What is BitShares (BTS) Crypto Coin? The Legacy DeFi Platform Explained
BitShares Stablecoin Collateral Calculator
How BitShares Stablecoins Work
To create 1 bitUSD, you must lock up at least $1.75 worth of BTS as collateral. The system automatically adjusts the collateral ratio to maintain stability. If BTS price drops, you must add more collateral or risk liquidation.
Collateral Requirements
Required BTS Collateral: 0.000875 BTS
Collateral Value: $0.4375
Current Margin Level: 175%
Warning: If BTS price drops below $0.00045, you risk liquidation. You must maintain at least 175% collateralization ratio.
BitShares isn't just another cryptocurrency. It’s one of the first blockchain platforms built from the ground up to act like a stock exchange-except it runs without any company, bank, or middleman in control. Launched in July 2014, BitShares (BTS) was designed to let people trade digital assets, create stablecoins, and settle payments directly on a decentralized network. Today, it’s not the biggest player in crypto, but its ideas shaped what we now call DeFi.
How BitShares Works: A Decentralized Financial Exchange
Most crypto exchanges today-like Binance or Coinbase-are centralized. That means they hold your money, control your trades, and can freeze your account. BitShares flips that model. It’s a fully decentralized exchange built into its own blockchain. Every trade, every transfer, every stablecoin issuance happens automatically through smart contracts. There’s no CEO, no customer service line, and no corporate headquarters.
The core innovation? BitShares doesn’t rely on automated market makers (AMMs) like Uniswap. Instead, it uses a traditional order book-the same system used by the New York Stock Exchange. If you want to buy bitUSD, you place a bid. Someone else places an ask. The trade executes when prices match. This gives traders more control over pricing and reduces slippage on large orders.
Behind the scenes, BitShares uses a consensus mechanism called Delegated Proof-of-Stake (DPoS). Token holders vote for 101 “witnesses” who validate transactions and maintain the network. These witnesses are rewarded in BTS for their work. Because it’s not mining-heavy like Bitcoin, BitShares can process trades in about 1.5 seconds-much faster than Ethereum or Bitcoin.
BitShares Stablecoins: bitUSD, bitCNY, and More
One of BitShares’ biggest contributions to crypto was the invention of market-pegged assets-what we now call stablecoins. BitShares created bitUSD and bitCNY years before Tether or USDC existed.
Here’s how they work: To create one bitUSD, you lock up at least $1.75 worth of BTS as collateral. The system automatically adjusts the collateral ratio to prevent collapse. If BTS drops in value, the system forces you to add more collateral-or your position gets liquidated. This mechanism kept bitUSD pegged to $1 even during the 2020 crypto crash, when centralized stablecoins like Tether briefly lost their peg.
Unlike centralized stablecoins backed by bank reserves, bitUSD is fully on-chain and transparent. Anyone can verify the collateral at any time. That’s why some traders still use it for cross-border payments or as a hedge during market crashes.
Technical Specs and System Requirements
BitShares Core 7.0.2, codenamed “Suez,” is the latest version as of October 2023. It includes upgrades like:
- Auto-repayment for credit positions
- One-Sided Orders (OSO) to help market makers
- Ability to edit existing limit orders
- ElasticSearch 8 support for faster data queries
To run a full node, you need:
- 4GB RAM
- 100GB SSD storage
- Stable internet connection
Official wallets are available for Windows, macOS, and Linux. There’s also a lightweight browser-based wallet called the BitShares Light Client, which doesn’t require downloading the full blockchain.
How BitShares Compares to Other Platforms
Let’s break down how BitShares stacks up against its peers:
| Feature | BitShares | Uniswap | Binance DEX |
|---|---|---|---|
| Exchange Type | Order Book | Automated Market Maker (AMM) | Order Book (Centralized) |
| Transaction Speed | ~1.5 seconds | 10-30 seconds | Instant (but centralized) |
| Stablecoins | bitUSD, bitCNY (on-chain collateral) | USDC, USDT (off-chain) | USDT, BUSD (off-chain) |
| TPS (Transactions Per Second) | 3,000-100,000 (estimated) | ~15-30 | 100,000+ (centralized) |
| Developer Activity | 12 active contributors (Q3 2023) | 1,200+ active contributors | Private team |
| Total Value Locked (TVL) | $3.15 million | $82 billion | $1.2 billion |
BitShares wins on speed and transparency for financial operations. But it loses badly on liquidity and developer support. Uniswap and other Ethereum-based DEXs have exploded because they’re easier to build on. BitShares is like a Ferrari built for racing on a track-perfect for its purpose, but few people know where the track is anymore.
Why BitShares Struggled to Stay Relevant
BitShares was ahead of its time. In 2014, most people didn’t even know what blockchain was. By 2018, when DeFi took off, BitShares had already missed its window.
Here’s why:
- Outdated UI: The interface still looks like it’s from 2015. New users get overwhelmed.
- Limited on-ramps: Only 37 exchanges list BTS as of November 2023. Buying it with fiat is hard.
