Getting your first BTC - Revision history

Pazza at 19:56, 27 June 2024

2024-06-27T19:56:37Z

Pazza at 19:56, 27 June 2024

2024-06-27T19:56:23Z

Pazza: /* Advice */

2023-03-06T02:36:04Z

Advice

Pazza: /* Trading rules */

2023-03-06T02:34:25Z

Trading rules

Pazza at 02:31, 6 March 2023

2023-03-06T02:31:06Z

Pazza at 23:19, 11 March 2022

2022-03-11T23:19:19Z

W000000t: consistency with Matrix room names, some corrections

2022-01-27T10:22:21Z

consistency with Matrix room names, some corrections

MwithM: Improve instructions to join channel.

2022-01-27T10:06:38Z

Improve instructions to join channel.

MwithM: condition to join this channel

2022-01-22T09:14:36Z

condition to join this channel

MwithM: Removed (left as inside comment) the Advice section.

2022-01-21T09:45:32Z

Removed (left as inside comment) the Advice section.

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 Trades take place on the [[Matrix bisq.chat]] space, in the [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room. You need to join [https://www.bisq.chat bisq.chat] first to be allowed to join the ''Get your first BTC'' room.
-As of 2024, the get yoru first BTC room has now been largely replaced by [[Bisq Easy]].
+As of 2024, the get your first BTC room has now been largely replaced by [[Bisq Easy]].
 This article covers benefits, risks, and rules to be aware of when using this informal BTC marketplace.

← Older revision		Revision as of 19:56, 27 June 2024
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	Trades take place on the [[Matrix bisq.chat]] space, in the [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room. You need to join [https://www.bisq.chat bisq.chat] first to be allowed to join the ''Get your first BTC'' room.		Trades take place on the [[Matrix bisq.chat]] space, in the [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room. You need to join [https://www.bisq.chat bisq.chat] first to be allowed to join the ''Get your first BTC'' room.
		+
		+	As of 2024, the get yoru first BTC room has now been largely replaced by [[Bisq Easy]].

	This article covers benefits, risks, and rules to be aware of when using this informal BTC marketplace.		This article covers benefits, risks, and rules to be aware of when using this informal BTC marketplace.

@@ Line 41: / Line 41: @@
 * DAO compensation requests or reimbursement requests related to such trades are not allowed.
 * Any trader can be kicked out of the room at the discretion of the room owner. The [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room is moderated to preclude foul play and bad actors.
 == Considerations ==

@@ Line 42: / Line 42: @@
 * Any trader can be kicked out of the room at the discretion of the room owner. The [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room is moderated to preclude foul play and bad actors.
 == Advice ==
@@ Line 51: / Line 50: @@
 BTC buyers take on more risk than BTC sellers, since they could be sending funds to an untrustworthy user.
-Although BTC sellers take on less risk, relatively speaking, they should strive to use payment methods with the lowest possible chargeback risk. -->
+Although BTC sellers take on less risk, relatively speaking, they should strive to use payment methods with the lowest possible chargeback risk.
 == Considerations ==

@@ Line 28: / Line 28: @@
 * Must trust traders - Trades are not secured by deposits as they are on Bisq
 * No dispute resolution - Trades depend solely on user reputation, so there's no recourse if something goes wrong
 == Trading rules ==
@@ Line 56: / Line 52: @@
 Although BTC sellers take on less risk, relatively speaking, they should strive to use payment methods with the lowest possible chargeback risk. -->

