29 January 2018 11:43 pm
Now that you know how to buy cryptocurrency and have established a BitShares wallet,
I want to share with you one of my favorite cryptocurrency services called bridges or
gateways. Bridges/gateways are the recommended method of moving funds into or out
of the BitShares network. They simplify the process of moving funds from one
blockchain-based cryptocurrency to another. These gateways are not limited to
BitShares and can be used with a variety of cryptocurrencies.
There are several popular gateways like Shapeshift and CryptoMate, however my
favorite service is BlockTrades.
BlockTrades is a handy service for quick conversions between cryptocurrency and is
ideal for transacting with BitShares and bitassets.
“BlockTrades enables users to rapidly and safely purchase cryptocurrencies without the
hassles typically associated with purchasing through a centralized cryptocurrency
exchange. Unlike a traditional exchange, you don't need to maintain a balance on our
site. Instead, you simply send in the desired amount of cryptocurrency you wish to
spend, and we transfer to your wallet an equivalent amount of the cryptocurrency you
are buying. This protects you from possible losses that can occur when you hold your
cryptocurrency on an exchange that is vulnerable to attacks by hackers.”
“Purchases can also be made very rapidly (speed is dependent on the underlying
confirmation speeds of the currencies being converted between) and large purchases
do not tend to move market prices the way they do when placing an order on a
centralized exchange.” Blocktrades.us
Currently, BlockTrades is capable of converting several popular currencies into
BitShares, including but not limited to Bitcoin, Litecoin, Ethereum and DASH.
Even better you do not need to have an account to use their service!
I am going to walk you through how to use this great service! I am confident learning
this trick will make your life much easier!
Step 1: Go to your browser and go to https://blocktrades.us/
Step 2: Under “Send” choose the coin you wish to convert, in this case choose “Bitcoin”
Step 3: Under “Receive” choose the coin you would like to receive, in this case select“BitShares”
Step 4: Under “Bitcoin” choose the amount of BTC you wish to convert to BitShares.
BlockTrades automatically calculates an “estimated amount” of BitShares you will
receive. Important Note (There is a small transaction fee)
Step 5: Under “Your receive address” enter your BitShares account name.
Step 6: After you enter a valid “receive address” click “Get Deposit Address”. This is the
address to which you will send your Bitcoin.
Step 7: Now go to your Bitcoin Wallet, you could use your Coinbase wallet or any standard Bitcoin wallet and send the amount of Bitcoin you chose to the address generated by BlockTrades.
After you send the Bitcoin, wait for a minute or two and a transaction confirmation should appear on BlockTrades. Once confirmed your BTS will be available in your BitShares wallet.
Congratulations you just converted Bitcoin to BitShares and it was that easy!
Part 1: explained why BitShares is so exciting!
Part 2: discussed how to enter the world of crypto for the first time, with a step by step guide of how to buy bitcoin from Coinbase.com
Part 3: taught you how to open an account on the BitShares Decentralized
If you want to learn more about the BitShares platform see complete training guide here.