Difference between revisions of "Frequently asked questions"
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| − | Below is a compilation of '''frequently-asked questions (FAQ)''' about Bisq, how to use it, and how to help the project. | + | Below is a compilation of '''frequently-asked questions (FAQ)''' about Bisq, how to use it, and how to help the project. |
| − | Feel free to ask further questions on any of Bisq's many outreach channels. | + | {{Admonition_Note|'''Version Context:''' Bisq is evolving software. While many principles here are general, specific examples regarding trade mechanics, limits, and security often refer to the classic '''[[Bisq 1|Bisq v1]]''' trading protocol unless stated otherwise. The current platform is '''[[Bisq 2]]''', which supports multiple protocols including '''[[Bisq Easy]]''' (which may have different rules, e.g., using [[Reputation]] instead of [[Security deposit|security deposits]]).}} |
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| + | Feel free to ask further questions on any of Bisq's many outreach channels linked at the bottom of this page. | ||
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== About == | == About == | ||
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==== How is Bisq different from other decentralized exchanges? ==== | ==== How is Bisq different from other decentralized exchanges? ==== | ||
| − | Bisq is a peer-to-peer trading network, not a website or | + | Bisq is fundamentally different: it's a peer-to-peer trading network accessed via software you run on your own hardware, not a website or centralized service. It connects you directly to other users running the software to facilitate trades. It's open-source and community-driven via a [[Decentralized autonomous organization|DAO]]. |
| − | + | Crucially, you can trade bitcoin directly for fiat currencies (like USD, EUR) or other cryptocurrencies. | |
| − | + | Think of it like owning your home versus renting. With Bisq, you have full control over your funds and data; with centralized services (even DEX websites), you're subject to the platform's rules and risks. | |
| − | With Bisq you're always the | + | With Bisq you're always the owner: |
| − | * Bisq does not hold | + | * Bisq does '''not''' hold your bitcoin. Trading funds (in the classic v1 protocol) are held in '''2-of-2 multisignature addresses''' controlled solely by you and your trading peer. |
| − | * Bisq does not hold | + | * Bisq does '''not''' hold your national currency. Fiat transfers happen directly between traders using external payment services. |
| − | * All | + | * All data travels over Bisq's secure [[P2P Network|peer-to-peer network]] built on [[Tor]]—no central servers means '''no data honeypots''' vulnerable to large-scale hacks. |
| − | * Bisq | + | * Bisq requires '''no registration or KYC''', protecting your privacy. Data about who trades with whom is not stored. |
| − | + | * Bisq is code, not a company, governed by its [[Decentralized autonomous organization|DAO]]. | |
| − | * Bisq is code, not a company | ||
See more in the [[Introduction]]. | See more in the [[Introduction]]. | ||
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==== Is Bisq open-source software? ==== | ==== Is Bisq open-source software? ==== | ||
| − | Bisq's software is free/libre open-source licensed under | + | Yes. Bisq's software is free/libre open-source licensed under the GNU Affero General Public License (AGPLv3). |
| − | + | You can find the [https://github.com/bisq-network/bisq source code] and [https://github.com/bisq-network/bisq/blob/master/LICENSE license] on GitHub. | |
==== Is Bisq safe? ==== | ==== Is Bisq safe? ==== | ||
| − | + | Bisq is designed with multiple layers of security, and strong incentives encourage fair trading, making the vast majority of trades proceed smoothly. | |
| − | + | Key security mechanisms (particularly in the classic v1 protocol) include: | |
| − | * | + | * Bitcoin secured in a 2-of-2 multisignature escrow address controlled only by the traders. |
| − | * | + | * Mandatory [[Security deposit|security deposits]] from both traders, refunded upon successful completion, deterring fraud. |
| − | * | + | * A [[Dispute_Resolution_in_Bisq_1|3-tier dispute resolution system]] (trader chat, mediation, arbitration) for handling issues. |
| − | + | However, trading fiat currencies always carries some inherent '''chargeback risk''', as banks can sometimes reverse payments. Bisq mitigates this by: | |
| − | + | * Supporting mainly [[Payment methods|payment methods]] known to have lower chargeback risk (explicitly avoiding easily reversed methods like PayPal or credit cards). | |
| + | * Employing an [[Account_limits#Account_signing|account signing mechanism]] in v1 for certain fiat methods, which limits trade sizes for new accounts until integrity is established through successful trades. | ||
| − | + | Newer protocols like [[Bisq Easy]] use different security models, such as relying on [[Reputation|seller reputation]] instead of security deposits. | |
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== Getting started == | == Getting started == | ||
| − | ==== I find Bisq very confusing | + | ==== I find Bisq very confusing initially! ==== |
| − | + | You're not alone; some users find the interface takes getting used to, especially compared to simpler centralized exchanges. | |
| − | + | * Check out the official [https://bisq.network/getting-started/ getting-started guide]. | |
| + | * Visual guides and tutorials may be available on the [https://bisq.network/ Bisk Network website] or community channels. (Note: Previous specific video links were outdated/broken). | ||
| − | + | Bisq is under continuous development, with ongoing efforts to improve the user interface and experience. | |