- Small community: Only 11,000+ members on Reddit and 14,000 on Telegram. Compare that to Ethereum’s millions.
- Developer drain: With only 12 active coders, new features move slowly. Ethereum has over 1,200.
Even Microsoft Azure once included BitShares in its blockchain services-back in 2016. But today, no major enterprise is using it at scale. Only a handful of banks reportedly tested it internally.
Is BitShares Still Worth Using Today?
For most people? Probably not. If you want to trade crypto, use Binance or Kraken. If you want DeFi, use Uniswap or Aave. BitShares isn’t the easiest or most popular option.
But if you care about:
- True decentralization in trading
- On-chain stablecoins with transparent collateral
- Fast settlement without intermediaries
- Historical crypto innovation
Then BitShares still has value. Traders who’ve used it since 2017 say the system held up during crashes when centralized stablecoins failed. One user reported settling $50,000 in cross-border payments using bitCNY in under 2 seconds-with fees under 0.1%. Traditional banking would’ve taken days and cost 3%.
The real question isn’t whether BitShares works-it does. The question is whether enough people still care to keep it alive.
How to Get Started with BitShares
If you want to try it, here’s a simple 7-step guide:
- Download the BitShares Light Client (Windows, macOS, or Linux)
- Create an account with a strong password (minimum 10 characters)
- Buy BTS on an exchange like LBank, HitBTC, or Gate.io
- Send BTS to your BitShares wallet address
- Go to the Decentralized Exchange tab
- Trade BTS for bitUSD, bitCNY, or other assets
- Participate in governance by voting for witnesses (you earn fees for doing this)
Warning: Creating bitUSD requires locking up 175% of its value in BTS. If BTS crashes, you could lose collateral. It’s not beginner-friendly.
Future Outlook: Will BitShares Survive?
Price predictions from analysts suggest BTS could reach $0.0015 by 2025 and $0.0037 by 2030. But these are speculative. BTS has been volatile-its price dropped 85% in just four hours during the March 2020 crash.
The BitShares Foundation is now focusing on enterprise use. The “Suez” update added features like auto-repayment for corporate treasuries. They’re not chasing retail users anymore. They’re trying to sell the tech to banks and governments.
It’s a smart pivot. But adoption is slow. Without developer growth or major institutional backing, BitShares risks becoming a footnote in crypto history.
It’s a reminder: Being first doesn’t mean you win. You have to keep building.
What is BTS coin used for?
BTS is the native token of the BitShares blockchain. It’s used to pay for transaction fees, vote for network witnesses, and serve as collateral for creating stablecoins like bitUSD and bitCNY. Holders also earn a portion of trading fees through governance participation.
Is BitShares still active?
Yes, but it’s niche. The blockchain is live, the Core 7.0.2 update is running, and the community still trades and maintains it. However, developer activity is low, trading volume is tiny compared to major DeFi platforms, and most new crypto users have never heard of it.
Can I buy BitShares with USD?
Not directly on most major exchanges. You’ll need to buy Bitcoin or Ethereum first, then trade it for BTS on smaller exchanges like LBank, HitBTC, or Gate.io. There are no direct fiat on-ramps for BTS.
How does BitShares differ from Ethereum?
Ethereum is a general-purpose blockchain for smart contracts. BitShares is a specialized financial platform built for fast, low-cost trading and stablecoin issuance. BitShares uses an order book model; Ethereum-based DEXs use automated market makers. BitShares is faster for trades but lacks the ecosystem of apps and tools that Ethereum has.
Is BitShares safe to use?
The blockchain itself is secure-it’s been running since 2014 without a major hack. But the user interface is complex, collateral requirements are strict, and there’s no customer support. If you make a mistake-like under-collateralizing a stablecoin-you can lose funds. It’s safe for experienced users, risky for beginners.
What happened to BitShares’ popularity?
BitShares pioneered decentralized exchanges and stablecoins, but its outdated interface, lack of developer support, and failure to adapt to the DeFi boom caused its decline. While newer platforms like Uniswap and Solana grew rapidly, BitShares remained stuck in its early design. It became a legacy project rather than a growing ecosystem.
gerald buddiman
November 11, 2025 AT 05:58Okay so I just spent 45 minutes trying to set this up and I’m crying into my coffee… why does the interface look like a 2012 MySpace page?? I clicked three buttons and my wallet vanished?? I think I lost 0.5 BTS just trying to find the ‘buy’ button?? 😭
Arjun Ullas
November 11, 2025 AT 18:05It is imperative to recognize that BitShares represents a paradigm of decentralized financial architecture that predates the current DeFi movement by nearly a decade. The technical architecture, particularly the DPoS consensus mechanism and the collateralized stablecoin model, remains academically and economically superior to AMM-based systems in terms of capital efficiency and price stability. The lack of adoption is not a reflection of technological inferiority, but rather a failure of marketing and user experience design.
