Difference between revisions of "Paying trading fees with BSQ"

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'''<big>This short guide will show you how to use BSQ to pay lower trading fees. Using BSQ also compensates Bisq contributors, making the Bisq network a sustainable free and open source software project.</big>'''
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'''Paying trade fees with BSQ''' enables traders to get a 50% discount on trading fees while compensating Bisq contributors.
  
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Bisq’s token is a bit different from most other exchange tokens: its primary reason to exist is to enable the decentralized operation and management of the Bisq network. That means no central wallets or accounts to accumulate funds, and no legal entity or leadership team to control strategy. See more details [[Introduction_to_the_DAO|in this doc]] or [https://www.youtube.com/playlist?list=PLFH5SztL5cYPAXWFz-IMB4dBZ0MEZEG_e in these videos].
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This article explains how to get BSQ and use it to pay for trading fees.
  
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For you, as a trader, discounted trading fees are a practical result of this approach: the mechanisms above require that trading fees be paid in BSQ, so the software encourages traders to pay fees with BSQ by making them cheaper than plain BTC fees.
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__TOC__
  
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Let’s see how to take advantage of this.
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== Background ==
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Bisq's BSQ colored bitcoin token is different from most other exchange tokens: the primary reason it exists is to enable the decentralized operation and management of the Bisq network. That means no central wallets or accounts to accumulate funds, and no legal entity or leadership team to control strategy.
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For traders, BSQ offers discounted trading fees. This article covers how to buy BSQ and use it to get a discount on trading fees.
  
 
== Acquire BSQ ==
 
== Acquire BSQ ==
  
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Although BSQ is [https://docs.bisq.network/dao-technical-overview.html#bsq-token technically bitcoin], it’s [https://en.bitcoin.it/wiki/Colored_Coins colored bitcoin] that must be kept in a Bisq wallet, separate from plain bitcoin.
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Although BSQ is [[BSQ technically bitcoin]], it’s [https://en.bitcoin.it/wiki/Colored_Coins colored bitcoin] that must be kept in a Bisq wallet, separate from plain bitcoin.
  
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To help you do this, and to avoid mistakes, Bisq automatically generates a separate BSQ wallet for you with its own address prefixed with a ''''B''''—so you can be sure when you’re sending or receiving from a BSQ address.
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To help you do this, and to avoid mistakes, Bisq automatically generates a separate BSQ wallet with addresses prefixed with a <code>B</code>—so you can be sure when you’re sending or receiving from a BSQ address.
  
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=== Retreive your BSQ address ===
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=== Retrieve your BSQ address ===
  
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You can find your BSQ wallet address in <code>DAO > BSQ wallet > Receive.</code>
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You can find your BSQ wallet address in <code>DAO</code> > <code>BSQ wallet</code> > <code>Receive</code>.
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[[File:Bsq-wallet-address.png|700px|thumb|left]]
 
  
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[[File:Bsq-wallet-address.png|700px|thumb|left|Get your BSQ address.]]
 
<div style="clear: both;"></div>
 
<div style="clear: both;"></div>
  
 
=== Create BSQ payment account ===
 
=== Create BSQ payment account ===
  
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To trade BSQ on Bisq, you need to set up an altcoin account using your BSQ address.
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To trade BSQ on Bisq, you need to set up an altcoin account using your BSQ address. If you're curious about Instant trades, check out [[Altcoins_Instant this article]].
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{{Admonition_Note|'''<big>What is instant trading?</big>'''</br>
 
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For altcoins, Bisq offers instant trading, which shortens the trade period to a maximum of 1 hour. Everything else about instant trades is the same as non-instant trades.</br></br>
 
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Instant offers are marked as <code>Altcoins Instant</code> in the order book, and you can only accept those offers with an instant altcoins account. Non-instant payment accounts can only be used for non-instant offers.}}
 
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We’re going to leave that box unchecked and make this one a regular non-instant account.
 
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[[File:add-new-bsq-account.png|700px|thumb|left]]
 
  
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[[File:Add-new-bsq-account.png|700px|thumb|left|Use your BSQ address to create a BSQ payment account.]]
 
<div style="clear: both;"></div>
 
<div style="clear: both;"></div>
  
 
=== Make or take a BSQ offer ===
 
=== Make or take a BSQ offer ===
  
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Now that you have a BSQ payment account configured, you can trade BSQ.
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Once you have a BSQ payment account set up, you can buy and sell BSQ.
  
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Simply pick an offer you like (or make an offer of your own) and complete the trade.
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Pick an offer you like (or make an offer of your own) and complete the trade.
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[[File:bsq-buy-offers.png|700px|thumb|left]]
 
  
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[[File:Bsq-buy-offers.png|700px|thumb|left|Browse offers to buy BSQ.]]
 