| − | ==== | + | ==== My currency market has few or no offers. What can I do? ==== |
| − | + | Market liquidity varies. Some markets are very active, while others are less so, often due to the availability of suitable local payment methods or lack of initial bootstrapping. | |
| − | {{Admonition_Note| | + | {{Admonition_Note|An empty offer book doesn't always mean zero activity. Sometimes users are waiting for offers to appear. Try making your own offer (acting as a [[How to be a market maker on Bisq|market maker]]) - someone might take it! This is common in markets like CAD, AUD, and GBP.}} |
| − | You can check | + | You can check recent activity for your market via `Market` > `Trades` in the application. |
| − | + | To help grow a market: | |
| + | * Ensure suitable local [[Payment methods]] are supported. You can [https://github.com/bisq-network/growth/issues/new/choose suggest new ones here]. | ||
| + | * Spread the word in relevant local communities to attract both buyers/sellers and market makers. Bisq contributors can often offer support and resources for local outreach efforts. | ||
| − | Bisq | + | ==== Do I really need bitcoin to buy bitcoin on Bisq? How do I get started with none? ==== |
| − | + | Yes, the classic Bisq v1 trading protocol requires a small amount of BTC for [[Security deposit|security deposits]] and [[mining fees]], creating a "chicken-and-egg" problem for complete beginners. | |
| − | + | Here are ways to get your first small amount of BTC: | |
| + | * See suggestions on the [[Funding_your_wallet#How_to_Obtain_Your_First_Bitcoin|Funding your wallet]] page (e.g., friends, Bitcoin ATMs, earning BTC). | ||
| + | * Visit the `Get your first BTC` room on [https://bisq.chat Matrix] to potentially arrange small, informal trades ([[Informal_Market_for_Small_BTC_Trades|details here]]). | ||
| + | * Use the '''[[Bisq Easy]]''' trading protocol available in [[Bisq 2]], which does '''not''' require a security deposit, making it ideal for first-time buyers. | ||
| − | + | == Trading (Classic v1 Protocol) == | |
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| − | + | {{Admonition_Note|The following answers primarily describe the classic Bisq v1 protocol mechanics involving security deposits.}} | |
==== What are trading fees? ==== | ==== What are trading fees? ==== | ||
| − | [[Trading fees]] are | + | [[Trading fees]] are a percentage of the trade size. If paid in BTC, makers pay 0.1% and takers pay 0.7%. Fees are roughly halved if paid in BSQ tokens. Remember you also need BTC for on-chain [[mining fees]] (for deposit and payout transactions) and the [[Security deposit|security deposit]] itself (which is returned if the trade completes successfully). |
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| − | + | ==== Mining fees are high. How can I trade cost-effectively? ==== | |
| − | + | The classic protocol requires 4 on-chain transactions (3 paid by taker, 1 by maker). To minimize costs: | |
| + | * Be an offer '''[[How to be a market maker on Bisq|maker]]''' rather than a taker (fewer transactions to pay for). | ||
| + | * Trade when network '''[[mining fees]] are lower'''. | ||
| + | * Make offers for '''larger BTC amounts''' (fees are fixed per transaction, less impactful on larger trades). | ||
| + | * '''Pay [[Trading fees|trading fees]] with BSQ''' for an approximate 50% discount. | ||
| − | ==== | + | ==== Why require a security deposit in BTC? ==== |
| − | Trading | + | [[Security deposit|Security deposits]] incentivize both parties to follow the [[Trading rules]]. They are locked in multisig escrow with the trade amount and returned upon successful completion. If rules are broken, the deposit can be partially or fully awarded to the counterparty via [[Dispute_Resolution_in_Bisq_1|dispute resolution]], deterring violations like non-payment or failing to confirm payment. |
| − | + | ==== What are trading limits? How much can I trade at once? ==== | |
| − | + | Maximum BTC per trade varies by [[Payment methods|payment method]] based on perceived risk (especially chargeback risk). For example, methods like Zelle or SEPA often have lower limits (e.g., 0.0625 BTC) than less reversible methods. Altcoin trades generally have higher limits (e.g., 0.5 BTC in v1) as chargebacks aren't possible. Check the [[Payment methods]] page for current limits per method. Also see [[Account_limits]] regarding initial limits for new accounts. | |
==== Which payment methods are available? ==== | ==== Which payment methods are available? ==== | ||
| − | See [[payment methods] | + | See the [[Payment methods]] page for the full list. You can [https://github.com/bisq-network/growth/issues/new/choose suggest new payment methods] via GitHub. |
| − | + | ==== How does Bisq handle fiat (USD, EUR, etc.)? ==== | |
| − | + | Bisq '''never''' touches or holds fiat currency. Fiat payments are transferred directly between the buyer and seller using their agreed-upon external payment service (e.g., bank transfer, Zelle). Bisq's role is to provide the secure environment (escrow, deposits) and process for peers to coordinate this external transfer safely. | |
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==== How long does a trade take? ==== | ==== How long does a trade take? ==== | ||
| − | + | Trade times vary greatly depending on the chosen payment method and trader responsiveness. | |
| − | + | * Bisq requires the initial deposit transaction to confirm (usually ~10 minutes) before the buyer can send payment. | |
| − | Some | + | * Some [[Payment methods]] are near-instant (SEPA Instant, Faster Payments), allowing trades to complete quickly after the deposit confirms. |
| − | + | * Others take days (SEPA, Wire Transfers, ACH). | |
| − | + | * Altcoin trades are typically faster (1 day or 1 hour for Instant). | |
