If you're looking to make some massive gains then a bitCNY investment is likely a bad choice. It's actually designed to stay at or around the same price. That's because this is a pegged cryptocurrency asset. It is tethered to the Chinese Yuan, and it was created to offer a stable trading asset to investors.
It's one of the many pegged asset available for trading on the BitShares exchange and it represents the number of BitShares needed to equal one government-issued Chinese Yuan.
If you're looking for a good place to put some money where it will not swing wildly around in price, then this might be a better option, however. It also gives you the ability to trade it directly for the many other pegged currencies that BitShares has to offer which include not only other world currencies but also gold and silver.
This particular BTS token has become quite popular because it's one of the few stable coins that is tied to something other than the US dollar. Interested in learning more about this token? Keep reading to find out how to buy it and how to use it in your trading strategy.
Traders can buy bitCNY on a handful of decentralized exchanges which make use of Bitshares assets. It has several trading pairs available, but the most viable ones are Bitcoin, Ethereum and of course Bitshares. The trading volume for this pegged asset is quite good, and you should have no trouble executing a trade on several different providers.
For storing your tokens you'll likely need to use the exchange which you purchased it on. This asset does not really have a native wallet, but most decentralized exchanges that would offer it actually function as one. These platforms usually offer you a private key style login rather than the typical email-based accounts which makes them a little different than other exchanges. You also typically own the wallet. Make sure to keep your password in a safe place, and preferably you should write it down on a sheet of paper. If you lose this then you will never be able to regain access to your account!