Goodbye Middlemen - Become your own Central Bank

in #bitshares2 years ago (edited)

Centralised Exchanges will sell you cryptocurrencies like Bitshares (BTS), Bitcoin (BTC) and Monero (XMR), but the fees they charge, the risk of your ID being stolen, the ever-increasing regulations and taxation, and the risk of theft of your cryptos at those exchanges is extremely high, and getting worse. The ideal way to acquire cryptos is to secure the keys in your possession only, and buy them privately just like gold.

BiTSy is a mobile wallet app that already supports over 2,000 different coins and does NOT rely on any third-party companies whatsoever such as centralised exchanges, gateways and bridges.

With the BiTSy app, you can use the interactive map to locate a local Teller (people in your area that like to trade), or a merchant who accepts cryptos, in 104 languages. BiTSy also has an advanced Transactions screen which enables you to search, filter, and even export your transactions into your accounting software if you like.

BiTSy also includes the ability to invoice (with tap-2-pay), track and chart your Net Worth, pay bills, and watch your live Holdings values.

With Atomic Swaps and support for InterLedger Protocol, BiTSy will enable you to find and acquire potentially thousands of different crypto assets from multiple blockchains. Even oil, real-estate, water/electricity usage, phone minutes and autos are becoming tokenized with cryptos these days.

== Merchants ==

BiTSy also works flawlessly at all PalmPay multi-crypto-accepting merchants worldwide (see The discounts aside, buying your groceries with BTS is simply faster and safer.

== Tellers ==

Tellers are people who will exchange your fiat currencies with cryptos, and vice versa. They also assist Merchants with fiat settlement.

== Fees ==

Deposits are free, and withdrawal transactions only cost 0.01% to help pay the (usually around 1 cent) Network Fee.

== How does a Teller transaction work? ==

  1. You and your Teller both have BiTSy installed.
    2a. You scan the QR code that your Teller gives to you. Or..
    2b. Use the BiTSy invoice sharing tool to send your Teller your QR code with the amount due, which asset, to whom, memo text, etc.
  2. You hand, or send the funds to your Teller. Or, vice versa.
  3. You give the middle-finger to all of the middle-men out there.

Forget Cash. Go Crypto. It's faster, cheaper, safer, and in most areas, tax-free. Many businesses and governments are also creating their own crypto assets, so now is the time to learn it.


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It would be cool if someone made a type of bts asset for LN.
Here my idea(crude):
A LN btc bts token= the btc held via a LN wallet.
A user with a payment invoice can deposit btc via LN.

And bitshares can make it easier for merchants to sell those as it on a dex and can autotrade it.
Palmpay would be great for this and would be more incentives for them to use Palmpay. They get to accept LN without the hassle.

yes I posted this on whaleshares :P

Yep, the PalmPay point of sale system ( is adding atomic swaps and payment channels on interledger protocol as we speak. This means that merchants won't have to rely on centralised exchanges or bridges anymore either, and of course the Bitcoin Lightning Network will be natively supported (amongst many others) as well.

As for the BTCLN:BTS token, a smartcoin/mpa would be great for that too, someone just needs to create it and get its liquidity moving so a market can form around that pair.

Atomic Swaps are the future. Byebye CEX's. :)

Why bother with BTC LN? The concept of LN is a settlement layer outside of the blockchain, and not required with fast assets like BTS. Plus, such settlement channels require setup, funding and add complexity and middlemen that charge fees. I don't understand why any business would want to invite a middleman into its' supply / payment chain except those that don't understand how the blockchain is the ultimate ledger and settlement layer.

With HTLC/ACCS and ILP support though, PalmPay is the most decentralised point of sale system in the world and does not care what coin the customer wants to pay with. Nore more CEX's. It's as chain-agnostic as we can make it, so for the people who like BTC LN, we say Welcome :)