| − | + | Check the [[Payment methods]] page for the maximum trading period allowed for each method. Manual confirmation by both parties is always required. | |
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==== How does Bisq protect my privacy? ==== | ==== How does Bisq protect my privacy? ==== | ||
| − | Bisq is standalone | + | * Bisq is standalone software, not a website logging your activity. |
| − | + | * Payment information is stored locally and only shared with your direct trading peer (and potentially dispute resolution agents if needed). | |
| − | + | * All P2P network communication uses [[Tor]] for IP address anonymization. | |
| − | + | * All data exchanged between users is end-to-end encrypted. | |
| − | + | * No registration or KYC is required. | |
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| − | ==== Do I | + | ==== Do I need to keep Bisq online for my offers? ==== |
| − | + | Yes. Since there are no central servers, your Bisq application must be running and online for your offers to be visible and available for others to take. If Bisq goes offline, your offers are removed from the distributed offer book but are automatically republished the next time you start Bisq. Once a trade *starts*, continuous connection isn't required, but you must come online periodically to perform necessary actions (send payment, confirm receipt). | |
| − | + | ==== Do I have to use the built-in Bisq wallet? ==== | |
| − | + | No. While convenient for holding trading funds (BTC, BSQ) and security deposits, you can choose to send funds *from* or receive funds *to* an external wallet address when initiating or completing trades. | |
| − | ==== Do I have to use the | + | ==== Do I have to use the BSQ token? ==== |
| − | No, using BSQ is | + | No, using [[Introduction to the DAO|BSQ]] is optional. You can pay [[Trading fees]] in BTC. However, using BSQ provides a significant discount (around 50%) on trading fees and directly supports Bisq contributors through the [[Introduction_to_the_DAO|DAO]] mechanism. |
==== Will my bank know I'm trading bitcoin? ==== | ==== Will my bank know I'm trading bitcoin? ==== | ||
| − | + | Bisq itself doesn't interact with your bank. However, your trading peer will see your name associated with the payment. Some banks have been known to flag accounts involved in peer-to-peer crypto trading. To minimize potential issues: | |
| − | + | * '''Never''' put Bitcoin-related terms ("BTC", "Bisq", etc.) in payment references/memos. | |
| − | + | * Leave the reference field '''blank''' if possible. | |
| − | + | * If a reference is required, use something neutral and innocuous, or just your name. Agree with your peer via [[Dispute_Resolution_in_Bisq_1|trader chat]] if unsure. | |
| − | If a | + | See [[Trading rules]] for details. |
| − | See | ||
== Common Technical Niggles == | == Common Technical Niggles == | ||
| − | + | {{Admonition_Note| If you encounter persistent issues, please seek help in the `#support` room on [https://bisq.chat Matrix] or open an issue on [https://github.com/bisq-network/bisq GitHub].}} | |
| − | + | === Startup / Connection Issues === | |
| − | If | + | ==== Bisq on macOS won't open, or asks for keystroke recording permission! ==== |
| + | * If it won't open, try right-clicking the app icon and selecting `Open`. | ||
| + | * The keystroke permission prompt is a known issue related to older Java versions sometimes bundled; Bisq does '''not''' record keystrokes. See [https://github.com/bisq-network/bisq/issues/3373 GitHub issue 3373] for historical context. Ensure you are using a recent Bisq version. | ||
| − | ==== Bisq seems | + | ==== Bisq seems slow or uses high CPU/memory on startup. ==== |
| + | This is often caused by Bisq synchronizing blockchain data (SPV sync). While newer releases include recent data to speed this up, it can still take time, especially if you haven't run Bisq recently. Let it finish syncing; performance should normalize afterwards. If issues persist on a current version, check [[Reducing_memory_usage]] or seek support. | ||
| − | + | ==== On Linux with a high-resolution display, everything is tiny! ==== | |
| + | See [[Running_on_HiDPI_screen]] for solutions. | ||
| − | + | ==== "Payment started" button won't stick / asks to send confirmation again. ==== | |
| + | This is a known issue related to P2P network conditions, often when the peer is offline. Try these steps: | ||
| + | * Send a message in [[Dispute_Resolution_in_Bisq_1|trader chat]]. | ||
| + | * Click the "Payment started" button multiple times. | ||
| + | * Restart Bisq. | ||
| + | * Try `Settings` > `Network Info` > `Open Tor Settings` > `Delete Outdated Tor Files And Shutdown`, then restart Bisq. | ||
| + | * Wait while staying online (it sometimes resolves itself). | ||
| + | * If the trade period is ending, open mediation (`Ctrl+O` / `Cmd+O` on the trade) and explain the issue to the [[Mediator]], potentially providing screenshots. | ||
| − | + | === Wallet / Sync Issues === | |
| − | ==== | + | ==== "Offer cannot be taken due to counterparty trade restrictions". What does this mean? ==== |
| + | This usually means information about the offer maker's account limits (based on age/signing status) hasn't fully propagated across the P2P network to your Bisq instance yet. Try restarting Bisq. The offer maker might also need to restart their Bisq client. | ||
| − | + | ==== My SPV resync is taking forever or freezing! ==== | |
| − | + | This can happen with older wallets or wallets with many transactions. | |
| − | + | * If it stalls, close and restart Bisq to resume the sync. | |
| − | + | * Syncing is much faster if you [[Connecting_to_your_own_Bitcoin_node|connect Bisq to your own local Bitcoin full node]]. | |
| − | + | * After a very long resync completes, consider [[#How_can_I_get_a_fresh_Bisq_wallet_and_transfer_my_BSQ_balance_to_it.3F|switching to a fresh wallet]] to prevent future issues. | |
