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?
When will I be able to buy or sell real bitcoins? 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? What happens in case of software bugs?
Yes, Bisq is open source and licensed under Version 3 of the GNU Affero General Public License. And yes, Bisq is safe.
There are several reasons for this. Next, Bisq employs three technical mechanisms of protection:. 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 a decentralized and open arbitrator system, to be used in case a trade dispute arises. We believe these features make currency trading as secure as possible. This said, use Bisq at your own risk. Currently no other project fits our definition of a decentralized Bitcoin exchange. 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 our Forum. There will initially be a one-bitcoin trade limit for all Bisq users. This limit may be relaxed in the future. 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 Tors hidden services and provide the high level of anonymity Tor offers. National currency transfers can be instant OkPay or can take days SEPA. A small fee of 0. Further, this fee discourages spam and market manipulation. A security deposit of 0. Fees have been adjusted for Bisq v 0. 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 depost 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. 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 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 a real person who finds solutions to any disputes 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.
At this time, a fully decentralized arbitration system is not yet developed. The current bootstrapping phase instead uses a closed group of trusted arbitrators. This will change as soon the fully decentralized system is implemented. 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. 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 pay a high security deposit to become such — higher than the one-bitcoin trade limit. The Bisq system in this case will then select an arbitrator from among the highest-rated arbitrators.
If collusion is found to have taken place, the misbehaving arbitrator will lose her deposit. This puts the arbitrator at a significant loss, as her security deposit was more than she made by being dishonest. We only support payment methods in which chargebacks are not easy i. But there is still certain chargeback risk with banks. If a bank executes a chargeback after the cryptocurrency escrow has released, there is nothing the arbitrator can do. There is a trade limit of one bitcoin, which is generally too small to attract criminals though this limit may be lifted in the future.
We will remove national currency payment methods which are found to be used for chargebacks. Pure reputation without the option of arbitration is a weak protection system, as you can never avoid sybil or long con attacks. Fill out our standardized form and make your security deposit. After completion of these two steps, you will be listed as an arbitrator.
This process will become available as soon as the open and decentralized arbitration process is developed, as detailed above. We recognize that the 0. 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 will support a wide range of payment methods for national currencies. We need help from users in different regions to collect data on various payment methods.
Contribute your knowledge to our document or spreadsheet to help Bisq incorporate more payment methods. Your arbitrator will forward your bug report to the developers, who will begin an investigation of the problem.
You may be asked for the log file to assist the process. If the button does not appear, wait for your trade period to expire. Then submit a standard dispute to your arbitrator, explaining the software problem. No arbitration fees will be charged in the resolution of problems caused by software bugs. A multisig address is generated with multiple public keys and a specification of how many of those keys must sign to release the funds.
Bisq uses 2-of-3 multisig addresses. A typical trade takes place when the buyer and seller sign the transaction to release the funds to the appropriate party. Please, add your question in the comments below! Or Contact Us and ask your questions directly. Hi, I read the FAQ and still have a few questions. I heard about your idea on LetsTalkBitcoin. I currently run https: I think you guys are on exactly the right track. Does each seller always need to attach themselves to an arbitrator who will decide these things?
We will use the mandatory and identifying fields of the payment account will be very different depending on bank, payment processor, mobile payment solutions…. You can also create multiple payment accounts. All require a separate registration, but the fee very low and the registration process is painless. Its only purpose is to protect against sock puppets and we use the payment account as a scarce resource to archieve that.
The registration data are only visible to the trading peer in case of a trade due the bank tx they are disclosed anyway to the trading partner.
The developers need to add new payment methods if requested. We want to support all which are known to be hard to charge back and from which we have enough information mandatory fields, fees, reputation, tx duration….
If a user wants to get a new payment method added he can simply provide enough info to the team and if it fulfills our requirements we will add it. The payment method is displayed next to the offer, so the taker can decide if he can or want to take the deal with that payment method. Both traders select a set of accepted arbitrators.
You can only trade with otheres if at least 1 arbitrator is matching from boths sets the more arbitrators you accept the more trades are available for you. Collusion is protected due a high security deposit of the arbitrators and a second arbitration round if one of the traders request that. But it would not be enough to replace an arbitration system also Open Bazaar use arbitration. For a marketplace like Open Bazaar reputation system is more important as the outcome of a deal is not binary like in a currency exchange.
The 2 traders and the arbitrator selected for that trade. Note that we use a decentralized arbitration system. All the details how the arbitrator gets selected and how it is secured you can find in the Whitepaper and the dedicated paper about the arbitration system.
As Manfred said, hurst exponent stock trading are in the whitepaper, but essentially the arbitrator is chosen randomly from the overlapping set of arbitrators selected by the two parties to the trade.
Hi Manfred, Great tool!!!! I have to send bitcoin to fund an order.
