Difference between revisions of "Trading BSQ"
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| − | + | '''BSQ''' is the native token of the Bisq [[Introduction to the DAO|DAO]], used optionally for paying [[Trading fees|trading fees]] at a discount and required for certain [[Introduction to the DAO|governance]] functions like voting and making proposals. This page explains why you might want BSQ and how to obtain it. | |
| − | + | __TOC__ | |
| − | + | == Why Obtain or Use BSQ? == | |
| − | + | There are two main reasons users acquire and use [[BSQ]]: | |
| − | + | * '''For Traders:''' Using BSQ to pay trading fees provides a significant discount (target is ~50%, re-calibrated each DAO cycle (approximately monthly) - see [[Updating BSQ trading fees]]) compared to paying fees in BTC. See [[Paying trading fees with BSQ]]. | |
| + | * '''For Contributors:''' BSQ is required to [[Participating in a DAO voting cycle|make proposals and vote]] in the Bisq DAO. Contributors also receive compensation for their work in BSQ, which they might then sell on the Bisq market for BTC. See [[Introduction to the DAO]]. | ||
| − | + | == How to Obtain BSQ (Recommended Method: Swaps) == | |
| − | + | Since Bisq v1.8.0, the primary, recommended, and default method for trading between BTC and BSQ within the Bisq application is via '''[[BSQ swaps]]'''. | |
| − | + | * '''What are Swaps?''' [[BSQ swaps]] allow BSQ and BTC to be traded '''atomically''' in a single Bitcoin transaction. This makes the process: | |
| + | * '''Trustless:''' No counterparty risk during the exchange. | ||
| + | * '''Instantaneous:''' The swap happens as soon as the transaction confirms on the blockchain. | ||
| + | * '''Cheaper:''' Involves significantly lower [[mining fees]] compared to the old multi-transaction protocol. | ||
| + | * '''Simpler:''' Does not require setting up a specific "BSQ payment account". | ||
| + | * '''How to Swap:''' Simply go to the '''Create Offer''' or '''Buy / Sell BTC''' screens in Bisq and select BSQ as the counter-currency against BTC. You can then make or take offers just like any other market. Ensure you have sufficient BTC or BSQ in your [[BSQ#BSQ_Wallet|Bisq wallet]] to cover the trade amount and any fees. | ||
| − | < | + | <gallery mode="packed" heights="180px"> |
| + | File:Bisq-v1-buy-bsq-offer-book.png|Offer book showing offers where you can '''buy''' BSQ with BTC (BSQ Swaps). | ||
| + | File:Bisq-v1-sell-bsq-offer-book.png|Offer book showing offers where you can '''sell''' BSQ for BTC (BSQ Swaps). | ||
| + | </gallery> | ||
| + | |||
| + | For full technical details on how the swap protocol works, see the main '''[[BSQ swaps]]''' page. | ||
| + | |||
| + | == Receiving BSQ == | ||
| + | If you need to receive BSQ (e.g., for contributor compensation, or from an external source), you can find your BSQ receiving address in the built-in Bisq wallet: | ||
| + | # Go to the `DAO` tab. | ||
| + | # Select the `BSQ wallet` sub-tab. | ||
| + | # Click the `Receive` button/tab. | ||
| + | # Your current BSQ receiving address will be displayed. Click the copy icon to copy it. | ||
| + | |||
| + | [[File:Get-bsq-address.png|600px|thumb|left|Find your BSQ receiving address under DAO > BSQ Wallet > Receive.]] | ||
| + | <div style="clear: both;"></div> | ||
| + | |||
| + | {{Admonition_Warn|'''Important:''' BSQ tokens are colored coins based on Bitcoin. While stored in your Bisq Bitcoin wallet file, they should generally only be sent to/from addresses within the Bisq application wallet to avoid issues. Do not send BSQ directly to a non-Bisq Bitcoin wallet or exchange address.}} | ||
| + | |||
| + | == Deprecated Trading Method == | ||
| + | |||
| + | Previously, BSQ was traded using a manual process similar to other [[Payment methods#Altcoin payment methods|altcoins]], requiring users to create a specific BSQ altcoin payment account. This method was deprecated in favor of [[BSQ swaps]] (introduced in v1.8.0) because swaps are faster, cheaper, more secure (atomic), and easier to use. The old method offers no advantages and should no longer be used. | ||
[[Category:Guides]] | [[Category:Guides]] | ||
| + | [[Category:DAO]] | ||
| + | [[Category:BSQ]] | ||
Latest revision as of 16:17, 23 April 2025
BSQ is the native token of the Bisq DAO, used optionally for paying trading fees at a discount and required for certain governance functions like voting and making proposals. This page explains why you might want BSQ and how to obtain it.
Contents
Why Obtain or Use BSQ?
There are two main reasons users acquire and use BSQ:
- For Traders: Using BSQ to pay trading fees provides a significant discount (target is ~50%, re-calibrated each DAO cycle (approximately monthly) - see Updating BSQ trading fees) compared to paying fees in BTC. See Paying trading fees with BSQ.
- For Contributors: BSQ is required to make proposals and vote in the Bisq DAO. Contributors also receive compensation for their work in BSQ, which they might then sell on the Bisq market for BTC. See Introduction to the DAO.
How to Obtain BSQ (Recommended Method: Swaps)
Since Bisq v1.8.0, the primary, recommended, and default method for trading between BTC and BSQ within the Bisq application is via BSQ swaps.
- What are Swaps? BSQ swaps allow BSQ and BTC to be traded atomically in a single Bitcoin transaction. This makes the process:
* Trustless: No counterparty risk during the exchange. * Instantaneous: The swap happens as soon as the transaction confirms on the blockchain. * Cheaper: Involves significantly lower mining fees compared to the old multi-transaction protocol. * Simpler: Does not require setting up a specific "BSQ payment account".
- How to Swap: Simply go to the Create Offer or Buy / Sell BTC screens in Bisq and select BSQ as the counter-currency against BTC. You can then make or take offers just like any other market. Ensure you have sufficient BTC or BSQ in your Bisq wallet to cover the trade amount and any fees.
Offer book showing offers where you can buy BSQ with BTC (BSQ Swaps).
Offer book showing offers where you can sell BSQ for BTC (BSQ Swaps).
For full technical details on how the swap protocol works, see the main BSQ swaps page.
Receiving BSQ
If you need to receive BSQ (e.g., for contributor compensation, or from an external source), you can find your BSQ receiving address in the built-in Bisq wallet:
- Go to the `DAO` tab.
- Select the `BSQ wallet` sub-tab.
- Click the `Receive` button/tab.
- Your current BSQ receiving address will be displayed. Click the copy icon to copy it.
 |
Important: BSQ tokens are colored coins based on Bitcoin. While stored in your Bisq Bitcoin wallet file, they should generally only be sent to/from addresses within the Bisq application wallet to avoid issues. Do not send BSQ directly to a non-Bisq Bitcoin wallet or exchange address. |
Deprecated Trading Method
Previously, BSQ was traded using a manual process similar to other altcoins, requiring users to create a specific BSQ altcoin payment account. This method was deprecated in favor of BSQ swaps (introduced in v1.8.0) because swaps are faster, cheaper, more secure (atomic), and easier to use. The old method offers no advantages and should no longer be used.
