A journey of sorts
So, in Adventures #1 I shared my experience buying my first cryptocurrency ever (Steem). Now, I am going to take you an another adventure to buy some Bitshares (BTS). Not because I particularly expect anything on the short term, but they're cheap-ish at the moment, so why not. If they tank, I lose next to nothing buying 100 Bitshares.
disclaimer: This is not an advise to buy Bitshares. It's a documentation on how to buy them if you've already decided to.
I am going on an adventure
Above is not simply a clever way to try and catch your attention. In my opinion (and I fully realize this might be due to me being a beginning cryptotrader) the amount of hoops you have to jump through to get anything you want/need is nothing short of staggering to the beginning trader. So it's a journey of exploration and pathfinding and whatnot. A true adventure !
image credit : New Line Cinema
First of, to buy Bitshares you need other cryptocurrency. And since Bitcoin is the most common at the moment, that's what I decided to buy in order to buy some Bitshares.
I have a wallet on my laptop called Exodus) which was recommended to me by my brother. It can hold Bitcoin, Ethereum, Litecoin, Dash, Augur, Golem and Dogecoin. It works well enough for my current purpose.
To get anything going at all, I needed to get some Bitcoin in there. ( I just started remember, I am like Whitney Housten from The Bodyguard ... ♫ I have nothing, nothiiiiiiiiiing ! ♫ )
The point here being, get a wallet to receive your bitcoins, because you need a wallet in order to get an address where to send the bitcoins you are going to buy.
In exodus, to get my bitcoin addres I had to go to wallet and then press receive. This will gave me a QR-code and an address string.
Hey I told you I was just a beginner right. I'm not dumping large amounts of money with the risk of losing them if I do something wrong. I bought 0.02 Bitcoin for testing purposes
Buying bitcoin and getting them into my wallet
To buy Bitcoins with Fiat (Fiat-money is the name for real world currency, € Euros, $ Dollars, £ Pounds, etc) I used a site called Bitonic.nl. In order to use it, I had to first verify my Fiat account by wiring € 0.01 to them. After that process has been done, I was good to go. You either specify the amount of bitcoin, which will automatically show the amount of euros it is going to cost you, or you specify the amount of euros, getting the amount of Bitcoins that will get you. Mind you though, this is a dutch site and you might prefer something in your own language or currency. This is something you need to google to fit your needs. This, in short is where your own adventure starts.
screenshot of the purchase area, default only shows the top 3 inputs, after which you choose buy and it will show the rest.
Now as with any transaction, there needs to be an account / address where to send to Bitcoins (your Bitcoin address, the 4th input). Remember Exodus up top ?the receive button ? This is the address I used here.
Then came the dark cave of the adventure again, where money was disappeared from my Fiat account and then was stuck in limbo again. After about 15 to 30 minutes my 0.02 bitcoins appeared in Exodus.
Ok, so I have some Bitcoins. Now what ?!
Well, now comes the time to buy the actual Bitshares.
In order to do so, I went to OpenLedger and created an account. The reason for going here is that @officialfuzzy seems to post them every other BeyonBitcoins post and I figured why not... It's an adventure after all, let's jump this chasm.
image source
As it turned out, the account I created there (I chose to use an online account) is 'the same' as The Bitshares Wallet. The reason I chose an online account btw, is that it would allow me to access it anywhere and not tie me down to a single computer (hardware). Anyways, that revelation made me feel more secure and a little bit relieved that I had chosen a legit BTS wallet.
Almost There
Once that was set up, the rest was pretty easy. In the wallet I chose to deposit/withdraw. Then I chose to transfer through blocktrades, as I have used that previously to acquire Steem. then, setting the amount, I got my bitshares address
So, backtracking my adventurous route to Exodus, I now had to choose 'Send' from my wallet to send Bitcoins through Blocktrades to my Bitshares wallet. This of course resulted in some LimboTimetm again, after which my Bitshares showed up in my wallet. YAY Succes !!!
Full STEEM ahead my fellow Steemians
A great trip and you provide information @eqko about the exchange of bitcoin and telling your very pleasant experience and make me amused and enjoy your story now I will follow you and I hope you also want to follow me @riezky continue to provide information continue to work with the ability Which you have best regards steemian indonesia
Upvote for the great image selections alone lol. What always threw me off is the waterfall/cascading connection between coins since BTC is a currency like fiat. You have to ideally get BTC at a lower rate, let its value rise, then use that higher valued BTC to buy yet another coin at a lower rate. Almost link an investment slinky climbing a set of stairs. Low to High, Low to High. Most people just convert, regardless of value, and lose a lot of their potential thinking they'll come out ahead.
Thanks. I take effort to use mark-down and images to convey the message. Glad it's appreciated 😊.
I do think it's odd that all crypto is basically linken in some way to BTC.
I wait with converting my SBDs to steem as well depending on the value.
It seems like it is time to buy Bit Shares since it is low and may rise again in the next month or year. It was low or steady for a year and went up like 2 months ago by 200% or more. It went back down a bit but it may go back up this summer it seems.
It might, who knows, but for a small amount of Fiat money, you can have quite some bitshares. Can't hurt to have some.
agreed
My live, my adve
Nice writing bro! But can you explain some more about openledge bitshares and so on? I only use exodus and Steemit up until now
sure. basically (and you might know this) all crypto needs a wallet. and as we discussed before, each crypto has it's own wallet. There are wallets that can hold more then on type but there is no wallet that can hold all. So in that light, openledger and Bitshares.org/wallet are basically 2 wallets for holding bitshares. Incidentally, they appear to be two front-ends sharing the same back-end wallet. so the credentis go both ways.
For your reference, where Exodus holds Bitcoin or Ethereum, openLedger holds Bitshares (not sure if anything else, but I suppose it could ?)