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| − | ==== My SPV resync is taking | ||
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==== How can I get a fresh Bisq wallet and transfer my BSQ balance to it? ==== | ==== How can I get a fresh Bisq wallet and transfer my BSQ balance to it? ==== | ||
| + | This involves carefully renaming directories while Bisq is '''closed'''. The wallet is in `btc_mainnet/wallet` inside your [[Data_directory]]. | ||
| + | 1. Ensure you have some BTC in your current wallet for transaction fees. | ||
| + | 2. Close Bisq. Rename the `wallet` directory to `oldWallet`. | ||
| + | 3. Start Bisq. It will create a new, empty `wallet` directory. Immediately go to `Account` > `Wallet Seed`, write down the new seed phrase securely offline, and note down your new BTC and BSQ receiving addresses. | ||
| + | 4. Close Bisq. Rename the new `wallet` directory to `newWallet`. Rename `oldWallet` back to `wallet`. | ||
| + | 5. Start Bisq (loading your original wallet). Send your BSQ and BTC funds to the new receiving addresses you saved in step 3. | ||
| + | 6. Close Bisq. Rename `wallet` to `oldWallet` (or delete it if funds are confirmed sent and old seed backed up). Rename `newWallet` to `wallet`. | ||
| + | 7. Start Bisq. You should see your funds in the fresh wallet. | ||
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| − | + | ==== "heightOfLastBlock must match chainHeight" error on startup ==== | |
| − | + | This indicates a DAO state mismatch. Try this fix: | |
| − | + | 1. Make a [[Backing up application data|backup]] of your data directory. | |
| − | + | 2. Close Bisq. | |
| − | + | 3. Navigate to your [[Data_directory]]. Delete the `DaoStateStore` directory and the `BsqBlocks` directory (usually found within `btc_mainnet/db/`). | |
| + | 4. Restart Bisq. It will resync the DAO state. | ||
| − | ==== " | + | ==== "Cannot take offer because snapshot height does not match..." error ==== |
| + | This means your local DAO state is out of sync with your peer. | ||
| + | 1. Try going to `Settings` > `Preferences` and click "Rebuild DAO state from resources". | ||
| + | 2. Restart Bisq when prompted. Let the DAO sync fully (watch for "Synchronizing DAO" message at the bottom to disappear). | ||
| + | 3. Try taking the offer again. If the error persists, the other trader likely needs to resync their DAO state. | ||
| − | + | === Installation / Environment Issues === | |
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| − | ==== I want to install Bisq on a VPS or | + | ==== I want to install Bisq on a VPS or headless system. ==== |
| + | Bisq requires a graphical desktop environment. Some users report success using tools like [https://www.xpra.org Xpra] to forward the GUI, but this is an advanced setup and not officially supported. | ||
| − | + | ==== I receive a `Java heap space` error on Linux. ==== | |
| − | + | You may need to increase the memory allocated to Bisq. Edit the launch configuration file (often `/opt/bisq/lib/app/Bisq.cfg` or similar) and increase the value in `java-options=-XX:MaxRAM=Xg` (e.g., change `8g` to `16g` if you have sufficient RAM). | |
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== Dispute resolution == | == Dispute resolution == | ||
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==== How does dispute resolution work? ==== | ==== How does dispute resolution work? ==== | ||
| − | Bisq | + | Bisq uses a 3-layer system: [[Dispute_Resolution_in_Bisq_1#Level_1:_Trader_chat|Trader chat]], [[Dispute_Resolution_in_Bisq_1#Level_2:_Mediation|Mediation]], and [[Arbitration]]. Most issues can be resolved directly via chat. If not, a [[Mediator]] can be called (Ctrl+O / Cmd+O on the trade) to propose a resolution based on [[Trading rules]]. [[Arbitration]] is a rare final step if mediation fails. (Note: The arbitrator role changed significantly in v1.2). See [[Dispute_Resolution_in_Bisq_1]] for full details. |
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==== How is collusion between mediators, arbitrators, and traders prevented? ==== | ==== How is collusion between mediators, arbitrators, and traders prevented? ==== | ||
| − | + | Since Bisq v1.2, trade funds are held in 2-of-2 multisig addresses controlled *only* by the two traders. Mediators and arbitrators do *not* hold a key and cannot unilaterally release funds, preventing collusion risk involving escrow control. They are still bonded roles within the [[Introduction_to_the_DAO|DAO]] to ensure they act fairly and responsibly when investigating and proposing resolutions. | |
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| − | + | ==== What happens if the buyer does a chargeback after BTC is released? ==== | |
| − | Bisq | + | Bisq cannot reverse fiat chargebacks made through external banking systems. If a chargeback occurs after the trade is complete and BTC is released, the seller generally has no recourse *within Bisq*. This risk is why Bisq avoids easily reversible payment methods and uses [[Account_limits|account aging]] and [[Account_limits#Account_signing|account signing]] (in v1) to vet traders using riskier methods. Payment methods frequently used for chargebacks may be removed from Bisq. |
| − | + | ==== Wouldn't a pure reputation system be better than dispute resolution? ==== | |
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| − | + | Pure reputation systems are vulnerable to [https://en.wikipedia.org/wiki/Sybil_attack Sybil attacks] (creating fake identities) and [https://en.wikipedia.org/wiki/Confidence_trick long con] attacks. They can also compromise privacy (tying reputation to identity) and decentralization (requiring central storage). Bisq's model combines protocol incentives (like [[Security deposit|security deposits]] in v1 or [[Reputation]] in Bisq Easy) with human-based [[Dispute_Resolution_in_Bisq_1|dispute resolution]] for robustness. | |