But its rather funny that there is an additional minimum network fee requirement to satisfy within this transaction to get my order listed. If not no order listed. If you require that for outgoing transfers fine. I am aware of that issue and in the next release we decrease the min.
In some bad days there is backlog of about 1 day with low fees… That there are still wallets which have not updated to the situation to make fees adjustable pannelli forex per foto a bad sign for that wallet.
The fee alert forex trade is nothing new, its an issue since at least half a year and adjusting the fee to your need for priority is a must have for a modern wallet….
Hi Manfred, Thx for quick reply. I see the issue with the backlog but also the high fix cost. Therefore it would desirable to have something more dynamic or a build in kind of timer that cancels the transaction … Cheaper but still working within the applications condition.
Yes with the next verison that will be fixed. If the fee is high enough you can use the funds without waiting for a blockcahin confirmation, if it is too low then you need to wait for at least 1 confirmation before you can use the funds for trading offer creation, take offer.
Keeps costs lower … Best. Yes to make the non-trade tx fee editable is on the Todo list. Not sure if it will be in the next version but planned for upcoming versions. Thats another great cost saver! May I offer few more observations. First, in the market tab one could provide within a fourth column the payment information to the existing orders grey depending on setup payment method setup.
Third is regarding bad order book liquidity.
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Meaning the empty order books. The only way to adjust existing orders is to delete and place new. What cost savings and rendering bureaucracy once more entirely useless!!
I would like to american idol winners top money makers on this but run out of space and maybe you stopped reading already. Anyway, have a good weekend.
Thanks a lot for your input! I wanted to keep the overview very simple, but I understand break even strategy for trading binary options would make sense. Just fixed it for the next release. I will do a review with a native english speaker over all text used in Bisq for an upcoming release. I think there are more issues like that.
I had it initially shorter Buy Bitcoin but people did not understand it that it was for creating an offer, so I added more info. To change offers will be considered as well. I would love to talk more about that with you. Can you get in touch with me by email manfred [at] bitsquare [dot] io? The fully decentralized arbitration system is not implemented yet, so you interactive brokers forex commissions become an arbitrator at the moment.
It also would not make so much sense as atm its primarily software bugs and usability issues causing disputes, so that is easier for me to handle it directly. Once the fully decentralized arbitration system is in place maybe in months you can sign up directly in the application, but there will be a security deposit you need to pay for securing the system protection against collusion. This also eliminates some motivations for collusion, as participation as a node would be incentive enough not to bother cheating.
You could also do away with the barrier of having to put up Bitcoin just to buy more Bitcoin. I have tried last night. Funded few offers, set up password and since then network never connects again. No matter what I try I got connected to TOR, unlock the wallet, see the peers and start getting connected. How do you get kicked out? I just discovered a small bug — when you dont enter the password in between 3 min.
But you can florida divorce stock options that warning popup it does not has any further consequences.
Do you use Tor for BitcoinJ? Do you get disconnected to all P2P network peers? I assume you have the lastest version installed. Have what is the average swarm to trade binary options had installed an earlier version and followed the update instructions deleted the data dir?
Can you send my screenshots of relevant section and more descriptions? You find my email buy ibstock bricks contact.
I had beta version installed before and yday I just installed the newest one to see how program work on main net. I have set up the offers and fund them with about 0. Also I have set up the password to protect the wallet. Please find the print screen attached. Sorry, I did not want to offend. I have nothing against BitHalo was just not taking it too serious if even the download high probability reversal patterns forex trader fails.
But anyway good luck with your project. There is space for many! The clinet must run when you have a offer open. When you close your app the offer gets removed and re-added when u go online again. During the trade it is not needed but recommended as well. When your computer is in standby mode the network gets disconnected so, same as shutting down the all though shutdown removes the offer gracefully, so preferred.
Why is it recommended to have ones computer on during the trade? When a taker takes an offer the MultiSig is how to hack money avatar fight android and the offerers machine need to be online to create the MS.
During the trade it is not required but the trade completes faster when the other trader confirms receipt or fiat sent. The SEPA-tx might take a full day. I can now safely shut the BSQ-app and my computer. But virtual options trader BTC is not released to me until I open the app.
Which might be on day 3. Yes that is correct. When you go online again you will receive the messages from the other traders, e.
Is cbt stock market only possible to trade in local currency? After registered both SEPA and Bank transfer, I can only make orders in NOK and I get an error message if I try to accept offers in EUR, USD or other major currency.
Atm SEPA for non EURO countries only support their national currency, but we know that this need to be changed. Hope I find soon time to change that and then you can use EUR as well.
USD will not work as it is not SEPA. You can use PerfectMoney or OKPay for USD. Interantional bank transfer is not supported because of the hight transaction fee. I am in possession of ZCASH … it is also decentralized and is a crypto currency … can they accept this? The offer fee is 0. The offer fee gartner magic quadrant for treasury and trading core systems pdf paid when you create the offer, for removing there is no fee.
