Difference between revisions of "Bisq 2"

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Bisq 2 is the successor to the original Bisq (Bisq v1). It has been developed from the ground up to allow for multiple trade protocols to be accessed via a single decentralized exchange.  
+
Bisq 2 is the successor to the original Bisq (Bisq v1). It has been developed from the ground up to allow for multiple trade protocols to be accessed via a single decentralized exchange platform.  
  
−
The initial launch of Bisq 2 will support one trading protcol '[[Bisq Easy]]'. Overtime more trading protocols will be added.
+
At the initial launch of Bisq 2 will support only one trading protocol '[[Bisq Easy]]'. Over time more trading protocols will be added.
 +
 
 +
Once the Bisq Multisig protocol is implemented in Bisq 2, the old version of Bisq can fade out. Bisq 1will still find its usage as Bisq DAO management tool and for BSQ-BTC trading.
  
 
Similar to Bisq v1, Bisq 2 will be a decentralized bitcoin exchange that allows anyone to buy and sell bitcoin in exchange for national currencies or other cryptocurrencies.
 
Similar to Bisq v1, Bisq 2 will be a decentralized bitcoin exchange that allows anyone to buy and sell bitcoin in exchange for national currencies or other cryptocurrencies.
  
−
* Bisq 2 is a desktop application that works across platforms (it is hoped that in the future Bisq 2 will be able to be accessed via mobile applications).
+
* Bisq 2 is a desktop application that works across platforms.
−
* Bisq 2 enables users to access multiple trading protocols that best suit their needs, privacy requirements, security requirements, and levels of risk tolerance.  
+
* Bisq 2 allows users to choose between multiple trading protocols to find the best fit for their preference. Aspects like privacy and security, convenience, costs and trade duration will differ and the user can make the choice.  
 
* Bisq 2 is a peer-to-peer network the enables users to find people to trade with, make and take offers to buy and sell bitcoin, communicate with their trading peers and when necessary access support.
 
* Bisq 2 is a peer-to-peer network the enables users to find people to trade with, make and take offers to buy and sell bitcoin, communicate with their trading peers and when necessary access support.
−
* Bisq 2 is privacy focused, no verified accounts or KYC will be required. Users will also access Bisq 2 over the Tor network.
+
* Bisq 2 is privacy focused, no verified accounts or KYC will be required and run over the Tor network (as well as I2P in future).
−
* Bisq 2 is self custodial.
+
* Bisq 2 is self custodial. Your keys are always under your control.
−
* Bisq 2 is fully open source built and maintained by individual contributors.
+
* Bisq 2 is open source (AGPL) and built and maintained by contributors who form the Bisq DAO.
  
−
Bisq 2 is part of the Bisq project, a decentralized autonomous organization.
+
== Why Bisq 2? ==
  
−
== Why Bisq 2 is needed ==
+
Bisq v1 is a powerful tool for bitcoiners that want to be able to buy and sell bitcoin peer to peer whilst maintaining their privacy, not having to undergo arduous KYC processes, and keeping control of their bitcoin.  
−
 
 
−
Bisq v1 is a powerful tool for bitcoiners that want to be able buy and sell bitcoin peer to peer whilst maintaining their privacy, not having to undergo arduous KYC processes, and keeping control of their bitcoin.  
 
  
 
Bisq v1 was launched on mainnet in April 2016 and whilst there has been constant improvements to the trade protocol and user interface over the years it was designed from the outset to support only one trade protocol. As bitcoin has developed and Bisq user base has grown there has been an obvious need for Bisq to expand it's offerings to offer more options to it's users for example trades over lightening and access via mobile devices. Bisq 2 is the first step to develop something that is built from the ground up to be more accessible to users and provide access to multiple trading protocols that can expend over time.   
 
Bisq v1 was launched on mainnet in April 2016 and whilst there has been constant improvements to the trade protocol and user interface over the years it was designed from the outset to support only one trade protocol. As bitcoin has developed and Bisq user base has grown there has been an obvious need for Bisq to expand it's offerings to offer more options to it's users for example trades over lightening and access via mobile devices. Bisq 2 is the first step to develop something that is built from the ground up to be more accessible to users and provide access to multiple trading protocols that can expend over time.   
  
