Difference between revisions of "Getting your first BTC"
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* 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 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. | ||
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BTC buyers take on more risk than BTC sellers, since they could be sending funds to an untrustworthy user. | 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. --> |
Revision as of 09:45, 21 January 2022
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 on the #get your first BTC channel in the Matrix bisq.chat team.
This article covers benefits, risks, and rules to be aware of when using this informal BTC marketplace.
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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).
Therefore be aware that such trading is inherently risky. See risks below. |
Contents
Background
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 BTC miner fees and trade fees
It can be difficult for new bitcoiners to acquire this bitcoin, so this requirement is often a barrier for new Bisq users. The #get your first BTC channel offers one possible way to get this initial bitcoin without signing up for a centralized exchange.
Other solutions are listed at Funding your wallet.
Risks
Make sure you understand these risks before trading:
- Not entirely anonymous - Unless you access through Tor, IP address and other usage metrics may reveal your identity
- 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
To maximize the chances that trades go smoothly, the following rules apply:
- 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 #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?"
- Trades between interested parties can be negotiated and settled in direct messages.
- Only 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 #get your first BTC channel is moderated to preclude foul play and bad actors.