Thanks Manfred, that is a very low fee indeed! In my humble opinion, the percentage model should be the default choice as it is easier to leave open and not get a bad deal. A setting to reverse the pair order would be a very nice feature to have. In future it will be a mix probably. But percentage will not be sufficient as spam protection you could then offer spam with them min.
The market rate can be inverted by clicking r kelly money makes the world go round download icon button right to it.
But seems people dont recognize that, needs some UI improvment. Also will consider to invert it by defaultbtu then fiat and altcoins has a different model. In fiat it is normally used as it is here. I think you may have misunderstood my point about the percentage model. He gives out the mercado de divisas forex When I read https: When I read the article at http: This… cannot be trusted.
Right on its face. As to decentralization, it is enough to read http: Actually just asked David, there is a source link at his site, http: So yeah, not sure what the big deal is.
He will put it on github when he is ready. With all the pump and dump, do you really blame him? Halo has been around for 3 years man, not a single hack.
And you can audit his code and build it so yeah. Also, the moderation key makes sense. Do you really want him to go to jail like Ross Ulbright?! Come on dude use your head. Besides, his mod key is only for what he sees.
He cant remove some market he doesnt know about and offers can be sent privately. So you are just fudding senselessly. Hes a very nice and honorable person from every convo ive had with him. The dude codes nonstop like a damn saint. Claiming otherwise has no legal grounds. Your suggestion to just fork the code to remove the moderation trading mechanism in stock exchange india also makes absolutely no sense.
Again, THE CODE IS NOT RELEASED AS OPEN SOURCE. Silk Road was simply a website pirate bay was just a site and also napster was just p2p sharing. But yeah, he probably just wants the markets clean so the image is clean. You are right, I think changing the moderation key would be a violation of the license but im not sure what license he has on it. As for auditing, what would you look for in his code? Just look for any external addresses, calls to external servers, its pretty easy to audit honestly.
He would probably show you the original source lol. He said he will open source it. All I did was point out the 2 of 3 arbiter collusion that David has talked about excessively on slack, bitcointalk and reddit over the years. BitSquare should use 2 of 2 instead of putting customer funds at risk with a relatively easy attack. Its not fudding, its a fact. Arbiters are middle men, and decentralization is about removing the middle men.
In yet other words: You cannot go to jail for writing a program that contains no illegal part itself, and then not even necessarily running the program, but only distributing it for others to run. You knew what I was trying to say. Anyways yeah I realize that Napster ran its own servers. But my point is, that people go to jail for collecting rainwater and other nonsense things. The guy from reddit killed himself for a nonsense charge.
So I think a moderation key is fine. PageSigner also warns me that I MUST LOG OUT of my session before sending someone else the signed page. Is there any concrete risk of leaking login information? Any https page should work, but not sure if pdf is supported. From which country is your bank? The bank is an online bank in Italy. I tried what you said, but not with my bank, with a random PDF that was hosted on HTTPS, and I could open it from the PageSigner list of verified pages….
Can you make it more complicated, please? Just the most important part. Please hire a real Product Manager that knows how to communicate to the world a full end-to-end use case and leave your developers stick to developer roles. By clicking on that, you can find tons of explainer videos -explaining nearly every aspect of the project. Also there is a whitepaper, that is for people who take a few minutes more time and are able to read and not only watch videos.
ELI5 stuff is also all over the place. So not sure which kind of content you would need, but beyond ELI5 we cannot go, I am sorry. John is probably from a competitive paid service and not very happy with your outstanding service to the public. Just ignore his anger. More Morons are welcome, they drive the value up and we all win, so dumb it down, get the remedial videos up. The seller will see you rbank details anyway when receiving the money, at least in most banks.
It is also required to avodi social engineering attacks where the seller recieves money form a victim buying fake stuff on ebay like marketplaces, so the seller need to confirm that the senders name and bank details are correct.
Your idea is brilliant. This is a very good possibility to trade crypto anonymously. But the fee is way higher than for example trading with Kraken. If i understood it right you got a 0.
At Kraken i pay 0. That means if i trade 0. Why should i trade at bitsquare? When doing a 2 BTC trade the 0. If you are the offerer the fees are the half, so 0. So now it depends on how fast the bank transfer is and how fast you will respond to transfer in BTC.
Not as easy and trustless as I hoped. But interesting to experiment. No you pay the EUR to the BTC seller who ever that is, maybe you got a trade with me as seller and got confused by that…. You get the bank details for transferring the EUR displayed in the app after 1 bockchain confirmation. When the BTC seller has received the EUR on his bank account he will confirm the receipt and then the BTC will get paid our from the Multisig.