−
Some benefits of Bisq 2 include:
+
The core benefits of Bisq 2 are:
  
 
=== Multiple Trade Protocols ===
 
=== Multiple Trade Protocols ===
  
−
Bisq 2 will offer a variety of [[trade protocols]] for users. Each trade protocol will come with it's own benefits and tradeoffs. Having multiple protocols allows users to choose what trade protocols are best for them based on; miner costs, trade fees, privacy, security, convenience, available support etc. All trade protocols can be accessed independently and users can switch between protocols for different trades.  
+
Bisq 2 will offer a variety of [[trade protocols]] for users. Each trade protocol will come with it's own benefits and tradeoffs. Having multiple protocols allows users to choose what trade protocols are best for them based on; convenience, security, miner costs, trade fees, privacy, available support etc. All trade protocols can be accessed independently and users can switch between protocols for different trades.  
 +
 
 +
The follow trade protocols are on the roadmap:
 +
 
 +
* [[Bisq_Easy|Bisq Easy]]: Reputation based trading with no security deposit requirements (included in the intitial launch)
 +
* Bisq Multisig: Similar to the current trade protocol used by Bisq 1 but with some improvements
 +
 
 +
* Submarine Swaps: Atomic swap of LN BTC <-> mainnet BTC
 +
 
 +
* Liquid Submarine Swaps: Atomic swap of LN BTC <-> Liquid BTC
  
−
Bisq is planning on making the follow trade protocols available:
+
* Liquid Multisig: Bisq Multisig ported to Liquid network with faster confirmation, lower fees and better privacy (confidential transactions)
  
−
* [[Bisq_Easy|Bisq Easy]] (reputation based trading with no security deposit requirements)
+
* Bisq Lightning: LN BTC <-> Fiat (chain of multiple protocols: Liquid Submarine Swaps, Liquid Multisig)
−
* Lightning Network based trade protocol
+
* Liquid Swaps: Atomic swap of Liquid BTC <-> Liquid assets like L-USDT
−
* 2-of-2 multisig with security deposit (current trade protocol used by Bisq 1)
 
−
* 2-of-2 multisig without dispute resolution (mutually-assured destruction / MAD)
 
−
* BSQ swaps (swap BSQ and BTC)
 
−
* Same-chain atomic swaps (e.g. Liquid L-BTC/L-USDT; etc)
 
−
* Cross-chain atomic swaps (e.g. XMR/BTC)
 
−
* 2-of-2 Liquid BTC multisig with security deposit (similar as current trade protocol used by Bisq 1 but with LBTC to reduce fees)
 
  
−
Trade protocols are designed to be modular so more trade protocols can be added in the future.
+
* BSQ Swaps: Atomic swap of BSQ <-> BTC
 +
* Monero Swaps: Cross chain atomic swap of BTC <-> XMR
  
 
Find out more about the [[Trade_Protocols|trade protocols]] Bisq 2 will use.
 
Find out more about the [[Trade_Protocols|trade protocols]] Bisq 2 will use.
  
−
=== Multiple Security Mechanisms ===
+
=== Multiple privacy networks ===
 +
Bisq 2 will support multiple privacy networks. Initially it will only support Tor but I2P support is already implemented but in an experimental state. Upcoming privacy networks like Nym could be added in future if they fit the requirements.
  
−
Due to the multiple trade protocols available users will be able to decide on what security mechanisms they are happy with the secure their trades. For example they could be happy with a low form of security for small trades such as [[reputation]], but require higher forms of security in terms of bitcoin collateral security for larger trades.  
+
Having multiple networks adds resilience in case one network has availability issues (as it happened multiple times with Tor when DoS attacks decreased the Tor network stability and with that Bisq's availability and stability).
  
−
There are also options for users to secure trades in a way that require no third party involvement, for example atomic swaps or mutually assured destruction.  
+
The P2P network has also a build in DoS protection using Proof of Work and come with many improvements compared the the Bisq 1 P2P network.
  
