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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'''.
| + | #REDIRECT [[Getting_your_first_BTC]] |
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| − | Trades take place on the <code>#buy-bitcoin</code> channel in the Bisq Keybase team.
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| − | This article covers benefits, risks, and rules to be aware of when using this informal BTC marketplace.
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| − | {{Admonition_Warn|This marketplace takes the form of a Keybase 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).
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| − | Therefore be aware that such trading is inherently risky.}}
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| − | __TOC__
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| − | == Background ==
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| − | For new users, Bisq requires ~0.002 BTC for traders to make their first trade:
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| − | * 0.001 BTC security deposit
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| − | * 0.001 BTC miner fees and trade fees
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| − | It can be difficult for new bitcoiners to acquire this bitcoin, so this requirement is often a barrier for new Bisq users. The <code>#buy-bitcoin</code> channel offers one possible way to get this initial bitcoin without having signing up for a centralized exchange.
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| − | Other solutions are listed [[Funding_your_wallet#How_to_Obtain_Your_First_Bitcoin|here]].
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| − | == Risks ==
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| − | Risks of using the <code>#buy-bitcoin</code> channel:
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| − | * Not entirely anonymous - Keybase is a centralized service that probably logs IP address and other usage metrics that may reveal your identity
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| − | * Must trust traders - Keybase trades are not secured by deposits as they are on Bisq
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| − | * No dispute resolution - Keybase trades depend solely on user reputation, so there's no recourse if something goes wrong
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| − | '''Make sure you understand these risks before trading on <code>#buy-bitcoin</code>.'''
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| − | == Trading rules ==
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| − | To maximize the chances that trades go smoothly, the following rules apply to trades in the <code>#buy-bitcoin</code> channel:
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| − | * Maximum trade size is 0.002 BTC. BTC buyers can buy a maximum of 0.002 BTC in one transaction. BTC sellers can sell a maximum of 0.002 BTC in one transaction.
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| − | * Traders can negotiate their prices. Sellers of BTC will likely charge a premium of 15% over the market price for their bitcoin to cover mining fees, time, and profit. Expect different sellers to charge different amounts.
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| − | * BTC buyers should post on the <code>#buy-bitcoin</code> 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?"
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| − | * Trades between interested parties can be negotiated and settled in direct messages.
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| − | * 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.
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| − | * Any trader can be kicked out of the channel at the discretion of the channel owner
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| − | * '''There are no refunds, no mediation, no arbitration, and no dispute resolution of any kind available.''' Beware!
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| − | * DAO compensation requests or reimbursement requests related to such trades are not allowed.
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| − | The <code>#buy-bitcoin</code> channel is moderated to preclude foul play and bad actors.
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| − | == Advice ==
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| − | 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.
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| − | * A user without verified links on their profile should be considered a red flag.
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| − | * A user with verified links, but with profiles that were only recently set up, should also be considered a red flag.
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| − | BTC buyers take on more risk than BTC sellers, since they could be sending funds to an untrustworthy user.
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| − | 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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