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==== How can I contact my trading peer? ==== | ==== How can I contact my trading peer? ==== | ||
| − | + | Use the built-in, end-to-end encrypted [[Dispute_Resolution_in_Bisq_1#Level_1:_Trader_chat|trader chat]] available within the trade screen in the Bisq application. Avoid external communication methods. | |
== DAO == | == DAO == | ||
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==== What is the Bisq DAO? ==== | ==== What is the Bisq DAO? ==== | ||
| − | The Bisq DAO ( | + | The Bisq DAO (Decentralized Autonomous Organization) is how the Bisq project governs itself and funds its development without relying on a traditional company structure. It's built on Bitcoin and ensures the project remains decentralized and censorship-resistant, aligning governance with the software's principles. Read the [[Introduction_to_the_DAO]]. |
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==== How does the Bisq DAO work? ==== | ==== How does the Bisq DAO work? ==== | ||
| − | + | It primarily handles funding and strategy: | |
| − | + | 1. '''Funding:''' [[Trading fees]] paid by users (especially when paid in [[Introduction_to_the_DAO|BSQ]], Bisq's native token) are distributed to contributors whose work is approved by DAO voting. | |
| − | + | 2. '''Strategy:''' Project direction, parameter changes, and other decisions are made collectively through proposals and voting by BSQ stakeholders within the Bisq application. | |
| − | + | Learn more in the [[Decentralized_autonomous_organization|DAO documentation]]. (Note: Previous specific video links were outdated/broken). | |
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| − | + | ==== What do I need to know about the DAO as a trader? ==== | |
| − | BSQ | + | Participation is '''optional'''. You don't need BSQ or DAO interaction to trade. However, using BSQ to pay [[Trading fees]] gives you a significant discount (~50%) and directly funds project contributors. When you buy BSQ, you typically buy it from a contributor; when you pay fees with BSQ, it's 'burned' (destroyed). [[Introduction_to_the_DAO#Overview|See more on this cycle here]]. |
| − | ==== | + | ==== Is BSQ just for fundraising? What's its issuance? ==== |
| − | + | No, the DAO/BSQ system is primarily for decentralized '''distribution''' of existing trading fee revenue to contributors, not for initial fundraising. BSQ is 'issued' (created by coloring bitcoin) only when a contributor's compensation request is approved by DAO vote. It's 'destroyed' when used for fees. There's no pre-mine or fixed issuance schedule like many other tokens. | |
| − | + | ==== Can I use Bisq without BSQ and the DAO? ==== | |
| − | + | You can pay [[Trading fees]] with BTC instead of BSQ. However, since Bisq version 1.9.8, the DAO components are always active in the background as they are integral to how contributor roles and network parameters are managed. Using the DAO/BSQ provides benefits (lower fees) and supports the project's decentralized funding model, which avoids reliance on centralized wallets. Learn more about the DAO [[Decentralized_autonomous_organization|here]]. (Note: Previous specific video/blog links may be outdated). | |
== Other == | == Other == | ||
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==== This project is cool! How can I help out? ==== | ==== This project is cool! How can I help out? ==== | ||
| − | Check out the [[ | + | Check out the [[Contributor_checklist|Contributor Checklist]]! Help is welcome in many areas, from development and design to translation, support, and market bootstrapping. |
==== I have a question that isn’t covered here...? ==== | ==== I have a question that isn’t covered here...? ==== | ||
| − | + | Please reach out to the community! Good places include: | |
| + | * [https://bisq.chat Bisq Matrix] (especially the `#support` or relevant rooms) | ||
| + | * [https://bisq.network/contact Other community channels] listed on the website (Forum, Reddit, etc.) | ||
Latest revision as of 02:00, 18 April 2025
Below is a compilation of frequently-asked questions (FAQ) about Bisq, how to use it, and how to help the project.
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Version Context: Bisq is evolving software. While many principles here are general, specific examples regarding trade mechanics, limits, and security often refer to the classic Bisq v1 trading protocol unless stated otherwise. The current platform is Bisq 2, which supports multiple protocols including Bisq Easy (which may have different rules, e.g., using Reputation instead of security deposits). |
Feel free to ask further questions on any of Bisq's many outreach channels linked at the bottom of this page.
Contents
- 1 About
- 2 Getting started
- 3 Trading (Classic v1 Protocol)
- 3.1 What are trading fees?
- 3.2 Mining fees are high. How can I trade cost-effectively?
- 3.3 Why require a security deposit in BTC?
- 3.4 What are trading limits? How much can I trade at once?
- 3.5 Which payment methods are available?
- 3.6 How does Bisq handle fiat (USD, EUR, etc.)?
- 3.7 How long does a trade take?
- 3.8 How does Bisq protect my privacy?
- 3.9 Do I need to keep Bisq online for my offers?
- 3.10 Do I have to use the built-in Bisq wallet?
- 3.11 Do I have to use the BSQ token?
- 3.12 Will my bank know I'm trading bitcoin?
- 4 Common Technical Niggles
- 5 Dispute resolution
- 6 DAO
- 7 Other
About
How is Bisq different from other decentralized exchanges?
Bisq is fundamentally different: it's a peer-to-peer trading network accessed via software you run on your own hardware, not a website or centralized service. It connects you directly to other users running the software to facilitate trades. It's open-source and community-driven via a DAO.
