- This topic has 1 reply, 1 voice, and was last updated 2 weeks ago by axnoro.
- Thursday, September 22nd, 2022 at 12:16 #379864blockguideParticipant
I have used several trading platforms and Bisq being one of them. Here is a brief overview and I would also like to hear your thoughts.
Bisq is a decentralised exchange and is known for peer-to-peer trading with no KYC, you have the option to create your own offer or choose an offer already listed by fellow traders. However, BTC is an initial requirement before using the platform.
To buy BTC you need the fiat equivalent amount of BTC plus a percentage amount defined by your peer. This extra amount of BTC is locked and used as a deposit to secure the transaction via escrow.
Once you have entered a trade, there is a timeframe of approximately 24 hours for the seller to confirm the payment has been made into your account, after which it could be taken to arbitration, but transactions rarely take this long. As this is a peer-peer system, it is unrealistic to expect traders to confirm straight away, but not impossible. The security deposit is then returned to both you and the seller after your trade is successful.
The UI is not for the light-hearted and could be quite difficult to understand, so not too inviting on that front. But overall, it is a very community driven platform where trust in each other is a core principle, encouraging solidarity within the community. Of course, there may be bad actors but that is unfortunately, a consequence of society.
However, the only issues I have run in to are from external influences where my bank would not allow the funds to be transferred until I went in person to confirm my identity in the name of ‘fraud prevention’, therefore delaying my trade (ironically, further highlighting the issue with centralisation). For internal issues, Bisq have an arbitration and mediation system in place to assist through any trade related problems.
What are your experiences using Bisq?Thursday, September 22nd, 2022 at 12:29 #379865axnoro
Most liquid DEX for buying BTC, I would recommend it to anyone who wants to get nonKYC BTC. Since it is free open source, you can actually be sure of robustness. And since the program is actually a hot wallet, you can connect it to your node.
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