−
The idea is to give users more choice over their security requirements.
+
===Multiple Identities ===
  
−
=== Multiple Dispute Resolution Mechanisms ===
+
Bisq 1 used a single onion address and key pair which represent the users identify. Bisq 2 will allow to create multiple identities, giving the user more control and better privacy. The user can choose between the highest level of convenience and use just one global identity for all interactions (like Bisq 1) or at the other extreme use a separate identity for any type of interaction (e.g. use a different identity for each trade as well as for each chat room). And anything in between (separating fiat and altcoin trades,...).
  
−
Similar to the multiple security mechanisms available, due to the multiple trade protocols available users will be able to decide on what dispute mechanisms they require for their trade. Users can choose protocols which will have mediation support similar to Bisq 1 or alternatively protocols that involve no input from mediators at all.  
+
Find out more about how Bisq 2 manages [[Identity|identities]].
  
−
=== Multiple Interfaces ===
+
=== Multiple applications ===
  
−
Initially Bisq 2 will be desktop based, but the idea is for Bisq 2 to be API driven to allow users to access it though multiple other ways. The aim is also for Bisq 2 to be accessible from a mobile devise.
+
The reference implementation will be the Bisq 2 JavaFx desktop application.
  
−
===Multiple Identities ===
+
But there is also ongoing work on a HTML interface with a headless application to be used on personal Node projects like Start9, Umbrel, MyNode,...
 +
 
 +
Beside that there will be a REST API (useful for trading bots,...).
 +
 
 +
Bisq Easy can be implemented as a mobile app (at least for Android there are no conceptual or technical hurdles).
  
−
Bisq 1 used a single onion address to give users their Bisq identify. Bisq 2 will allow for users more control over their identities within Bisq. For example users could create:
+
=== Multiple wallets ===
  
−
* Separate identities for every interaction
+
At launch time Bisq 2 will not include a wallet, but work is underway to support multiple wallet options.
−
* Separate identities identities per payment account
 
−
* Separate identities fiat accounts and altcoin accounts
 
−
* One global identity
 
  
−
Find out more about how Bisq 2 manages [[Identity|identities]].
+
Bitcoin core as full wallet is already implemented (but not exposed in the UI). For users who do not want to run a full Bitcoin node, there will be a light wallet option. Currently Electrum is implemented but we might change to another solution.
  
−
=== Multiple Networks ===
+
For the different trade protocols there will be the specific wallets requires. E.g. for Liquid the Elements wallet is already integrated. For Monero Swaps we need to provide an interface for using the Monero wallet. Find out more about the [[Bisq_2_Wallet|Bisq 2 wallet]].
−
Bisq will support both Tor and I2P, it will be more resistant to DoS attacks, and put less trust in privileged nodes.
 
  
 
=== Bonded Roles ===
 
=== Bonded Roles ===
  
−
The contributors providing the resources and infrastructure for Bisq 2 will require their roles to be bonded. This protects users from a malicious contributor.
+
The contributors providing the resources and infrastructure for Bisq 2 will require their roles to be bonded. This concept was also used in Bisq 1 but as it was not strictly enforced by the system, not all roles are secured by bonds as it was envisioned. In Bisq 2 having set up a BSQ bond is mandatory for most roles and node operators and enforced by the system.
  
 
Find out more about the [[Bisq_2_Roles|Bisq 2 roles]].
 
Find out more about the [[Bisq_2_Roles|Bisq 2 roles]].
Line 79: Line 84:
 
== Bisq 1 vs Bisq 2 ==
 
== Bisq 1 vs Bisq 2 ==
  
−
When Bisq 2 is launched it will initially only use the one trade protocol '[[Bisq Easy]]' therefore the differences are based on a 2-of-2 multisig protocol (Bisq 1) vs a reputation based trade protocol (Bisq 2).
+
When Bisq 2 is launched it will initially only use the one trade protocol '[[Bisq Easy]]' therefore the differences are based on a 2-of-2 multisig protocol (Bisq 1) vs a reputation based trade protocol (Bisq Easy).
 +
 
