The Bitshares Decentralized Exchange

hi I'm Chronos with a video on the

basics of using the bitshares

decentralized exchange the chair's is a

blockchain similar to the Bitcoin

blockchain or other cryptocurrencies but

one of its key features is its ability

to store multiple different kinds of

tokens directly on the blockchain for

example you have the bitshares token BTS

but you also have bitshares smart coins

such as bit USD or bit CNY which are

pegged to the value of an outside source

for example bit USD is pegged to the

value of the US dollar

bitshares also has user issued assets

which allows you to create tokens on the

blockchain and allow them to be freely

traded with other tokens without needing

to trust any third party this makes the

whole ecosystem very powerful in this

video we'll just look at how to use the

bitshares exchange we'll look at the

different pieces of the interface and

how they work and then we'll demonstrate

trading BTS or bitshares tokens for

bitusd which stabilizes their value

against the US dollar let's get started

here we are at the bitshares web wallet

at bitshares org slash wallet and you

can immediately see at the front of the

page the featured markets these markets

are where you can trade one bitshares

asset for another without trusting any

third party the trades occurred directly

on the bitshares blockchain today we'll

be focusing on the bitusd market but you

can click one of these other markets if

you want to buy a different bitshares

asset with each market you can see the

recent price in this case about 250 bit

shares per bit USD and then over the

past 24 hours the volume and any price

changes let's open the bit USD market

now if you've used an exchange before

this screen might look pretty familiar

to you but just in case let's cover some

of the key components in the upper right

you can see the different markets on the

bitshares exchange and this is sorted by

volume so for example the top market is

the bit CNY market which is bitshares

smart coin pegged against the chinese

one so if you're looking for some active

trading you might trade there or another

market with top volume if you don't see

the market you're looking for you can

always click the find market tabs to

search directly by asset name

now of course you're probably looking at

this price chart because most people

want to look at price when they look at

markets this is a candlestick chart and

if you're not familiar with what

Candlestick means you can look that up

online just search for candlestick price

charts to see exactly how to read these

but I just want to highlight a few

things on this interface here you can

change the width of the candle these are

for our candles right now which means

each candlestick is 4 hours of time you

can make them wider one day candles or

even extremely narrow with five minute

candles another important component is

the zoo we're looking at the last four

days right now but let's take a step

back and look at the last month of price

history this is the last month of bitusd

trading under chart options you can add

some popular indicators that traders use

such as the exponential moving average

so I'd recommend taking a peak in that

if you're a more experienced trader now

this is looking at the past but if you

want to make a trade you also want to

look at the current state of the market

and to do that I'd recommend the market

depth button here which changes the view

to the market depth you can do a Google

search for market depth trading in order

to see exactly how to read these charts

but let me give you a quick primer The

Blob on the left here are all of the

offers to buy bit USD at the current

time and this area on the right are the

offers to sell and the price is shown at

the bottom so you can see that the

current market price is where these two

are meeting at about two hundred and

fifty bitshares per bit USD the height

indicates the volume of offers to

purchase so this large section here is a

large offer to buy a bit USD at a

certain price looks like it's at about

two hundred and thirty six BTS let's

take a look at the data that's behind

this chart if we scroll down we can

actually see the specific buy orders and

sell orders that are being used to

create this chart now if we look for 236

bit shares per bit USD take a look right


this order is a very large order it's

for over 3,000 bit USD so that's what's

actually causing that little rise in the


and you can look at all the buy orders

here this is even scrollable if you

click show all and here's all the sell

orders as well so I'd recommend taking a

look at the offers to buy and sell in

order to get an idea of the sentiment of

the market a little bit further down you

can see any open orders we don't have

any open orders right now the recent

trades they've all occurred at about 250

bitshares per bit USD in recent history

and then trades that we've just

completed which is currently empty so

let's fix that I want to make a trade to

buy bit USD I currently have about a

thousand bitshares so I want to buy one

bit USD scrolling up to the top we can

see sell offers in this range at about

250 let's look at the raw data to get an

exact idea of who's offering to sell bit

USD right now here's the best sell offer

at 249 that's even better the price is

lower than I expected and they're

offering to sell 273 bit USD which is

far more than I need a quick trick is to

just click on one of these offers and it

will fill in the offer to buy for you so

you can see in the by bit USD section

I've now this information filled in

automatically the price is exactly what

I want the amount is far too much

because it filled in the entire offer

but I just want to buy one bit USD so

let's change that here's the total I'm

spending and the fee which is very very

low less than one BTS which is less than

one US cent let's click buy to initiate

the offer I have my wallet password in

my clipboard here so let's just paste it

in and unlock the wallet you get one

more confirmation dialog that says are

you sure you want to place this order

here's the price I'm willing to pay the

amount of bitshares I'm selling the

amount of bitusd I'm buying and the fee

for the transaction this looks perfect

so let's confirm it now the transaction

is been broadcast on the bitshares

blockchain and the trade will execute

automatically now let's take a look at

our balances as you can see 752 BTS

that's because I traded that 250 and I

have exactly one bit USD as a result of

the trade that wraps up our quick tour

of the bitshares decentralized exchange

there's lots more to cover

such as margin trading but we'll have to

save that for another time if you have

any questions feel free to post in the

comments below the video

I'm Chronos thanks for watching