Crucially, you can trade bitcoin directly for fiat currencies (like USD, EUR) or other cryptocurrencies.
Think of it like owning your home versus renting. With Bisq, you have full control over your funds and data; with centralized services (even DEX websites), you're subject to the platform's rules and risks.
With Bisq you're always the owner:
- Bisq does not hold your bitcoin. Trading funds (in the classic v1 protocol) are held in 2-of-2 multisignature addresses controlled solely by you and your trading peer.
- Bisq does not hold your national currency. Fiat transfers happen directly between traders using external payment services.
- All data travels over Bisq's secure peer-to-peer network built on Tor—no central servers means no data honeypots vulnerable to large-scale hacks.
- Bisq requires no registration or KYC, protecting your privacy. Data about who trades with whom is not stored.
- Bisq is code, not a company, governed by its DAO.
See more in the Introduction.
Is Bisq open-source software?
Yes. Bisq's software is free/libre open-source licensed under the GNU Affero General Public License (AGPLv3).
You can find the source code and license on GitHub.
Is Bisq safe?
Bisq is designed with multiple layers of security, and strong incentives encourage fair trading, making the vast majority of trades proceed smoothly.
Key security mechanisms (particularly in the classic v1 protocol) include:
- Bitcoin secured in a 2-of-2 multisignature escrow address controlled only by the traders.
- Mandatory security deposits from both traders, refunded upon successful completion, deterring fraud.
- A 3-tier dispute resolution system (trader chat, mediation, arbitration) for handling issues.
However, trading fiat currencies always carries some inherent chargeback risk, as banks can sometimes reverse payments. Bisq mitigates this by:
- Supporting mainly payment methods known to have lower chargeback risk (explicitly avoiding easily reversed methods like PayPal or credit cards).
- Employing an account signing mechanism in v1 for certain fiat methods, which limits trade sizes for new accounts until integrity is established through successful trades.
Newer protocols like Bisq Easy use different security models, such as relying on seller reputation instead of security deposits.
Getting started
I find Bisq very confusing initially!
You're not alone; some users find the interface takes getting used to, especially compared to simpler centralized exchanges.
- Check out the official getting-started guide.
- Visual guides and tutorials may be available on the Bisk Network website or community channels. (Note: Previous specific video links were outdated/broken).
Bisq is under continuous development, with ongoing efforts to improve the user interface and experience.
My currency market has few or no offers. What can I do?
Market liquidity varies. Some markets are very active, while others are less so, often due to the availability of suitable local payment methods or lack of initial bootstrapping.
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An empty offer book doesn't always mean zero activity. Sometimes users are waiting for offers to appear. Try making your own offer (acting as a market maker) - someone might take it! This is common in markets like CAD, AUD, and GBP. |
You can check recent activity for your market via `Market` > `Trades` in the application.
To help grow a market:
- Ensure suitable local Payment methods are supported. You can suggest new ones here.
- Spread the word in relevant local communities to attract both buyers/sellers and market makers. Bisq contributors can often offer support and resources for local outreach efforts.
Do I really need bitcoin to buy bitcoin on Bisq? How do I get started with none?
Yes, the classic Bisq v1 trading protocol requires a small amount of BTC for security deposits and mining fees, creating a "chicken-and-egg" problem for complete beginners.
Here are ways to get your first small amount of BTC:
- See suggestions on the Funding your wallet page (e.g., friends, Bitcoin ATMs, earning BTC).
- Visit the `Get your first BTC` room on Matrix to potentially arrange small, informal trades (details here).
- Use the Bisq Easy trading protocol available in Bisq 2, which does not require a security deposit, making it ideal for first-time buyers.
Trading (Classic v1 Protocol)
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The following answers primarily describe the classic Bisq v1 protocol mechanics involving security deposits. |
What are trading fees?
Trading fees are a percentage of the trade size. If paid in BTC, makers pay 0.1% and takers pay 0.7%. Fees are roughly halved if paid in BSQ tokens. Remember you also need BTC for on-chain mining fees (for deposit and payout transactions) and the security deposit itself (which is returned if the trade completes successfully).
Mining fees are high. How can I trade cost-effectively?
The classic protocol requires 4 on-chain transactions (3 paid by taker, 1 by maker). To minimize costs:
- Be an offer maker rather than a taker (fewer transactions to pay for).
- Trade when network mining fees are lower.
- Make offers for larger BTC amounts (fees are fixed per transaction, less impactful on larger trades).
- Pay trading fees with BSQ for an approximate 50% discount.
Why require a security deposit in BTC?
Security deposits incentivize both parties to follow the Trading rules. They are locked in multisig escrow with the trade amount and returned upon successful completion. If rules are broken, the deposit can be partially or fully awarded to the counterparty via dispute resolution, deterring violations like non-payment or failing to confirm payment.
What are trading limits? How much can I trade at once?
Maximum BTC per trade varies by payment method based on perceived risk (especially chargeback risk). For example, methods like Zelle or SEPA often have lower limits (e.g., 0.0625 BTC) than less reversible methods. Altcoin trades generally have higher limits (e.g., 0.5 BTC in v1) as chargebacks aren't possible. Check the Payment methods page for current limits per method. Also see Account_limits regarding initial limits for new accounts.
Which payment methods are available?
See the Payment methods page for the full list. You can suggest new payment methods via GitHub.
How does Bisq handle fiat (USD, EUR, etc.)?