 +
== Bisq Easy ==
 +
 
 +
Bisq Easy was designed for new Bitcoin users who have not yet purchased Bitcoin and thererfor cannot use Bisq 1 due the requirements of the security deposit. A lot of effort was put into making it as simple to use as possible.
 +
 
 +
Bisq Easy tries to replicate the experience of a novice Bitcoiner visiting a Bitcoin meetup and getting a gentle and friendly introduction into the Bitcoin world as well has the opportunity to purchase their first Bitcoin from a helpful peer. This is inspired by the famous Satoshi Squares (early days informal Bitcoin meetups), which was also the initial name inspiration for Bitsquare - the previous brand name of Bisq.
 +
 
 +
The seller is expected to be an experienced Bitcoin and Bisq user and to have built up reputation. The seller should be helpful and serve as guide through the newbies first Bitcoin trade.
 +
 
 +
Bisq Easy tries to be a much more social experience as it is the case on Bisq 2. It also provides a "learn" section where newbies can learn about important topics like wallets, privacy and security. The various sections for chat rooms should also boost the social and communicative aspect of Bisq Easy.
  
 
=== Main differences for BTC buyers ===  
 
=== Main differences for BTC buyers ===  
Line 97: Line 112:
 
Sellers on Bisq 2 will be expected to build their [[reputation]]. This can be done in multiple ways but to achieve a high reputation they will need to either burn BSQ and / or create a BSQ bond that locks in a specific amount of BSQ for a specified length of time.  
 
Sellers on Bisq 2 will be expected to build their [[reputation]]. This can be done in multiple ways but to achieve a high reputation they will need to either burn BSQ and / or create a BSQ bond that locks in a specific amount of BSQ for a specified length of time.  
  
−
The first iteration of Bisq 2 will have more buyers than sellers. That means a small number of sellers will be servicing the buyers. Bitcoin sellers on Bisq 2 will be required to make a judgement on how best to achieve their reputation and what the cost of doing so will involve. Bitcoin seller's using Bisq 2 will also need to be account for the fact that bitcoin buyers are not putting down a security deposit for their trades so there will likely be a higher trade abandonment than in Bisq 1.
+
The first iteration of Bisq 2 will have more buyers than sellers. That means a small number of sellers will be servicing the buyers. Bitcoin sellers on Bisq 2 will be required to make a judgement on how best to achieve their reputation and what the cost of doing so will involve. Bitcoin seller's using Bisq 2 will also need to account for the fact that bitcoin buyers are not putting down a security deposit for their trades so there will likely be a higher trade abandonment than in Bisq 1.
  
 
It is expected that some bitcoin sellers currently active on Bisq 1 may choose to experiment with Bisq 2, and the number of buyer and sellers on Bisq 2 will grow over time.
 
It is expected that some bitcoin sellers currently active on Bisq 1 may choose to experiment with Bisq 2, and the number of buyer and sellers on Bisq 2 will grow over time.
Line 103: Line 118:
 
As in Bisq 1 seller's will be able to choose the price above or below market they wish to sell their bitcoin for.
 
As in Bisq 1 seller's will be able to choose the price above or below market they wish to sell their bitcoin for.
  
−
== How Bisq 2 keeps funds secure ==
+
Due the requirements on bonds and the potential higher effort on communication with a newbie Bitcoiner, the price premium can be expected to be much higher than in Bisq 1 (maybe 10-15% above market). The Seller is the one who sets the price.
−
 
 
−
Bisq 2 users will control the keys to their bitcoin wallets. Bisq 2 will be self custodial. Some users may wish to use the Bisq 2 bitcoin wallet, other users might wish to use their own self custodial wallet.
 
−
 
 
−
Bisq 2 wallet is built on Electrum. Find out more about the [[Bisq_2_Wallet|Bisq 2 wallet]].
 
