In recent months there's been an absolute explosion of new tokens hitting the cryptocurrency market. These tokens are predominantly linked to ICOs that is happening and as a result, a lot of people out there are looking for liquidity of those token that they are purchasing. Now, as this was all new, things were going pretty smoothly the last few months with big exchanges like Bittrex and Poloniex quickly listing these tokens just a week or two after the end of ICO sale.
As we all know Bittrex and Poloniex are centralized exchanges similar to the stock exchange. So far things were going smoothly with centralized exchanges, but more recently with looming SEC regulations and unclear guidelines and news surrounding the shutting down of Chinese exchanges, these centralized exchanges have been a little bit spooked and they aren't listing ICO tokens as quickly as they were previously.
In addition, centralized exchanges just have a pretty bad history in terms of security. When you are trusting an exchange, you are trusting them to hold all of your funds and very often they don't give you the private keys to access them. You really want to get your tokens in and out of centralized exchanges as quickly as possible to reduce the risk of them getting hacked and you end up losing everything.
Why I'm banking on Bitshares
If you guys aren't aware the TXSRB has published a list of “Clean Tokens” and BitShares is the first exchange platform to be cleared by the TXSRB.
BitShares (similar to BitCoin, but based on a more decentralized, collaborative environment) works through a delegate system (known as Delegated Proof of Stake – DPOS) instead of the resource-intensive mining that many alternative currencies use.
BitAssets are a unique component of the BitShares system: they minimize the risk of volatility in the cryptocurrency market by pegging the BitAssets (bitUSD, bitEuro) to common currencies like USD, Euro, etc.
BitShares envisions decentralized free-market solutions for securing the life, liberty, and property of all.
While doing more research on Bitshares I came across this amazing infographic which sums up I guess everything that a non-expert audience needs to know. I should definitely thank backgroundstories team to come up with such a detailed and visually attractive infographic.
Also, have a look at the findings of the recently conducted Coindesk's Blockchain Sentiment Survey and you will understand where the blockchain community is placing their bets.
Overall guys I firmly believe decentralized exchanges are going to disrupt how the current trading of cryptocurrencies is taking place. And, given the fact that government intervention is inevitable, decentralized exchange is the answer to counter all the risks associated with the centralized exchanges. We already have a very supportive Bitshares steemit community and I would recommend to follow their updates and at the same time make a wise investment decision only after doing research at your end.
References and Further Reads: 1 & 2
I agree, we are in for big changes in the world and Cryptos could be in the forefront.... Time will tell of course.
Following, Upvoted and resteemed
Thanks for the support
My pleasure.
This article is wayy too underrated . Exactly what i wanted as i wanted to get some bitshares to add in my portfolio..
Good to know that it surved the purpose
True, I really believe BitShares is a great solution for future decentralized exchange markets. No doubt it will succeed.
BTW do you have any idea why it is going so much down lately ? (0.07$ whereas it was easily at $0.3 the last weeks or so) ?
I want to know if it will go even more down to buy some ? :)
Yes, I completely agree with you, the future looks bright for BitShares
To be honest enough I'm not that much into technical analysis but looking at the current levels I think it has good support around this and also this the best entry point if you have long term investment view. A lot of new updates are coming in the near future and it definitely has the potential to disrupt the current cryptocurrency exchange space.
Ok that is what I thought, I think it is good time to invest long term. Thanks for sharing.
Very informative and helpful. Thanks
Glad you found it informative
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Good job
Thanks
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Great post very informative
Thanks
I also think the potential for BitShares is great!
I've been using OpenLedger to trade and the experience has been good. I'm glad that people are promoting BitShares here on Steemit. I hope more people read these posts and start using BitShares.
If you are reading this and haven't started with BitShares, what kind of information or help do you need to get started?
Good info