another node in the bottom right. @murda-ra may be able to offer some counsel here.

Second, the withdrawal button on this interface may be on the top right. But if you have gdex.xxx assets you can withdraw them most easily from the web wallet: gdex.io.

Wow... I'm totally lost in your world of Block Chain... I'm glad I don't have to try to explain the above post... I feel lucky to be able to transfer Steem...

@john-robert you are capable of developing creative solutions and you Consistently deliver beyond expectations.

Thank you for sharing.

Absolutely right Bitshares is one of the best digital asset platform... Few days ago i want to withdraw my some asset in different system but unfortunately some problem faced ..After reading your article i try your system... Its so helpful article for all bitshares user specially for me @john-robert

Great, let me know how it goes.

I will print your article, so I can use the knowledge in two or three years, when I will be able to use it in Brazil. :=(

@ronaldoavelino what do you mean? You can use this today from anywhere in the world.

Do you see how ignorant am I? As I could not open an account on Binance and on other exchange, due to the fact that I live in Brazil, I assumed that I would not be able to follow the above instructions...

No need to open an account, just check out wallet.bitshares.org

Just a mis-placed assumption. The Bitshares exchange is open to anyone no matter geographic location - like the internet itself.

This is very well made post my man!

I remember my first few weeks in the wold of cryptos. Everything that seem so simple now felt really complicated at that time. Perhaps it was the interface or a natural phase of adaptation to a new environment but even the simplest of step could take hours.

Even the instruction videos I checked out assumed that they were teaching a guy who had been there for a while. Which I clearly hadn't because the videos never explained that you also had to set the fee payment or something else from a list of never ending requirements.

Now with time everything seems as easy as breathing and when I explain the method to a newbie I make the same mistake of assuming that this guy already has some experience with the interface and platform.

This is a really clean cut post. I like that about it and would have paid money to read it back in October'17.

Really appreciate the time that you took to explain the step by step procedure............. Respect!

Nice, BitShares Rocks!
Rocking on with plenty of useful helpful content for folks to come an check out - there are a number of ways you can access the network, GDEX being a great example. You can find others by searching around ;0

Good Tutorial, well explained ! Upvoted and resteemed 👍

@john-robert, boss you really did justice to on the withdrawal via bitshare, it's really helpful and educating.

  THANKS A MILLION 

That was a good one. The pictures made it much easier. Bitshares looks like a much better alternative to the other websites I've heard of.

The big difference between bitshares and other exchanges is that bitshares is a decentralized exchange. This is much safer than a centralized exchange. Safer for user.

Yeah...very true. Decentralised systems are much safer and more efficient than the centralised systems. They sort of Hack-proof and enables financial transparency.

Every single Bitcoin exchange is already performing a similar role to a gateway

No. Every transaction on bts is recorded on a blockchain. If a gateway loses funds there is evidence of transgression. On most other exchanges user is out of luck - no record.

What do you think will happen to Bit-Coin when the United States comes out with it's own U.S. Crypto-Coin (same as physical)...???

Excellent explanation, trust returns when making transactions with digital currencies, this portal minimizes the risks we can take, thanks for that information

Gracias Rosa.

Gracias a ti :) <3

I've been using the wallet.bitshares.org UI for about 6 months now and I must say it could really use some improvements. Though I have yet to perform a withdrawal. The latest addition - trading view charts, is great, but there are still many downfalls.

I've tried using GDEX as well. It is mostly the same though.

I suppose you've read about Open Ledger losing control over their domains. Because of this, I'm very cautious about anything other than the primary interface.

Tim let us know if you have any immediate questions...I've been using Bitshares for quite some time now...i don't have any experience with Bot trading or designing my own assets, but as far as navigating the exchange and also withdrawals and deposits; I can help...cheers

Smart to use the primary interface, I do this as well...

However, you can still access the openledger, Gdex and rudex gateways from the primary interface.

That's true. I haven't thought of that. I think they were untouched by the hack.

That's true. I haven't
Thought of that. I think they were
Untouched by the hack.

                 - tim3w4rp


I'm a bot. I detect haiku.

During the hack, the openledger gateway via the primary wallet shutdown temporarily to prevent withdrawals from the DEX.

It's back up and running now and I've successfully deposited some dash via the openledger gateway through the wallet.bitshares.org interface.

OpenLedger is back to normal, kinda harder to find GDEX reviews, but if it's on BitShares list, I guess we can trust it too...

Excellent post sir, it will help me a lot.I will try my best to follow your article.Very helpful blog,thanks for sharing sir.

Hello @john-robert, Your Absolutely right. Really appreciate the time that you took to explain the step by step procedureIts!! Amazing bitshares rocks! so helpful article for all bitshares user specially for me.. I just want salute you boss @john-robert.

Thank you for sharing...

Thank you for your continued support of SteemSilverGold

Really you are right .Thank you because you have explained it in a complete way. More thanks to explain it step by step. You keep on giving information about your Bitcoin. Go ahead

Thanks for your information about bitshares, platforms that offer a lot of convenience to its users, we can use them. Hopefully bitshares become the best digital asset platform.
Thanks @john-robert

Thank you very much dear brother . I have followed these step and I have succeed to withdraw my btc . Best information .. Respect to you

@john-robert really it was a great post for us. Specially for me. You discussed the withdrawal matter purely. Thank you very much for the information. I am sharing this post specially. Be continued.

 6 years ago  Reveal Comment