Ana Sullivan

BitShares` Future Remains Unclear

by Ana Sullivan February 6, 2018

BitShares (BTS) is an open-source, public, blockchain-based, real-time financial platform. Created in 2014 by the American programmer and entrepreneur, Daniel Larimer, BitShares is based on Graphene and it was formerly known as ProtoShares (PTS). Graphene is an open source C++ blockchain implementation, which acts as a consensus mechanism and it is used by several other projects. The idea behind BitShares is to provide decentralized asset exchange that facilitates trading using an international network of computers, which anyone can take part in.

Let`s explain it more accurately. The traditional way of trading with cryptocurrencies includes converting coins to and from fiat currencies which, in turn, leads to loss of anonymity. That’s why the BitShares blockchain aims at allowing users to convert their cryptocurrencies to stable assets by converting their coins into another cryptocurrency whose value is pegged to a real-life asset (for example, BitUSD which is tied with the value of USD).

The cryptocurrency tokens behind BitShares are called BTS and they are used as a collateral for different decentralized financial services. That’s why BitShares is advertised more as an equity than a currency. The BTS tokes can also be transferred between accounts and used to collect fees for network operations. The current price of one BTS is $0.240161 USD while a month ago it was around $0.87 USD. The total number of BTS tokens is 3,600,570,502 BTS and with 2,608,090,000 BTS of them in circulation, BitShares market cap comes to $626,361,502 USD.

Should you invest in BitShares? We, of course, cannot give you a clear advice on what you should or shouldn’t do. Yet, we can help you take a good look at the whole picture as well as point out that things don`t always work as planned. For instance, one of the problems with BitShares which seems to worry people is that nothing has been added to the official roadmap of the website since 2016 given the fact that the project was out since 2014 and we are now in 2018. This immediately leads to uncertainty. It is a bit unclear what will happen to BitShares in the near future. Also, for a project that is 4 years old, there still isn’t enough clear information online to make an informed decision about the platform. Details are also a little vague which is additionally keeping investors alarmed.

Moreover, just like other altcoins, BitShares` value is likely to continue mirroring the value of Bitcoin. This means that as long as Bitcoin`s price goes up, so will the price of BTS. However, now that the value of Bitcoin went down significantly (from around $18,000 USD to $7,000 USD), so did the one of BitShares. In addition, BitShares may have troubles with competitors. There are several platforms that are working on the same idea (e.g. OpenLedger Decentralized Conglomerate, Waves platform) which could become a threat to BitShares success story. There are plenty of ifs and buts in this situation. BitShares` future remains unclear and a proper roadmap is yet to be created. Think twice before deciding to commit. The cryptocurrency business is risky enough as it is. Steer clear of projects which rise so many doubt and questions.




Comments 0

Type the characters that you see in the box (5 characters).