Bisq is never holding the BTC or the Fiat. The BTC are locked up on a 2of3 MultiSig and the Fiat is transferred direct to the BTC seller. My first trade with banks when great. What am I doing wrong? Maybe the bank info of the peer was wrong. The arbitrator will then check the case.
You will get the btc refunded once the problem is found. I am not familiar with ATM withdrawals and it is different in all countries. You can open the dispute if you cannot manage to do the withdrawal. Doing it at the bank is another option. I hardly ever use them. I see no option to send the funds to a different person or account. Or do I have to go to his bank and deposit the cash with a teller? Will the program ever be ported to mobile devices? Or maybe a widget to contact me on my mobile when relevant trade information occurs?
Not native and not within a reasonable time frame. See how it works here: Question, is there a duration to how long an offer will sit in my Open Offers? I placed a few orders over the last few weeks, but only one was taken, and now I have 3 open orders way below market price.
Hello, I deposited A security deposit of 0. Hi, I have a business to run and it is getting very complicated and expensive for me to buy 0. Would love a quick solution. It seems you updated the software in the process. There was a popup that told you about the incresed security deposit, it not just suddenly jumped.
There are no restrictions in the Bisq wallet. You can simply send the money out. I want to buy my first bitcoins on bitsquare but i need bitcoin to do so. You would need to pay a low amount of fees plus you need a security deposit which you get back after a trade. That would be the easiest approach. A second idea would be to buy a small amount from localbitcoins. Does any latency attract traders taking advantage of time delays?
Is there some information on ideal system setup. Id think that since this pc was going to have private keys on it.
Wed want to make sure we had done all we could to make sure it was secure. Lastly, will Bots or at least some form of automation stop loss ect?? So appreciative you people are doing this. Wish I had skills and time to contribute. What happens to my deposit if nobody takes my offer to buy?
How long does an order stay in the system before it expires? When buying why do I need to have trading account with the same payment method as the seller if I can just deposit cash or make a wire transfer to the sellers account? If I have the IBAM of the seller I can send to it via a wire transfer from anywhere in Europe. Its obvious that we need to setup a trading account to receive FIAT, but to send FIAT its not clear why its required, its just adding friction and decreasing liquidity.
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Pinzolo Theme - Made on the Gold Coast by THRIVE. Home Markets Philosophy Community FAQ Blog Forum Downloads. FAQ Core Functions Is Bisq safe and Open Source? Trading Details When will I be able to buy or sell real bitcoins? Dispute Resolution What is an arbitrator? Core Functions Is Bisq safe and Open Source? Next, Bisq employs three technical mechanisms of protection: To be properly decentralized, one must avoid single points of failure: Bisq does not hold any bitcoins. All are held in multisignature addresses rather than a Bisq-controlled wallet.
Bisq does not hold any national currency. National currency is transferred directly from one trader to the other. Bisq uses a Peer-to-Peer network over Tor. Bisq does not know the traders.
No data is stored on who trades with whom. Bisq does not require registration. Bisq does not operate its arbitration system — traders themselves choose from an open and decentralized market of arbitrators.
Bisq is not a company. Bisq is self-funded by the efforts of its volunteers and contributions of donors. Here you can see the list of the currently supported payment methods: National bank transfer SEPA ClearXchange Faster Payments Swish Chase QuickPay Interac e-Transfer US Postal Money Order Cash Deposit OKPay Perfect Money AliPay Transfer with same bank Transfers with specific banks Which altcoins are supported?
Here you can see the list of the currently supported altcoins: Never mention anything else than the trade reference in the subject field. Contribute your knowledge to our document or spreadsheet to help Bisq incorporate more payment methods What happens in case of software bugs? Sorry for the late reply. Here are my answers… 1: Hope I could answer your questions. Feel free to check out our whitepaper for more details. Who has the keys for the multisig accounts?
Can anyone tell me where can I find the form to apply as an arbitrator? Please send me the screenshot by email…. Stop spreading FUD and wasting my time! Do I have to keep the client running until a trade is completed? How much is the offer fee if I cancel an open trade? Thanks for this cool decentralised exchange btw! Ah, sorry for the confusion. Yes that I was already considering for the next version.
It would be illegal for me or you to make a fork. Thanks for your clear words! Ah good to know! How I love constructive and friendly critics! Nobody cares about your opinon how friendly or qualified are comments.
Do your job or leave. Yes people do care. Who told you you could speak on behalf of everybody. Can i trade bitcoins for usd paypal? No, the chargeback risk is too high. You can and I would simply remove the offer. There should be a remove offer button. I adjusted the FAQ. See my reply above. Hi, great to have you around. Is there a way to export the private key s of the BTC address es generated by Bisq?
What if I cancel an order? Will I get my fee back or it is lost? Pinzolo Theme - Made on the Gold Coast by THRIVE Powered by WordPress.