Bisq never touches or holds fiat currency. Fiat payments are transferred directly between the buyer and seller using their agreed-upon external payment service (e.g., bank transfer, Zelle). Bisq's role is to provide the secure environment (escrow, deposits) and process for peers to coordinate this external transfer safely.
How long does a trade take?
Trade times vary greatly depending on the chosen payment method and trader responsiveness.
- Bisq requires the initial deposit transaction to confirm (usually ~10 minutes) before the buyer can send payment.
- Some Payment methods are near-instant (SEPA Instant, Faster Payments), allowing trades to complete quickly after the deposit confirms.
- Others take days (SEPA, Wire Transfers, ACH).
- Altcoin trades are typically faster (1 day or 1 hour for Instant).
Check the Payment methods page for the maximum trading period allowed for each method. Manual confirmation by both parties is always required.
How does Bisq protect my privacy?
- Bisq is standalone software, not a website logging your activity.
- Payment information is stored locally and only shared with your direct trading peer (and potentially dispute resolution agents if needed).
- All P2P network communication uses Tor for IP address anonymization.
- All data exchanged between users is end-to-end encrypted.
- No registration or KYC is required.
Do I need to keep Bisq online for my offers?
Yes. Since there are no central servers, your Bisq application must be running and online for your offers to be visible and available for others to take. If Bisq goes offline, your offers are removed from the distributed offer book but are automatically republished the next time you start Bisq. Once a trade *starts*, continuous connection isn't required, but you must come online periodically to perform necessary actions (send payment, confirm receipt).
Do I have to use the built-in Bisq wallet?
No. While convenient for holding trading funds (BTC, BSQ) and security deposits, you can choose to send funds *from* or receive funds *to* an external wallet address when initiating or completing trades.
Do I have to use the BSQ token?
No, using BSQ is optional. You can pay Trading fees in BTC. However, using BSQ provides a significant discount (around 50%) on trading fees and directly supports Bisq contributors through the DAO mechanism.
Will my bank know I'm trading bitcoin?
Bisq itself doesn't interact with your bank. However, your trading peer will see your name associated with the payment. Some banks have been known to flag accounts involved in peer-to-peer crypto trading. To minimize potential issues:
- Never put Bitcoin-related terms ("BTC", "Bisq", etc.) in payment references/memos.
- Leave the reference field blank if possible.
- If a reference is required, use something neutral and innocuous, or just your name. Agree with your peer via trader chat if unsure.
See Trading rules for details.
Common Technical Niggles
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If you encounter persistent issues, please seek help in the `#support` room on Matrix or open an issue on GitHub. |
Startup / Connection Issues
Bisq on macOS won't open, or asks for keystroke recording permission!
- If it won't open, try right-clicking the app icon and selecting `Open`.
- The keystroke permission prompt is a known issue related to older Java versions sometimes bundled; Bisq does not record keystrokes. See GitHub issue 3373 for historical context. Ensure you are using a recent Bisq version.
Bisq seems slow or uses high CPU/memory on startup.
This is often caused by Bisq synchronizing blockchain data (SPV sync). While newer releases include recent data to speed this up, it can still take time, especially if you haven't run Bisq recently. Let it finish syncing; performance should normalize afterwards. If issues persist on a current version, check Reducing_memory_usage or seek support.
On Linux with a high-resolution display, everything is tiny!
See Running_on_HiDPI_screen for solutions.
"Payment started" button won't stick / asks to send confirmation again.
This is a known issue related to P2P network conditions, often when the peer is offline. Try these steps:
- Send a message in trader chat.
- Click the "Payment started" button multiple times.
- Restart Bisq.
- Try `Settings` > `Network Info` > `Open Tor Settings` > `Delete Outdated Tor Files And Shutdown`, then restart Bisq.
- Wait while staying online (it sometimes resolves itself).
- If the trade period is ending, open mediation (`Ctrl+O` / `Cmd+O` on the trade) and explain the issue to the Mediator, potentially providing screenshots.
Wallet / Sync Issues
"Offer cannot be taken due to counterparty trade restrictions". What does this mean?
This usually means information about the offer maker's account limits (based on age/signing status) hasn't fully propagated across the P2P network to your Bisq instance yet. Try restarting Bisq. The offer maker might also need to restart their Bisq client.
My SPV resync is taking forever or freezing!
This can happen with older wallets or wallets with many transactions.
- If it stalls, close and restart Bisq to resume the sync.
- Syncing is much faster if you connect Bisq to your own local Bitcoin full node.
- After a very long resync completes, consider switching to a fresh wallet to prevent future issues.
How can I get a fresh Bisq wallet and transfer my BSQ balance to it?
This involves carefully renaming directories while Bisq is closed. The wallet is in `btc_mainnet/wallet` inside your Data_directory. 1. Ensure you have some BTC in your current wallet for transaction fees. 2. Close Bisq. Rename the `wallet` directory to `oldWallet`. 3. Start Bisq. It will create a new, empty `wallet` directory. Immediately go to `Account` > `Wallet Seed`, write down the new seed phrase securely offline, and note down your new BTC and BSQ receiving addresses. 4. Close Bisq. Rename the new `wallet` directory to `newWallet`. Rename `oldWallet` back to `wallet`. 5. Start Bisq (loading your original wallet). Send your BSQ and BTC funds to the new receiving addresses you saved in step 3. 6. Close Bisq. Rename `wallet` to `oldWallet` (or delete it if funds are confirmed sent and old seed backed up). Rename `newWallet` to `wallet`. 7. Start Bisq. You should see your funds in the fresh wallet.