<div style="clear: both;"></div>
 
<div style="clear: both;"></div>
  
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=== Use BSQ to pay trading fees ===
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== Use BSQ to pay trading fees ==
  
 
Once you’ve got some BSQ, you can use it to pay trading fees.
 
Once you’ve got some BSQ, you can use it to pay trading fees.
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When you get to the <code>Take offer</code> screen where you confirm the trade amount, you’ll see a toggle for trading fees where you can select between BTC and BSQ trading fees.
 
When you get to the <code>Take offer</code> screen where you confirm the trade amount, you’ll see a toggle for trading fees where you can select between BTC and BSQ trading fees.
  
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[[File:trading-fee-toggle.png|700px|thumb|left]]
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[[File:trading-fee-toggle.png|700px|thumb|left|Pick BSQ to pay trading fees on the make-offer or take-offer screen.]]
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<div style="clear: both;"></div>
 
<div style="clear: both;"></div>
  
 
Pick the option you like better and complete the trade!
 
Pick the option you like better and complete the trade!
  
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{{Admonition Note|[[Trading_fees|Using BSQ to pay for your trading fees]] is cheaper then regular Bitcoin and it also helps pay contributors for their work! Bisq encourages traders to use BSQ by offering a discount of approximately 50%!}}
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{{Admonition Note|[[Trading_fees|Using BSQ to pay trading fees]] is about 50% cheaper then using plan bitcoin, and it also helps pay contributors for their work!}}
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== Beyond trading fees ==
 
== Beyond trading fees ==
  
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BSQ is also a core element of Bisq’s governance mechanism, allowing stakeholders like you to have a hand in crafting the strategy of the project through a voting process.
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BSQ is also a core element of Bisq’s governance mechanism, allowing stakeholders (contributors, traders, and anyone else who uses or helps the project) to have a hand in crafting the strategy of the project through a voting process.
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You can learn more about it in [[Introduction_to_the_DAO|this intro doc]] and [https://www.youtube.com/playlist?list=PLFH5SztL5cYPAXWFz-IMB4dBZ0MEZEG_e these videos].
 
  
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We’ve also written a [[DAO_user_guide_for_contributors|companion guid]] that walks you through a DAO voting process.
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Learn more in the [[Introduction_to_the_DAO|DAO introduction]] or [[Decentralized_autonomous_organization|DAO main page]].

Latest revision as of 20:07, 23 April 2021

Paying trade fees with BSQ enables traders to get a 50% discount on trading fees while compensating Bisq contributors.

This article explains how to get BSQ and use it to pay for trading fees.

Background

Bisq's BSQ colored bitcoin token is different from most other exchange tokens: the primary reason it exists is to enable the decentralized operation and management of the Bisq network. That means no central wallets or accounts to accumulate funds, and no legal entity or leadership team to control strategy.

For traders, BSQ offers discounted trading fees. This article covers how to buy BSQ and use it to get a discount on trading fees.

Acquire BSQ

Although BSQ is BSQ technically bitcoin, it’s colored bitcoin that must be kept in a Bisq wallet, separate from plain bitcoin.

To help you do this, and to avoid mistakes, Bisq automatically generates a separate BSQ wallet with addresses prefixed with a B—so you can be sure when you’re sending or receiving from a BSQ address.

Retrieve your BSQ address

You can find your BSQ wallet address in DAO > BSQ wallet > Receive.

Get your BSQ address.

Create BSQ payment account

To trade BSQ on Bisq, you need to set up an altcoin account using your BSQ address. If you're curious about Instant trades, check out Altcoins_Instant this article.

Use your BSQ address to create a BSQ payment account.

Make or take a BSQ offer

Once you have a BSQ payment account set up, you can buy and sell BSQ.

Pick an offer you like (or make an offer of your own) and complete the trade.

Browse offers to buy BSQ.

Use BSQ to pay trading fees

Once you’ve got some BSQ, you can use it to pay trading fees.

When you get to the Take offer screen where you confirm the trade amount, you’ll see a toggle for trading fees where you can select between BTC and BSQ trading fees.

Pick BSQ to pay trading fees on the make-offer or take-offer screen.

Pick the option you like better and complete the trade!

Note
 Using BSQ to pay trading fees is about 50% cheaper then using plan bitcoin, and it also helps pay contributors for their work!

Beyond trading fees

BSQ is also a core element of Bisq’s governance mechanism, allowing stakeholders (contributors, traders, and anyone else who uses or helps the project) to have a hand in crafting the strategy of the project through a voting process.

Learn more in the DAO introduction or DAO main page.

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