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Offline giannet4

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Best way to get bitBTC
« on: February 08, 2015, 07:31:27 PM »

Hey guys! I'm excited to be a new member of the BTS community. I recently downloaded the client and registered with the blockchain. Using BTER to obtain BTS via BTC. It's relatively easy but i'm waiting for my transaction to go through (took a while for conformation & I shouldn't have been so cheap with my limit order.)

My question is what is the easiest way to obtain bitBTC? I'm interested to get into the "saving" side of the trade. I plan on holding both bitBTC and BTS so either avenue would work I guess i'm just looking for the easiest option while trying to keep the transaction fees to a limit.

ALSO, right now my coins are with BTER. Wallet suggestions? I'm a bit of a newb but have an extensive financial background, so i'm obviously excited with the future of cryptocurrency
« Last Edit: February 08, 2015, 09:12:29 PM by giannet4 »

Offline robrigo

Re: Best way to get bitBTC
« Reply #1 on: February 08, 2015, 08:22:59 PM »
You can trade BTS / bitBTC on the decentralized exchange in the BitShares client, or you can use a bridge like Meta Exchange to go from BTC to bitBTC and vise versa.

http://metaexchange.info/

As for the wallet, there is a full featured client that you can download here: https://github.com/BitShares/bitshares/releases/tag/bts%2F0.6.0

You'll want to create a wallet and register an account in the wallet on the blockchain, using the built in faucet to pay the registration fee. Afterward, you can send funds to the registered name from BTER to secure your stake in your local wallet, and also vote for delegates that you wish to support.

There is also a light wallet in beta that doesn't have exchange capabilities yet.
« Last Edit: February 08, 2015, 08:24:38 PM by robrigo »

Offline giannet4

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Re: Best way to get bitBTC
« Reply #2 on: February 08, 2015, 09:09:30 PM »
Thanks robrigo, much appreciated!

I think that I might have been using the same client but I did download the link you gave me. How do I create a wallet? Right now i'm only seeing a public key but I'm not sure exactly what that is so I don't want to send anything to that address unless I know for sure that it's my individual wallet.

Thanks for the help. Right now i've just been using Coinbase so i'm a little new to the crypto game
« Last Edit: February 08, 2015, 09:11:01 PM by giannet4 »

Offline robrigo

Re: Best way to get bitBTC
« Reply #3 on: February 08, 2015, 09:15:49 PM »
Thanks robrigo, much appreciated!

I think that I might have been using the same client but I did download the link you gave me. How do I create a wallet? Right now i'm only seeing a public key but I'm not sure exactly what that is so I don't want to send anything to that address unless I know for sure that it's my individual wallet.

Thanks for the help. Right now i've just been using Coinbase so i'm a little new to the crypto game

When you first open the BitShares client, it will prompt you to create a password and create your wallet for you. Creating a wallet means you have a wallet file in your BitShares data directory now. Each wallet can have an arbitrary number of accounts tied to them, but more will reduce the performance of the wallet. If you created a wallet, go to the Dashboard tab, click your account name or if you don't have any click "Create New Account" in the top right corner. If you already made an account, in order to register it click into the Account Details, then look for the "Register <name>" button in the top right corner. Click that and use the faucet to register your account for free. Then you can send and receive funds from that registered name.

Offline giannet4

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Re: Best way to get bitBTC
« Reply #4 on: February 08, 2015, 09:26:14 PM »
Ok thanks. Did all that. Sent the BTS from BTER, just waiting for the transaction to confirm.

As far as the delegates go, could you try to explain in lay-mans terms? Basically they are just elected protectors of the wallet service?

Offline robrigo

Re: Best way to get bitBTC
« Reply #5 on: February 08, 2015, 09:32:49 PM »
Ok thanks. Did all that. Sent the BTS from BTER, just waiting for the transaction to confirm.

As far as the delegates go, could you try to explain in lay-mans terms? Basically they are just elected protectors of the wallet service?

Delegates run nodes that sign the blocks, they are analogous to the mining nodes that find blocks in Bitcoin. Except for the fact that instead of wasting resources on energy, the resources can be paid to the delegate in order to subsidize costs for their work on the project. This has the effect of bootstrapping the network by paying people to work for it via equity, similar to a startup that is equity rich and cash poor. The delegates specify a percentage they think is fair for their services when they register as a delegate, allowing the shareholders to pay delegates at different rates depending on their contributions.

This might explain it better for you: https://bitshares.org/delegates

You can view stats on the delegates here: https://bitsharesblocks.com/delegates/

There is also a delegate board on this forum where you can read through some various proposals.

Offline giannet4

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Re: Best way to get bitBTC
« Reply #6 on: February 08, 2015, 09:49:32 PM »
Ok, that makes sense. Thanks for all the help. So the delegates are the ones that issue new BTS into the system (they are included in the dividends paid to bitBTC & other bitAsset owners.) Do you have a resourse for the mining protocol?

I read on coindesk that the BTS dividends from node mining are maximized early on to try and encourage user adoption. It would be nice to see the progression & then the BTS burn that happens after new creation is capped

Offline robrigo

Re: Best way to get bitBTC
« Reply #7 on: February 08, 2015, 10:05:54 PM »
bitmarket wrote a chapter in BitShares 101 you can read explaining how delegated proof of stake works. You can read it here.

Read up on the how the fees are assessed in this post.

Also you can see some graphs of the supply change here.

 

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