  
 
== How Bisq 2 keeps data private ==
 
== How Bisq 2 keeps data private ==
Line 114: Line 125:
  
 
* Using Bisq requires no registration or centralized identity verification
 
* Using Bisq requires no registration or centralized identity verification
−
* Every Bisq application is a Tor hidden service
+
* Every Bisq application connects to the Bisq network with a Tor hidden service (as well as I2P in future)
 
* Bisq has no central servers or databases to record data
 
* Bisq has no central servers or databases to record data
 
* Data is encrypted such that trade details are readable only by counter-parties
 
* Data is encrypted such that trade details are readable only by counter-parties
Line 123: Line 134:
  
 
* Bisq’s network is a fully distributed P2P network, and thus difficult to shut down
 
* Bisq’s network is a fully distributed P2P network, and thus difficult to shut down
−
* Bisq’s network is built on top of Tor, and thus inherits Tor’s own censorship resistance
+
* Bisq’s network is built on top of Tor (I2P), and thus inherits Tor’s own censorship resistance
−
* Bisq is code, not a company; it is not incorporated, and thus cannot be dis-incorporated
+
* Bisq is an open source projet and a DAO, not a company; it is not incorporated, and thus cannot be dis-incorporated

Revision as of 19:41, 19 November 2023

Bisq 2 is the successor to the original Bisq (Bisq v1). It has been developed from the ground up to allow for multiple trade protocols to be accessed via a single decentralized exchange platform.

At the initial launch of Bisq 2 will support only one trading protocol 'Bisq Easy'. Over time more trading protocols will be added.

Once the Bisq Multisig protocol is implemented in Bisq 2, the old version of Bisq can fade out. Bisq 1will still find its usage as Bisq DAO management tool and for BSQ-BTC trading.

Similar to Bisq v1, Bisq 2 will be a decentralized bitcoin exchange that allows anyone to buy and sell bitcoin in exchange for national currencies or other cryptocurrencies.

  • Bisq 2 is a desktop application that works across platforms.
  • Bisq 2 allows users to choose between multiple trading protocols to find the best fit for their preference. Aspects like privacy and security, convenience, costs and trade duration will differ and the user can make the choice.
  • Bisq 2 is a peer-to-peer network the enables users to find people to trade with, make and take offers to buy and sell bitcoin, communicate with their trading peers and when necessary access support.
  • Bisq 2 is privacy focused, no verified accounts or KYC will be required and run over the Tor network (as well as I2P in future).
  • Bisq 2 is self custodial. Your keys are always under your control.
  • Bisq 2 is open source (AGPL) and built and maintained by contributors who form the Bisq DAO.

Why Bisq 2?

Bisq v1 is a powerful tool for bitcoiners that want to be able to buy and sell bitcoin peer to peer whilst maintaining their privacy, not having to undergo arduous KYC processes, and keeping control of their bitcoin.

Bisq v1 was launched on mainnet in April 2016 and whilst there has been constant improvements to the trade protocol and user interface over the years it was designed from the outset to support only one trade protocol. As bitcoin has developed and Bisq user base has grown there has been an obvious need for Bisq to expand it's offerings to offer more options to it's users for example trades over lightening and access via mobile devices. Bisq 2 is the first step to develop something that is built from the ground up to be more accessible to users and provide access to multiple trading protocols that can expend over time.

The core benefits of Bisq 2 are:

Multiple Trade Protocols

Bisq 2 will offer a variety of trade protocols for users. Each trade protocol will come with it's own benefits and tradeoffs. Having multiple protocols allows users to choose what trade protocols are best for them based on; convenience, security, miner costs, trade fees, privacy, available support etc. All trade protocols can be accessed independently and users can switch between protocols for different trades.

The follow trade protocols are on the roadmap:

  • Bisq Easy: Reputation based trading with no security deposit requirements (included in the intitial launch)
  • Bisq Multisig: Similar to the current trade protocol used by Bisq 1 but with some improvements
  • Submarine Swaps: Atomic swap of LN BTC <-> mainnet BTC
  • Liquid Submarine Swaps: Atomic swap of LN BTC <-> Liquid BTC
  • Liquid Multisig: Bisq Multisig ported to Liquid network with faster confirmation, lower fees and better privacy (confidential transactions)
  • Bisq Lightning: LN BTC <-> Fiat (chain of multiple protocols: Liquid Submarine Swaps, Liquid Multisig)
  • Liquid Swaps: Atomic swap of Liquid BTC <-> Liquid assets like L-USDT
  • BSQ Swaps: Atomic swap of BSQ <-> BTC
  • Monero Swaps: Cross chain atomic swap of BTC <-> XMR

Find out more about the trade protocols Bisq 2 will use.

