Difference between revisions of "Trading BSQ"
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| − | + | == How to obtain BSQ == | |
| − | + | The faster, cheaper, easier, and trustless way to obtain BSQ is through [[BSQ_swaps|BSQ swaps]], available in the Bisq application as the default method when creating an offer to sell BTC for BSQ. | |
| − | + | What follows is the previous trading protocol for obtaining BSQ, which has been deprecated in favor of swaps, as it offers no advantages over the former. | |
| − | + | = Old trading protocol = | |
| − | |||
| − | + | '''Trading BSQ''' is very similar to trading any other [[payment_methods#altcoin-payment-methods | altcoin]], but instead of using an external wallet to send and receive funds, you use the [[BSQ#BSQ_Wallet | BSQ wallet]] built in to your Bisq application. | |
| − | == | + | == Why buy or sell BSQ? == |
| − | + | For traders, using BSQ colored bitcoin to pay trading fees can be a lot cheaper than using plain BTC to pay trading fees. The [[Trading_fees|target discount rate is 50%]], fluctuates with market prices, and is [[Updating_BSQ_trading_fees|re-calibrated on a monthly basis]]. | |
| + | |||
| + | For contributors, BSQ is required to make proposals and cast votes. Contributors are also compensated with BSQ, which can be sold on Bisq for BTC. | ||
| + | |||
| + | == Get your BSQ address == | ||
| + | |||
| + | In order to create a payment account for trading BSQ, you'll first need a BSQ address. | ||
| + | |||
| + | Go to <code>DAO</code> > <code>BSQ wallet</code> > <code>Receive</code> and click the copy icon in the right corner to copy the BSQ address to receive the BSQ payment. | ||
| + | |||
| + | [[File:Get-bsq-address.png|600px|thumb|left|Get BSQ address.]] | ||
| + | <div style="clear: both;"></div> | ||
| + | |||
| + | == Create a payment account == | ||
| + | |||
| + | Once you've found your BSQ address, create a BSQ payment account at <code>Account</code> > <code>Altcoin Accounts</code>. | ||
| + | |||
| + | Click <code>Add New Account</code>, pick <code>BSQ</code> in the dropdown, and paste your BSQ address. | ||
| + | |||
| + | == Buy or sell BSQ == | ||
| + | |||
| + | To trade BSQ you can either make an offer or take an existing offer just as you would with any other payment method. | ||
| + | |||
| + | Since v1.8.0, Bisq offers [[BSQ_swaps|atomic swaps for BSQ/BTC trades]], which means you can buy and sell BSQ for BTC with only a single on-chain transaction. This means mining fees are greatly reduced, and trades are virtually instant (!). | ||
| + | |||
| + | [[Category:Guides]] | ||
Latest revision as of 10:57, 16 June 2024
Contents
How to obtain BSQ
The faster, cheaper, easier, and trustless way to obtain BSQ is through BSQ swaps, available in the Bisq application as the default method when creating an offer to sell BTC for BSQ.
What follows is the previous trading protocol for obtaining BSQ, which has been deprecated in favor of swaps, as it offers no advantages over the former.
Old trading protocol
Trading BSQ is very similar to trading any other altcoin, but instead of using an external wallet to send and receive funds, you use the BSQ wallet built in to your Bisq application.
Why buy or sell BSQ?
For traders, using BSQ colored bitcoin to pay trading fees can be a lot cheaper than using plain BTC to pay trading fees. The target discount rate is 50%, fluctuates with market prices, and is re-calibrated on a monthly basis.
For contributors, BSQ is required to make proposals and cast votes. Contributors are also compensated with BSQ, which can be sold on Bisq for BTC.
Get your BSQ address
In order to create a payment account for trading BSQ, you'll first need a BSQ address.
Go to DAO > BSQ wallet > Receive and click the copy icon in the right corner to copy the BSQ address to receive the BSQ payment.
Create a payment account
Once you've found your BSQ address, create a BSQ payment account at Account > Altcoin Accounts.
Click Add New Account, pick BSQ in the dropdown, and paste your BSQ address.
Buy or sell BSQ
To trade BSQ you can either make an offer or take an existing offer just as you would with any other payment method.
Since v1.8.0, Bisq offers atomic swaps for BSQ/BTC trades, which means you can buy and sell BSQ for BTC with only a single on-chain transaction. This means mining fees are greatly reduced, and trades are virtually instant (!).
