Difference between revisions of "Trade Protocols"
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| − | Bisq 2 will offer users the choice of multiple trade protocols. | + | [[Bisq 2]] will offer users the choice of multiple trade protocols. |
| − | + | A trade protocol serves as the fundamental framework for trading Bitcoin in a secure way. Each trade protocol presents its own set of advantages and trade-offs including: | |
| − | |||
| − | |||
* Trade fees | * Trade fees | ||
| Line 10: | Line 8: | ||
* Dispute mechanisms | * Dispute mechanisms | ||
* Security deposit requirements | * Security deposit requirements | ||
| − | * Privacy benefits / | + | * Privacy benefits / trade-offs |
| + | * Convenience | ||
| + | |||
| + | Bisq 2 offers users the flexibility to select the optimal protocol aligning with their requirements and preferences. | ||
All trade protocols will be able to be accessed from the Bisq 2 application independently. Users will be able to switch between trade protocols for different trades should they wish. | All trade protocols will be able to be accessed from the Bisq 2 application independently. Users will be able to switch between trade protocols for different trades should they wish. | ||
| + | |||
| + | As of now, Bisq Easy stands as the sole implemented protocol, tailored for novice Bitcoin users and suitable for smaller trade amounts. | ||
== Bisq Easy == | == Bisq Easy == | ||
| − | Bisq Easy will be the first trade protocol for Bisq 2. It will be accessible on the launch of Bisq 2. | + | Bisq Easy will be the first trade protocol for Bisq 2. It will be accessible on the launch of Bisq 2. It is an easy to use chat based trade protocol for buying and selling bitcoin for fiat. The security is based on reputation of the sellers. |
| − | See here for more information about Bisq Easy. | + | See here for more information about [[Bisq_Easy|Bisq Easy]]. |
== Future Trade Protocols == | == Future Trade Protocols == | ||
| − | Bisq is planning on | + | Bisq is planning on adding more trade protocols available on Bisq 2. Explore the upcoming trade protocols. Keep an eye out for updates if any of the upcoming protocols catch your interest. |
| + | |||
| + | === Bisq Lightning === | ||
| + | |||
| + | Escrow based trade protocol on the Lightning network using multi-party computation cryptography. | ||
| + | |||
| + | === Bisq MuSig=== | ||
| + | |||
| + | Bisq 1 currently uses a 2-of-2 multisig as its main trade protocol. This involves the buyer and seller putting down a [[security deposit]] that is locked in a multisig until the trade completes. At some point this protocol will be moved over to Bisq 2. | ||
| + | |||
| + | === BSQ swaps === | ||
| + | |||
| + | This allows users to swap from BSQ to BTC and vice versa via atomic swaps, instantaneously and secure. | ||
| + | |||
| + | === Liquid Swaps === | ||
| + | |||
| + | Trade any Liquid based assets like USDT and BTC-L with an atomic swap on the Liquid network. | ||
| + | |||
| + | === Monero Swaps === | ||
| + | |||
| + | Trade Bitcoin and Monero using an atomic cross chain swap. | ||
| + | |||
| + | === Liquid MuSig=== | ||
| + | |||
| + | This trade protocol will use the same trade protocol as the 2-of-2 multisig but it will replace Bitcoin (BTC) with Liquid Bitcoin (L-BTC). The advantage to this is fees will be lower, and users will get more privacy with their trades. The disadvantage is that users will not be trading native bitcoin so will have to be comfortable holding LBTC and consider the costs of converting BTC to LBTC and back again. | ||
| + | |||
| + | === Submarine Swaps === | ||
| + | |||
| + | This trade protocol allows users to swap between Bitcoin on Lightning network to on-chain Bitcoin. | ||
| + | |||
| + | === Stablecoin Swaps === | ||
| + | |||
| + | Atomic swaps between Bitcoin and USD stablecoin. Just the same as BSQ swaps, but with a Bitcoin coloured coin built on the same tech. | ||
| + | |||
| + | === Multisig Options === | ||
| − | + | This trade protocol would allow the creation of P2P put and call options with the buyer and seller blocking BTC in a multisig on-chain transaction. 2 PSBT would be created sending the BTC to the buyer or seller depending on the result of a binary event. On expiry a blind oracle would trigger the correct transaction to be broadcast to the Bitcoin network. | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | === Multisig open contracts=== | |
| − | + | This trade protocol will allow user defined conditional payments. Any simple contract can be created by locking funds in a multisig 2-of-3 transaction with an arbitrator holding the third key and deciding if the condition was met in case of dispute. This is similar to the old Bisq 1 2-of-3 multisig model, but open to any type of contract than can be easily verified. | |
| − | == | + | == Adding Trade Protocols to Bisq 2 == |
| − | + | Trade protocols are designed to be modular so more trade protocols can be added in the future. Anyone with ideas for new trade protocols should join the discussion on [[Matrix_bisq.chat|Bisq's Matrix chat]]. | |
Latest revision as of 15:30, 23 July 2024
Bisq 2 will offer users the choice of multiple trade protocols.
