BitShares (BTS) is a “crypto-equity” platform based on Microsoft Azure blockchain and was launched in 2014 by Dan Larimer (“Bytemaster”), which is also the creator of Steemit, EOS, and Cryptonomex.
The BitShares ecosystem hosts smart contract functionalities and works as a decentralized exchange, which enables users to create new stablecoins.
Is BTS accepted in online casinos? Yes, it is accepted in a huge number of online casinos and sportsbooks. In this article, you will be able to find out more about using BitShares for online gambling. How does it work? What are the advantages and disadvantages?
BitShares blocks are created and confirmed every 3 seconds, with the generation process being run by “Delegated Proof of Stake” or DPoS, an algorithm which involves powerful computers that manage the whole network. In theory, the network has a processing power of 100,000 transactions per second.
BTS and SmartCoins are the two values generated on the BitShares blockchain. BTS is tradeable on the market, just like any other cryptocurrency, and SmartCoins are pegged to its value. Thus, SmartCoins are stablecoins which are backed at a 1:1 ratio to assets such as US dollars (bitUSD), euros (bitEUR), yuan (bitCNY), gold (bitGOLD), and even Bitcoin (bitBTC). Moreover, SmartCoins can be created by purchasing BTS and designating 200% of the asset’s value as collateral (the minimum is 175%).
On the decentralized exchange, SmartCoins are used as the medium of exchange, and all transactions with these cryptos are recorded on the network. It is worth mentioning that BTS is required to purchase SmartCoins.
Outside of its blockchain, BitShares works just like any other crypto, as you can buy them on exchanges and trade with them.
Unlike Bitcoin, BitShares does not aim to become a peer-to-peer currency, but rather an exchange system with value tokens that are backed by real-world assets.
BitShares makes use of a Delegated Proof of Stake consensus, which is a unique mechanism where stakeholders can vote on network decisions.
Non-member users are charged a fee of roughly $0.20 per transaction and exchange users - 0.2% of trade volume.
Graphene, the underlying technology of BitShares, is a unique blockchain protocol that is based on IDs instead of hashes and was built to process 100,000 transactions per second.
A great advantage of BTS is that the transaction confirmation times are really fast, with the ability to settle trades in just a matter of seconds.
Who accepts BitShares? BitShares payments for casinos or sports betting sites work just like regular crypto transactions. From your BTS wallet, you input the wallet address provided by the BTS casino and wait for the amount to be credited to your account.
Some BTS casinos will first require punters to sync their wallets before they start the deposit process. Considering the fast transaction speed of the BTS network, the cryptos will appear in your casino balance in no time.
Withdrawing the coins works just as easy. From your BTS casino wallet, submit a withdrawal request to cash out your earnings and then complete the amount and specify your external wallet address.
The downside is that there are only a handful of online gambling establishments that accept BTS. Mostly crypto-only casinos will have the BitShares option listed, and you will probably be able to play only casino slots and dice, as betting and poker are scarce options.
Keep in mind that some casinos, in spite of saying they accept BTS, first convert the coins into BTC through third-party payment processors when depositing or withdrawing. This means that you will be betting in BTC instead of BTS. The conversion process made by the processor will come with a fee that is usually supported by the player.
BitShares and its network are considered to be very secure in terms of their structure, even more than other popular cryptos, such as BCH. BTS does not have advanced anonymity features like in Zcash casino or Monero casino, but it is private in the sense that its transaction activities are not linked to any of your bank accounts.
In terms of the legality of using the coin, in the countries where it is illegal to gamble with fiat, you can get around by betting with BitShares. However, if all forms of crypto gambling are prohibited, then most likely, BTS gambling is also forbidden.
But if the state where you live does not consider the use and gambling of BTC illegal, the chances are that you can also gamble safely with BTS.
Most crypto casinos implement a provably fair policy that randomizes game outcomes based on complex algorithms.
BitShares can be found on nearly two dozen exchanges, as it is not among the most used coins.
You can purchase the coin on exchanges such as Binance, Bittrex, Huobi, HitBTC, Yobit, and Poloniex. BTS is usually paired against BTC and ETH. There are very few fiat options available, only two USD pairs - one on Lykke and the other on BTC-Alpha. However, both pairs have 0 volumes, meaning you will probably have to first buy some crypto and then exchange it for BTS. The most pairs you will find available are on OpenLedger DEX, which has BTS paired against 27 different cryptos and tokens, including XRP, Monero, Dash, EOS, Bitcoin Cash, Dogecoin, Zcash, NEO, Tron, and Tether.
There are not so many wallets that accept BTS, but it is recommended to download the official ones put out by the project.
Register on an exchange that supports the pair you are interested in and has the most convenient features. Once you have passed all the KYC or account confirmations needed, you can deposit the cryptos necessary to make the BTS purchase. After your BTS coins have been credited, you can withdraw them to your external wallet.
As BitShares is implemented only in a limited number of casinos and sports betting sites, you will have very few options for gambling BTS. The best strategy would be to focus on crypto-only casinos, as the chances are that the coin will be supported there. Otherwise, you should opt for a more popular crypto to use on online casinos.