How to Sell BitShares or Trade it For LiteCoin
This blog tells you how to sell your BitShares. What does “sell” mean? Well, if you want to cashout to your bank account, you would trade it for BTC, LiteCoin, or Ethereum, then move it your on/off ramp (such as CoinBase), and then sell that currency and get the proceeds in your bank account. I bought BitShares earlier this year when I heard Stan Larimer speak at a conference. I still believe in it, but the crowd is going crazy right now with LiteCoin and a few other cryptos; so I re-allocated my portfolio today.
Even though BitShares has it’s own exchange, I couldn’t find regular BitCoin (BTC) or LiteCoin (LTC) on it. I ultimately wanted to trade some of my BitShares for LiteCoin. At first, I did a small test using https://wallet.crypto-bridge.org. I was able to do a manual trade from BitShares (BTS) to BitCoin (BTC) and then did a withdrawal to CoinBase. Like I said above, I really wanted LiteCoin, not BTC, but the process worked, even though it was rather confusing. It’s not something I would recommend my elderly parents to do.
Then I kept looking and found https://BlockTrades.us. You don’t have to submit a trade. This is how their site works.
You select the currency (cryptocoin) you are sending (selling), and the coin you wish to receive. The amount is used at this point just to estimate what price you will get; the actual price may vary. You can decide if it’s a fair exchange rate or not (perhaps more about that in another blog). You paste in your receive address, i.e. where you want your new currency to go (LiteCoin address in my case). The receive address is validated after you enter it. Note: If you are converting to BitShares or SteemIt, it asks for the account as appropriate for those tokens.
Then click the “Get Deposit Address” button.
Based on the information above, you go to your BitShares wallet, and make sure you paste the AccountName and Memo. NOTE: It’s best to copy/paste because at first I almost entered “blocktrade” instead of “blocktrades”. Had I sent my BitShares there, that party would not have to return it.
Note: BitShares recently upgraded their wallet. It’s odd to me that they say their “Send” function is “Beta”, yet they don’t offer any other choice on how to send your BitShares. I couldn’t get it to work in Chrome (I could enter the data, but the “Send” button at the lower right didn’t want to work), but it worked fine in FireFox.
As we know, BitShares is fast, and the tokens show up in a few seconds. In the bottom of the BlockTrades.us screen, you can see either pending or completed transactions (probably based on whether the trade was done, and whether they sent the coins to your target address).
If you click on the Transaction ID, you can get the full transaction ID displayed, and go to your favorite blockchain explorer to view it and watch the confirmation happening.