Steven Lam
November 13, 2025 AT 09:14People still use this? Bro it's 2024. If you're not on Ethereum or Solana you're literally living in the past. This thing's a digital fossil. Why are we even talking about it?
Noah Roelofsn
November 13, 2025 AT 10:08BitShares is the unsung hero of DeFi - a meticulously engineered financial engine built for precision, not spectacle. While Uniswap dazzles with flashy interfaces and meme coins, BitShares quietly executes trades at 3,000 TPS with sub-second finality, using a battle-tested order book that doesn't rely on liquidity pools that evaporate during volatility. Its stablecoins aren’t backed by shady bank reserves - they’re cryptographically over-collateralized, transparent, and auditable in real time. This isn’t nostalgia - it’s a masterclass in blockchain engineering that the industry has shamefully forgotten.
Sierra Rustami
November 14, 2025 AT 13:41USA built the internet. China builds AI. Europe regulates everything. And we're still talking about some dead crypto from 2014? Pathetic.
Glen Meyer
November 15, 2025 AT 00:40Who even cares? This is what happens when you don’t pivot. You get left behind. And now you’re just begging for attention like a ghost haunting a crypto graveyard. I’ve seen more life in a Bitcoin ATM in a Walmart parking lot.
Christopher Evans
November 15, 2025 AT 21:38The technical merits of BitShares are undeniable. Its architecture demonstrates a clear understanding of decentralized exchange mechanics that remains relevant. However, the absence of a scalable user onboarding strategy and the lack of integration with modern wallet ecosystems significantly limit its practical utility. A thoughtful redesign, not abandonment, is warranted.
Ryan McCarthy
November 17, 2025 AT 14:45I love that people still care about this. It’s like finding a vinyl record in a world of streaming - yeah, it’s not the easiest way to listen to music, but there’s something real about it. The fact that it’s still running, still trading, still being maintained by a tiny group of believers… that’s beautiful. We need more projects like this, not just the ones chasing hype.
Abelard Rocker
November 18, 2025 AT 07:45Let me tell you something - BitShares didn’t fail. The world failed BitShares. We were supposed to be ready for this. We were supposed to understand that true decentralization means no middlemen, no ads, no VC-backed rug pulls - just pure, unfiltered financial sovereignty. But no, we wanted TikTok crypto influencers and meme coins with 1000x pumps. We wanted easy. We wanted dopamine. We wanted to be spoon-fed financial freedom. And now we’re stuck with a bunch of AMMs that collapse every time a Fed announcement drops. BitShares was the prophet. We’re the idiots who threw stones at him while he was trying to save us from our own greed.
Hope Aubrey
November 19, 2025 AT 09:28Okay but like… bitUSD is still pegged? Even during the 2020 crash? That’s wild. I thought only Tether was stable. Like… is this the OG stablecoin?? I’m lowkey impressed. Also I just voted for a witness and got 0.0003 BTS as a reward?? That’s like… 0.00002 cents?? But it feels so good?? 😌
andrew seeby
November 21, 2025 AT 09:17just tried the light client… it’s like a retro game but for finance 😂 10/10 would trade bitCNY again. also the UI is kinda cute? like a 2014 web app that never gave up. keep going bitshares 💪🚀
Pranjali Dattatraya Upadhye
November 22, 2025 AT 20:14Thank you for writing this - I’ve been trying to explain BitShares to my friends for months and everyone just laughs. But you actually explained why it matters. The order book model is so much better for large trades, and I’ve used bitUSD to send money to my family in India without any delays or fees. It’s not flashy, but it works. And that’s rare.
Kyung-Ran Koh
November 24, 2025 AT 01:27This is one of the most well-researched, clearly written explanations of BitShares I’ve ever seen. Thank you. The comparison table alone is worth a dozen YouTube videos. I’ve been using BTS since 2016 - yes, it’s slow to evolve, but the core tech is bulletproof. If you care about decentralization over hype, this is still the gold standard. Also - the wallet is actually secure. No phishing scams here. 💯
Missy Simpson
November 25, 2025 AT 22:39OMG I just sent bitUSD to my friend in Mexico and it cleared in 1.2 seconds??!! I’m crying!! This is the future!! 🥹💖 I thought crypto was all about gas fees and waiting forever… but this?? This is magic. Someone please make a TikTok about this!!
Tara R
November 27, 2025 AT 05:45How is this still a thing? The UI is an affront to modern computing. The community is a cult. The price is a joke. It’s not a legacy platform - it’s a museum exhibit. And you’re treating it like it’s revolutionary.
Matthew Gonzalez
November 28, 2025 AT 07:03It’s not about whether BitShares works - it’s about what it says about us. We built a system that could operate without trust, without banks, without borders. And then we chose convenience over conviction. We traded sovereignty for a one-click buy button. BitShares didn’t die - we did. We stopped believing in the dream. And now we’re just scrolling past ghosts.
Michelle Stockman
November 29, 2025 AT 13:05Wow. Someone actually wrote a 3000-word love letter to a crypto that’s worth less than a cup of coffee. Congrats. You win the Internet.