DAO Sync Issues
"heightOfLastBlock must match chainHeight" error on startup
This indicates a DAO state mismatch. Try this fix: 1. Make a backup of your data directory. 2. Close Bisq. 3. Navigate to your Data_directory. Delete the `DaoStateStore` directory and the `BsqBlocks` directory (usually found within `btc_mainnet/db/`). 4. Restart Bisq. It will resync the DAO state.
"Cannot take offer because snapshot height does not match..." error
This means your local DAO state is out of sync with your peer. 1. Try going to `Settings` > `Preferences` and click "Rebuild DAO state from resources". 2. Restart Bisq when prompted. Let the DAO sync fully (watch for "Synchronizing DAO" message at the bottom to disappear). 3. Try taking the offer again. If the error persists, the other trader likely needs to resync their DAO state.
Installation / Environment Issues
I want to install Bisq on a VPS or headless system.
Bisq requires a graphical desktop environment. Some users report success using tools like Xpra to forward the GUI, but this is an advanced setup and not officially supported.
I receive a `Java heap space` error on Linux.
You may need to increase the memory allocated to Bisq. Edit the launch configuration file (often `/opt/bisq/lib/app/Bisq.cfg` or similar) and increase the value in `java-options=-XX:MaxRAM=Xg` (e.g., change `8g` to `16g` if you have sufficient RAM).
Dispute resolution
How does dispute resolution work?
Bisq uses a 3-layer system: Trader chat, Mediation, and Arbitration. Most issues can be resolved directly via chat. If not, a Mediator can be called (Ctrl+O / Cmd+O on the trade) to propose a resolution based on Trading rules. Arbitration is a rare final step if mediation fails. (Note: The arbitrator role changed significantly in v1.2). See Dispute_Resolution_in_Bisq_1 for full details.
How is collusion between mediators, arbitrators, and traders prevented?
Since Bisq v1.2, trade funds are held in 2-of-2 multisig addresses controlled *only* by the two traders. Mediators and arbitrators do *not* hold a key and cannot unilaterally release funds, preventing collusion risk involving escrow control. They are still bonded roles within the DAO to ensure they act fairly and responsibly when investigating and proposing resolutions.
What happens if the buyer does a chargeback after BTC is released?
Bisq cannot reverse fiat chargebacks made through external banking systems. If a chargeback occurs after the trade is complete and BTC is released, the seller generally has no recourse *within Bisq*. This risk is why Bisq avoids easily reversible payment methods and uses account aging and account signing (in v1) to vet traders using riskier methods. Payment methods frequently used for chargebacks may be removed from Bisq.
Wouldn't a pure reputation system be better than dispute resolution?
Pure reputation systems are vulnerable to Sybil attacks (creating fake identities) and long con attacks. They can also compromise privacy (tying reputation to identity) and decentralization (requiring central storage). Bisq's model combines protocol incentives (like security deposits in v1 or Reputation in Bisq Easy) with human-based dispute resolution for robustness.
How can I contact my trading peer?
Use the built-in, end-to-end encrypted trader chat available within the trade screen in the Bisq application. Avoid external communication methods.
DAO
What is the Bisq DAO?
The Bisq DAO (Decentralized Autonomous Organization) is how the Bisq project governs itself and funds its development without relying on a traditional company structure. It's built on Bitcoin and ensures the project remains decentralized and censorship-resistant, aligning governance with the software's principles. Read the Introduction_to_the_DAO.
How does the Bisq DAO work?
It primarily handles funding and strategy: 1. Funding: Trading fees paid by users (especially when paid in BSQ, Bisq's native token) are distributed to contributors whose work is approved by DAO voting. 2. Strategy: Project direction, parameter changes, and other decisions are made collectively through proposals and voting by BSQ stakeholders within the Bisq application. Learn more in the DAO documentation. (Note: Previous specific video links were outdated/broken).
What do I need to know about the DAO as a trader?
Participation is optional. You don't need BSQ or DAO interaction to trade. However, using BSQ to pay Trading fees gives you a significant discount (~50%) and directly funds project contributors. When you buy BSQ, you typically buy it from a contributor; when you pay fees with BSQ, it's 'burned' (destroyed). See more on this cycle here.
Is BSQ just for fundraising? What's its issuance?
No, the DAO/BSQ system is primarily for decentralized distribution of existing trading fee revenue to contributors, not for initial fundraising. BSQ is 'issued' (created by coloring bitcoin) only when a contributor's compensation request is approved by DAO vote. It's 'destroyed' when used for fees. There's no pre-mine or fixed issuance schedule like many other tokens.
Can I use Bisq without BSQ and the DAO?
You can pay Trading fees with BTC instead of BSQ. However, since Bisq version 1.9.8, the DAO components are always active in the background as they are integral to how contributor roles and network parameters are managed. Using the DAO/BSQ provides benefits (lower fees) and supports the project's decentralized funding model, which avoids reliance on centralized wallets. Learn more about the DAO here. (Note: Previous specific video/blog links may be outdated).
Other
This project is cool! How can I help out?
Check out the Contributor Checklist! Help is welcome in many areas, from development and design to translation, support, and market bootstrapping.
I have a question that isn’t covered here...?
Please reach out to the community! Good places include:
- Bisq Matrix (especially the `#support` or relevant rooms)
- Other community channels listed on the website (Forum, Reddit, etc.)