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 To help new Bisq users who don't already have enough bitcoin to use Bisq, there is an '''informal market for small BTC trades'''.
-Trades take place in the [[Matrix bisq.chat]] team at the channel [https://matrix.to/#/#bisq.btc:bitcoin.kyoto #get your first BTC]. You need to join [https://www.bisq.chat bisq.chat] to be allowed to join the  ''#get your first btc'' channel.
+Trades take place on the [[Matrix bisq.chat]] space, in the [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room. You need to join [https://www.bisq.chat bisq.chat] first to be allowed to join the ''Get your first BTC'' room.
 This article covers benefits, risks, and rules to be aware of when using this informal BTC marketplace.
-{{Admonition_Warn|This marketplace takes the form of a Matrix chat channel, so trades are NOT secured by any of the security mechanisms of Bisq software (e.g. multi-signature escrows, mediation, arbitration, DAO, etc).
+{{Admonition_Warn|This marketplace takes the form of a Matrix chat room, so trades are NOT secured by any of the security mechanisms of Bisq software (e.g. multi-signature escrows, mediation, arbitration, DAO, etc).
 Therefore be aware that such trading is inherently risky. See [[#Risks|risks]] below.}}
@@ Line 14: / Line 14: @@
 For new users, Bisq requires between 0.002 and 0.007 BTC for traders to make their first trade:
-* 0.001 - 00.6 BTC security deposit
+* 0.001 - 0.006 BTC security deposit
-* 0.001 BTC miner fees and trade fees
+* 0.001 BTC miner fee and trade fee
-It can be difficult for new bitcoiners to acquire this bitcoin, so this requirement is often a barrier for new Bisq users. The [https://matrix.to/#/#bisq.btc:bitcoin.kyoto #get your first BTC] channel offers one possible way to get this initial bitcoin without signing up for a centralized exchange.
+It can be difficult for new bitcoiners to acquire their first coins, so this requirement is often a barrier for new Bisq users. The [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room offers one possible way to get this initial bitcoin without signing up for a centralized exchange.
 Other solutions are listed at [[Funding_your_wallet#How_to_Obtain_Your_First_Bitcoin|Funding your wallet]].
@@ Line 35: / Line 35: @@
 * Maximum trade size is ''0.007'' BTC. BTC buyers can buy a maximum of 0.007 BTC in one transaction. BTC sellers can sell a maximum of 0.007 BTC in one transaction.
 * Traders can negotiate their prices. Sellers of BTC will likely charge a high premium to cover mining fees, time, and profit.
-* BTC buyers should post on the [https://matrix.to/#/#bisq.btc:bitcoin.kyoto #get your first BTC] channel the amount they are looking to buy, the payment method they are looking to use, and which currency they wish to make payment in: for example, "I am looking to buy 0.007 BTC with GBP using Revolut. Is anyone online willing to take this offer?"
+* BTC buyers should post on the [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room the amount they are looking to buy, the payment method they are looking to use, and which currency they wish to make payment in: for example, "I am looking to buy 0.007 BTC with GBP using Revolut. Is anyone online willing to take this offer?"
 * Trades between interested parties can be negotiated and settled in direct messages.
 * Only [[Payment methods|payment methods]] used in Bisq are allowed. Preference should be given to those with immediate payment: e.g. Revolut, TransferWise, SEPA Instant, Zelle, Faster Payments etc.
 * '''There are no refunds, no mediation, no arbitration, and no dispute resolution of any kind available.''' Beware!
 * DAO compensation requests or reimbursement requests related to such trades are not allowed.
-* Any trader can be kicked out of the channel at the discretion of the channel owner. The [https://matrix.to/#/#bisq.btc:bitcoin.kyoto #get your first BTC] channel is moderated to preclude foul play and bad actors.
+* Any trader can be kicked out of the room at the discretion of the room owner. The [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room is moderated to preclude foul play and bad actors.
 <!--
 == Advice ==
-Consider evaluating the reputation of sellers in the <code>#buy-bitcoin</code> channel by checking out the links (Github, Twitter, Reddit etc) listed on their Keybase profile. Just note that profiles that ''appear'' strong are not guarantees that trades will go successfully.
+Consider evaluating the reputation of sellers in the [https://matrix.to/#/#bisq.btc:bitcoin.kyoto Get your first BTC] room by checking out their username/profile against Github, Twitter, Reddit... or asking in other rooms. Just note that profiles that ''appear'' strong are not guarantees that trades will go successfully.
 * A user without verified links on their profile should be considered a red flag.
 * A user with verified links, but with profiles that were only recently set up, should also be considered a red flag.