Difference between revisions of "Reputation"
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== What reputation score should buyers look for == | == What reputation score should buyers look for == | ||
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== Why is Reputation important for sellers == | == Why is Reputation important for sellers == | ||
Revision as of 23:49, 29 October 2023
Reputation is the security mechanism used for Bisq Easy, a Bisq 2 trade protocol.
Bisq Easy does not use security deposits to ensure that trades go smoothly, instead buyers rely on the reputation of the sellers to ensure the trade goes smoothly.
Generally the higher the sellers reputation on Bisq Easy the higher the likelihood is of the trade being successful, and conversely, the lower the sellers reputation is on Bisq Easy the less the likelihood is of the trade being successful.
Buyers should look to choose sellers with a high reputation for their trades.
Sellers should look at how to maximize their reputation to ensure they get more trades.
Contents
How is reputation measured
What reputation score should buyers look for
Why is Reputation important for sellers
Bitcoin buyers send the fiat or altcoin payment to the sellers prior to receiving the bitcoin. Therefore it is important for bitcoin sellers to have a good reputation to help establish trust with their potential trade partners.
It is expected that users that want to gain reputation to be bitcoin sellers on Bisq Easy will be experienced Bisq users that can provide buyers with a positive experience.
Selling bitcoin on Bisq Easy is expected to be profitable for the sellers in that they will likely choose to sell bitcoin over market price.
How can sellers improve their Bisq Easy reputation
There are multiple ways bitcoin sellers can increase their reputation. This includes:
- Burning BSQ
- Setting up a BSQ bond
- Importing the Account Age from Bisq 1
- Importing the Signed Account Age from Bisq 1
Burning BSQ
Formula for Burning BSQ Bonds:
BSQ amount * decay factor
Burned BSQ linearly decays to zero over a period of 30 days.
Setting up a BSQ bond
Formula for BSQ Bonds:
BSQ amount * lock time / 10000 * decay factor
Importing the Account Age from Bisq 1
Importing the Signed Account Age from Bisq 1
Reputation Simulation Tool
For bitcoin sellers it can get a little complicated to work out what the best way is to increase their reputation. To help make the decision process easier Bisq 2 provides a simulation tool for sellers to see what different actions they can take to increase their reputation.
