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Offline CrazyCriple

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Market of Bitshares X
« on: March 04, 2014, 12:43:09 PM »

I've read most of the forum and I think I get most of the concept now. There are three questions I still have and I hope can be quickly answered here.

Will it be possible to replace an exchange like mt.gox with BitsharesX? If yes how will fiat enter the system?

Will it be possible to transfer BitAssets like bitUSD or in my case bitCHF ;) to another person.

And last. Who will use the system? If it is only day traders and crypto enthusiasts I don't see why it should take off like bitcoin for example..




clout

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Re: Market of Bitshares X
« Reply #1 on: March 04, 2014, 03:15:16 PM »
I've read most of the forum and I think I get most of the concept now. There are three questions I still have and I hope can be quickly answered here.

Will it be possible to replace an exchange like mt.gox with BitsharesX? If yes how will fiat enter the system?

Will it be possible to transfer BitAssets like bitUSD or in my case bitCHF ;) to another person.

And last. Who will use the system? If it is only day traders and crypto enthusiasts I don't see why it should take off like bitcoin for example..

1) No it will not necessarily replace an exchange like mtgox. However, atms will most likely replace these exchanges and make exchanging fiat for cryptos easier in general.

2) Yes, you simply send bitAsset to someone like you would send bitcoin. All bitAssets are completely fungible as well.

3) Everyone. The fees are less than those associated with traditional banks. You can store value in whatever assets you want. You can exchange money internationally with the same low fees. You can stay anonymous. Your funds are not subject to government appropriation.

Bitshares is the future of finance.

Offline CrazyCriple

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Re: Market of Bitshares X
« Reply #2 on: March 04, 2014, 03:25:21 PM »
I've read most of the forum and I think I get most of the concept now. There are three questions I still have and I hope can be quickly answered here.

Will it be possible to replace an exchange like mt.gox with BitsharesX? If yes how will fiat enter the system?

Will it be possible to transfer BitAssets like bitUSD or in my case bitCHF ;) to another person.

And last. Who will use the system? If it is only day traders and crypto enthusiasts I don't see why it should take off like bitcoin for example..

1) No it will not necessarily replace an exchange like mtgox. However, atms will most likely replace these exchanges and make exchanging fiat for cryptos easier in general.

2) Yes, you simply send bitAsset to someone like you would send bitcoin. All bitAssets are completely fungible as well.

3) Everyone. The fees are less than those associated with traditional banks. You can store value in whatever assets you want. You can exchange money internationally with the same low fees. You can stay anonymous. Your funds are not subject to government appropriation.

Bitshares is the future of finance.

Nice. Exactly the answers I was looking for. Especially the transfer of assets. One question remains. Are the the company that provide the ATM's selling BitAssets for the USD that you put in? I still don't understand the interface to the current money system.

clout

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Re: Market of Bitshares X
« Reply #3 on: March 04, 2014, 06:53:30 PM »
I've read most of the forum and I think I get most of the concept now. There are three questions I still have and I hope can be quickly answered here.

Will it be possible to replace an exchange like mt.gox with BitsharesX? If yes how will fiat enter the system?

Will it be possible to transfer BitAssets like bitUSD or in my case bitCHF ;) to another person.

And last. Who will use the system? If it is only day traders and crypto enthusiasts I don't see why it should take off like bitcoin for example..

1) No it will not necessarily replace an exchange like mtgox. However, atms will most likely replace these exchanges and make exchanging fiat for cryptos easier in general.

2) Yes, you simply send bitAsset to someone like you would send bitcoin. All bitAssets are completely fungible as well.

3) Everyone. The fees are less than those associated with traditional banks. You can store value in whatever assets you want. You can exchange money internationally with the same low fees. You can stay anonymous. Your funds are not subject to government appropriation.

Bitshares is the future of finance.

Nice. Exactly the answers I was looking for. Especially the transfer of assets. One question remains. Are the the company that provide the ATM's selling BitAssets for the USD that you put in? I still don't understand the interface to the current money system.

The companies that provide bitshare atm's do not exist yet, but I would imagine that they would allow you to directly exchange USD (either through cash or credit card) for whatever bitasset that you wanted. Those bitassets would then either be sent to your mobile wallet or you could print out several wallets denominating the particular bitAsset purchashed. That is to say you can swipe a debit card, exchange for bitUSD at its current market price (which tracks the current market price between bitshares and USD), and print out wallets containing $20 dollars each. The process can in effect mimic the same process that people are accustomed to when withdrawing from their banks atms. However, now you not only have "cash" (really these are bitshares wallets) that you can physically hand over to merchants, these wallets can be used for online payments just as, if not more easily than using your debit card. Eventually, I would imagine that people stopped printing out wallets and just used mobile wallets, as it is much more efficient and environmentally friendly.

 

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