A trade protocol serves as the fundamental framework for trading Bitcoin in a secure way. Each trade protocol presents its own set of advantages and trade-offs including:
- Trade fees
- Mining fees
- Security mechanisms
- Dispute mechanisms
- Security deposit requirements
- Privacy benefits / trade-offs
- Convenience
Bisq 2 offers users the flexibility to select the optimal protocol aligning with their requirements and preferences.
All trade protocols will be able to be accessed from the Bisq 2 application independently. Users will be able to switch between trade protocols for different trades should they wish.
As of now, Bisq Easy stands as the sole implemented protocol, tailored for novice Bitcoin users and suitable for smaller trade amounts.
Contents
Bisq Easy
Bisq Easy will be the first trade protocol for Bisq 2. It will be accessible on the launch of Bisq 2. It is an easy to use chat based trade protocol for buying and selling bitcoin for fiat. The security is based on reputation of the sellers.
See here for more information about Bisq Easy.
Future Trade Protocols
Bisq is planning on adding more trade protocols available on Bisq 2. Explore the upcoming trade protocols. Keep an eye out for updates if any of the upcoming protocols catch your interest.
Bisq Lightning
Escrow based trade protocol on the Lightning network using multi-party computation cryptography.
Bisq MuSig
Bisq 1 currently uses a 2-of-2 multisig as its main trade protocol. This involves the buyer and seller putting down a security deposit that is locked in a multisig until the trade completes. At some point this protocol will be moved over to Bisq 2.
BSQ swaps
This allows users to swap from BSQ to BTC and vice versa via atomic swaps, instantaneously and secure.
Liquid Swaps
Trade any Liquid based assets like USDT and BTC-L with an atomic swap on the Liquid network.
Monero Swaps
Trade Bitcoin and Monero using an atomic cross chain swap.
Liquid MuSig
This trade protocol will use the same trade protocol as the 2-of-2 multisig but it will replace Bitcoin (BTC) with Liquid Bitcoin (L-BTC). The advantage to this is fees will be lower, and users will get more privacy with their trades. The disadvantage is that users will not be trading native bitcoin so will have to be comfortable holding LBTC and consider the costs of converting BTC to LBTC and back again.
Submarine Swaps
This trade protocol allows users to swap between Bitcoin on Lightning network to on-chain Bitcoin.
Stablecoin Swaps
Atomic swaps between Bitcoin and USD stablecoin. Just the same as BSQ swaps, but with a Bitcoin coloured coin built on the same tech.
Multisig Options
This trade protocol would allow the creation of P2P put and call options with the buyer and seller blocking BTC in a multisig on-chain transaction. 2 PSBT would be created sending the BTC to the buyer or seller depending on the result of a binary event. On expiry a blind oracle would trigger the correct transaction to be broadcast to the Bitcoin network.
Multisig open contracts
This trade protocol will allow user defined conditional payments. Any simple contract can be created by locking funds in a multisig 2-of-3 transaction with an arbitrator holding the third key and deciding if the condition was met in case of dispute. This is similar to the old Bisq 1 2-of-3 multisig model, but open to any type of contract than can be easily verified.
Adding Trade Protocols to Bisq 2
Trade protocols are designed to be modular so more trade protocols can be added in the future. Anyone with ideas for new trade protocols should join the discussion on Bisq's Matrix chat.
