Neither are new in the crypto arena, yet we know far more about Bitcoin than we do about Bitshares. So, what exactly is it and how is it different to other cryptos? Find out if it’s worthy of your investment here.
Bitshares allows you to store money, save money, make transactions and more through a decentralized exchange that runs on a blockchain. So, the fundamentals are already very similar to Bitcoin and most other cryptos ruling the online market. Bitshares’ coin is BitUSD; a smartcoin. This simply means that the cryptocurrency is tied to another currency in terms of value. In this case, BitUSD is with good ol’ US dollars. Bitcoin isn’t… we’ll cover why that matters in a moment.
Bitshares is a step ahead when it comes to stability. A humongous step. Bitcoin has always been volatile: the value can jump and fall seemingly on a whim. It’s hard to predict (although the experts try) what a bitcoin will be worth in the future. Bitshares, on the other hand, is tied to USD. This means that although the price of a BitUSD may rise and fall like all other crypto’s, it’s still going to act like a stable currency. One BitUSD will never ever ever be worth less than 1 USD. Furthermore, Bitshares is DPoS (delegated proof of stake), instead of PoW (proof of work). This affects how each crypto deals with conflict and updates. With Bitshares, anyone with a stake in the crypto has a say. With Bitcoin, those who have done the most work and therefore have the most BTC have a bigger say.
Sure, it does solve the big volatility problem, but so do several other new crypto smartcoin start-ups. You also need to consider how popular Bitcoin is, as this means there is a lot more support, apps and integrations that Bitshare just doesn’t have yet. Multi-sig wallets, for example. As always, we recommend you get financial advice from a professional or expert before investing your money anywhere! Good luck investing.