Using Blocktrades.us Internal Conversion Service within the OpenLedger Bitshares Wallet
@blocktrades has recently released a new feature for the OpenLedger.info Bitshares wallet. The Feature is named ‘Internal Conversion’ and allows you to exchange asset ‘x’ for asset ‘y’ in 6 seconds with ease. The Official Announcement can be found HERE
This includes Bitshares core assets such as BTS, BitUSD, BitBTC, BitCNY as well as assets backed by OpenLedger such as Open.Eth, Open.Dash, Open.USD and more. Best part is conversion takes place in 2 block (3 seconds each) / 6 seconds in total no matter what the asset. If you re-balance your portfolio and stock up on Open.DASH then you decide you would like to withdraw your assets, you can use the gateway services provided by OpenLedger and Blocktrades to exchange your Open.DASH UIA with the tradition DASH token (block times on the currency being withdrawn will have an impact on the speed of this service). This Gateway service is available for all Open.Assets and Trade.Assets
You can also use OpenLedger with withdraw Open.USD, Open.CNY or Open.EUR right to your bank account!! Imagine taking a good profit from a 10x move on a currency you are holding, send it to OpenLedger, use the internal conversion feature to exchange that digital asset to Open.USD and then transfer the profits out to you back account ready for you beach side holiday :).
So….. How do you use it?
Create an account on OpenLedger
First you will need an account with OpenLedger; please see the video below for a walkthrough on creating an account and getting started.. (if you are interested Chronos has a large number of videos outlining other features within Bitshares; you can find these videos HERE)
You can use the following link to set Chronos as your referrer: Sign up to OpenLedger
Get Some Funds in your account
Now that you are all setup with an account, you are going to needs some funds to use the internal conversion feature. You can easily transfer any Bitshares asset (BTS, BitBTC, BitUSD, BitCNY) to your new account from Poloniex, Bittrex, Bter or BTC38 and others; but in this guide we will make use of the Blocktrades Bridge feature to do a direct exchange of Bitcoin (BTC) to Bitshares (BTS) in a shapeshift style transaction. The video below will walk you through the steps.
Using the internal Conversion feature to buy BitUSD
So now you have an account and you have some funds in that account; follow the guide below to use the new internal conversion feature to instantly exchange BTS for BitUSD (a Bitshares Smartcoin (sometimes referred to as a Market Pegged Asset (MPA)) that is pegged to the value of the US dollar via and internal smart contract).
1. Click the 'Deposit/Withdraw' tab
2. On the Deposit/Withdraw page make sure you have ‘BlockTrades (TRADE.X)' selected as the Transfer Service
3. Click the ‘Bridge’ Button; it will highlight in Blue once selected.
4. Select your Input and Output currencies under the Internal Conversion section. I have selected the Input Currency: BTS with the amount as 500 and output currency as: BitUSD. Please also take note of the Limit (which I have highlighted in Yellow); the limit is the maximum input currency that can be accepted.
The amount of BitUSD I will receive for my 500 BTS is calculated automatically; at the current market rate I will receive 1.9304 BitUSD for 500 BTS. Note# You can also enter the amount of BitUSD you would like to receive and the required amount of BTS will be calculated on your behalf
5. Click 'Convert Now'
6. A Conversion box will appear; enter the amount of the Input currency you would like to convert and press ‘OK’
7. A Confirmation will appear, review the details of the transaction and click ‘Confirm’, the transaction will be broadcast to the network
8. Now that the transaction has been confirmed, Click on the ‘Account’ Tab and you will see almost instantly (6 seconds), your account has been credited with the selected Output currency
Great post,thankyou for valuable info!!!
Thanks for the comment roydowding, glad you liked it :)
Another awesome innovation...the Bitshares network is seriously undervalued.
100% - it pretty seem less and for new users it takes the stress out of asset exchange. Doesn't even need input/output addresses or anything as it is all inside the wallet :)
as to your other comment, these are my thoughts exactly, although in USD terms price has been moving up due to BTC rise.
PoW coins are just kicking a$$ relative to PoS (or DPoS) ...i think we'll see more of an appreciation and catchup on the PoS side this year. There's a ton of innovation going on there and some dedicated people doing great things in the Bitshares ecosystem with things like @BlockPay and @blocktrades ...at some point soon the rest of the market will catch on and we'll see valuations grow.
Great post for newbs like me LOL, I hope to use this soon myself
Thanks Barry, when you jump in make sure to get into the BitsharesDEX telegram channel, it is very active with community members
Thanks again for that . I appreciate it a lot. There is SO MUCH to learn when you are not from this crypto world
No worries :), but keep in mind i warned you - it will suck you in and before long you will find yourself up all hours of the night consuming all the knowledge that you can get your hands on :)
LOL.
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@steemroller @itsascam @steemed @lovelace @donaldtrump @dashpaymag @badger311 (and the other 60+ badgerXXXX accounts)
Why all the downvotes?
All this sounds good, but I don't understand how to deposit fiat from my bank account into BTS. Go through Open Ledger? Or utilize this Blocktrades component? I might be missing something obvious, but plz advise.
How can I trade or withdraw BTS on BlockTrades? I want to convert my BTS to Steem or SBD or Steem Power, but I don't see any way to initiate a trade once I get an address/memo.