BitSharesX Enters the Top Ten Cryptocurrencies Club

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BitSharesX Enters the Top Ten Cryptocurrencies Club

ForexMinute.com – Top coins are currently making space for a newly-launched cryptocurrency called BitSharesX. Amusingly, the newbie is already backed with an attractive market cap of over $19 million that has helped it to occupy a position among the top ten coins in the cryptocurrency market.

At press time, BitSharesX holds the position of 8th wealthiest coin. Its current price per unit is $0.009812.

What is BitSharesX?
Another cryptocurrency in the league of many, BitSharesX is launched today, on 22nd July 2014. But unlike other newcomers in the market, BitSharesX has occupied the most visible spot that will surely raise some curiosity among users and the press. But what is BitSharesX in real? What different it offers to its users? And none the least, how much reliable it is? These are the few questions we will try to cover in this section.

A Multipurpose Cryptocurrency
According to the just-launched official website of BitSharesX, this coin is intended towards providing its users with finance, banking and trading – all under one umbrella. In its first impression, the coin indeed seems promising as its features appeal directly to the surging cryptocurrency businesses and investments. These features include the trading of “cryptocurrencies, commodities, and stock derivatives with anyone at any time, directly and with no middlemen.”

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BitSharesX is clearly targeting a large segment of professional traders by holding accountability of security and privacy in their trades. Its exchange openly claims to eradicate certain irregularities faced in the functionality of other coins, which include frozen accounts, seizing of funds, bank collapse due to fraud or loan defaults, etc. An excerpt from the website reads:

“All of this is made possible without requiring any employees, lawyers, regulatory compliance, vaults, buildings, and other infrastructure required by traditional banks. Unlike existing banks, you can hold your balance denominated in gold, silver, oil, or other commodities in addition to national currencies.”

Other Features
BitSharesX allows users to create shares and share them with a ready marketplace. The shares can be based on a concept, business or idea. The coin also promises to make transactions within seconds, much like the other cryptocurrencies. In terms of security, BitSharesX relies on Delegated Proof-of-Stake (DPOS) for its blockchain security model. (See here)

The coin never leaves behind the ongoing Privacy trend in cryptocurrency market, and introduces TITAN as its system to ensure anonymity of transactions.

Reliable or Not?
BitSharesX has set an interesting premise. Some of its features are truly unique to the cryptocurrency arena. However, certain doubts can also be raised over the reliability of this coin. Indeed, its huge market cap on the very first day indicates a strong financial backing. This means a majority of coins are currently hold by individual entities.

As their websites and forums develop further, we will be able to deliver you an exact report. Until then, it is recommended to be a spectator.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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