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Is Bisq safe and Open Source? There are already other decentralized exchanges. How is Bisq different? Which payment methods are supported?
Which altcoins are supported? How can I get support for my favorite altcoin? What are the trade limits? Why does Bisq require a security deposit? How does Bisq protect my privacy? How long does a trade take? How much does it cost to trade on Bisq? Why do I need to keep my application online when I have an open offer? How can I edit my offer?
What is an arbitrator? How does the arbitration process work? How is collusion between arbitrators and traders prevented? What happens if the person buying bitcoin does a chargeback on their national currency after the bitcoin has been released from the multisig escrow? Can I be an arbitrator? Can I contact my trading peer?
What happens in case of software bugs? All bitcoins traded with Bisq are secured in a 2-of-3 multisignature address. Both traders are required to pay security deposits. These are refunded to them after a trade completes. Bisq features an arbitrator system, to be used in case a trade dispute arises. If you trade fiat currency there is some chargeback risk open because all banks have the option for reversing a transaction.
Bisq supports only payment methods which are known that they it is very difficult to chargback with them. Paypal and credit cards are not supported for that reason. Read here more about chargback risks. Currently no other project fits our definition of a decentralized bitcoin-to-fiat exchange. Most exchanges claiming to be decentralized are either not supporting fiat exchange or operate with a server architecture and do not fit our definition.
And of course there are a lot of ICO projects with whitepapers but they have not proven yet that they can deliver any working software. Here you can see the list of the currently supported payment methods:. Here you can see the list of the currently supported altcoins:. Please read about the requirements and process at this document.
For security reasons Bisq has a limitation of the trade amount per trade. For the number of trades there is no limitation. Security deposits create incentives for both buyer and seller to follow the rules of Bisq's trading protocol. They are locked into multisig escrow along with the bitcoin being traded, and are returned to each user when the trade completes successfully.
If a trade goes to arbitration and one party is found to have violated Bisq's trading protocol, some or all of that party's security deposit may be awarded to their counterparty. Examples of protocol violations include a buyer failing to pay a seller, or a seller failing to acknowledge receipt of a buyer's payment.
Most Bisq trades complete without any problem thanks in part to the incentives that security deposits create. Only your trading partner and your selected arbitrator in case of a dispute can ever see your payment information details. The data exchanged between users is encrypted and signed. Bisq uses a P2P network built on top of Tor hidden services and provide the high level of anonymity Tor offers.
The arbitrator only sees the trade details in case of a dispute. The trading fees for the offer maker and for the taker are calculated differently. The trading fees for the offer maker is based on trade amount and distance to market price. The trading fees for the offer taker depends only on the the trade amount.
The maker has to pay the miner fee for the trade fee transaction. The taker has to pay 3 times the miner fee trade fee transaction, deposit transaction and payout transaction. That is because we use a fee estimation service and the maker cannot know which fee will be required at take-offer-time. The users can see the actual mining fee when creating or taking an offer. If you have published an offer your Bisq application need to stay online so it is able to react in the case when another trader wants to take your offer.
The MultiSig deposit transaction is created in that take-offer process. Be sure you have deactivated your computers standby mode, otherwise your Bisq application lose the internet connection monitor standby is not a problem. If you shut down the application your offer gets removed from the distributed offerbook as it would become unavailable for others. After starting Bisq again your offer gets re-published.
After the offer has been taken and the trade process has started both traders do NOT need to be online. Though they need to check for the status of the trade to see if some action is required from their side e. At the moment you cannot edit an offer once it is published. But you can use the percentage based price so your price will stick with the market price we use BitcoinAverage for fiat and Poloniex or CoinmarketCap for altcoins.
There have been reports that some banks have closed client accounts when they see that there is Bitcoin activity involved. The reference text of the bank transfer used to trade with Bisq will include only the Bisq trade ID which is a random sequence of characters, like many other purchase IDs. Any trader that is not using the exact ID number as reference text of a bank transfer is considered in breach of contract, which will result in dispute resolution. To avoid problems we recommend setting up a dedicated bank account for buying and selling bitcoins.
If the bank were to block this account, it would cause fewer problems for you than if the bank were to block your primary account. An arbitrator is the person who find the solution to a dispute that may occur during a trade.
Initially, traders make a list of arbitrators they approve. The more arbitrators a trader accepts, the more trades will be available to him. If trader A fails to confirm the receipt of a national currency transfer within the allotted time e. Trader B will then be able to submit evidence to the arbitrator that he did, in fact, send the national currency. Alternatively, if trader B never sent the national currency, trader A will be able to submit evidence to the arbitrator that the funds were never received.
Submitted evidence should be cryptographically secure using either PageSigner or digitally-signed bank statements. If these methods fail, more traditional routes of discovery can be deployed. From our experience the huge majority of cases are caused not by any malicious intention but by problems like bugs, bank issues, usability, etc.
The arbitrator will side with buyer or seller and sign the 2-of-3 multisignature address in favor of the appropriate party. As outlined above, arbitrators must lock in a high BSQ bond to become such — much higher than the trade limit. If collusion is found to have taken place, the misbehaving arbitrator will lose her BSQ bond. This puts the arbitrator at a significant loss, as her BSQ bond was much more than she made by being dishonest. What happens if the person buying bitcoin does a chargeback on their national currency after the bitcoin has been released from the multisig address?
We only support payment methods in which chargeback is not easy i. But there is still certain chargeback risk with banks. If a bank executes a chargeback after the BTC has been released, there is nothing the arbitrator can do. There is a trade limit per trade, which is generally too small to attract criminals.
We will remove national currency payment methods which are found to be used for chargebacks. We introduce with version 0. Recently opened accounts will have lower trade limits. This adds protection against stolen-bank-account-scams. Pure reputation without the option of arbitration is a weak protection system, as you can never avoid sybil or long con attacks. The required BSQ bond is very high and there are currently only very few people who have contributed that much to Bisq that they have earned so much BSQ.
Bisq intentionally does not offer a way to get in direct contact with the trading peer. The security mechanisms does not require any direct contact other than on reputation based systems like Localbitcoins and we feel that by offering such a feature we might easily open a can of worms. For any problems users can open a dispute and the arbitrator will take care to resolve the issue. Beside that they can use the Bisq forum if they need help or for getting questions answered.
The security deposit is needed to protect Bisq from fraud and abuse. That said, we will always investigate possible solutions which would allow new users to trade without needing bitcoin first. Bitcoin can be purchased via many channels: Bisq supports already a wide range of payment methods for national currencies.
The criteria for inclusion are that the payment method is safe against chargebacks, and that it allows the arbitrator to view evidence of the transaction.