Multiple privacy networks

Bisq 2 will support multiple privacy networks. Initially it will only support Tor but I2P support is already implemented but in an experimental state. Upcoming privacy networks like Nym could be added in future if they fit the requirements.

Having multiple networks adds resilience in case one network has availability issues (as it happened multiple times with Tor when DoS attacks decreased the Tor network stability and with that Bisq's availability and stability).

The P2P network has also a build in DoS protection using Proof of Work and come with many improvements compared the the Bisq 1 P2P network.

Multiple Identities

Bisq 1 used a single onion address and key pair which represent the users identify. Bisq 2 will allow to create multiple identities, giving the user more control and better privacy. The user can choose between the highest level of convenience and use just one global identity for all interactions (like Bisq 1) or at the other extreme use a separate identity for any type of interaction (e.g. use a different identity for each trade as well as for each chat room). And anything in between (separating fiat and altcoin trades,...).

Find out more about how Bisq 2 manages identities.

Multiple applications

The reference implementation will be the Bisq 2 JavaFx desktop application.

But there is also ongoing work on a HTML interface with a headless application to be used on personal Node projects like Start9, Umbrel, MyNode,...

Beside that there will be a REST API (useful for trading bots,...).

Bisq Easy can be implemented as a mobile app (at least for Android there are no conceptual or technical hurdles).

Multiple wallets

At launch time Bisq 2 will not include a wallet, but work is underway to support multiple wallet options.

Bitcoin core as full wallet is already implemented (but not exposed in the UI). For users who do not want to run a full Bitcoin node, there will be a light wallet option. Currently Electrum is implemented but we might change to another solution.

For the different trade protocols there will be the specific wallets requires. E.g. for Liquid the Elements wallet is already integrated. For Monero Swaps we need to provide an interface for using the Monero wallet. Find out more about the Bisq 2 wallet.

Bonded Roles

The contributors providing the resources and infrastructure for Bisq 2 will require their roles to be bonded. This concept was also used in Bisq 1 but as it was not strictly enforced by the system, not all roles are secured by bonds as it was envisioned. In Bisq 2 having set up a BSQ bond is mandatory for most roles and node operators and enforced by the system.

Find out more about the Bisq 2 roles.

Bisq 1 vs Bisq 2

When Bisq 2 is launched it will initially only use the one trade protocol 'Bisq Easy' therefore the differences are based on a 2-of-2 multisig protocol (Bisq 1) vs a reputation based trade protocol (Bisq Easy).

Bisq Easy

Bisq Easy was designed for new Bitcoin users who have not yet purchased Bitcoin and thererfor cannot use Bisq 1 due the requirements of the security deposit. A lot of effort was put into making it as simple to use as possible.

Bisq Easy tries to replicate the experience of a novice Bitcoiner visiting a Bitcoin meetup and getting a gentle and friendly introduction into the Bitcoin world as well has the opportunity to purchase their first Bitcoin from a helpful peer. This is inspired by the famous Satoshi Squares (early days informal Bitcoin meetups), which was also the initial name inspiration for Bitsquare - the previous brand name of Bisq.

The seller is expected to be an experienced Bitcoin and Bisq user and to have built up reputation. The seller should be helpful and serve as guide through the newbies first Bitcoin trade.

Bisq Easy tries to be a much more social experience as it is the case on Bisq 2. It also provides a "learn" section where newbies can learn about important topics like wallets, privacy and security. The various sections for chat rooms should also boost the social and communicative aspect of Bisq Easy.

Main differences for BTC buyers

Initially when Bisq 2 is launched the difference between versions will be that Bisq 2 will allow for users to buy bitcoin with no security deposit, no trade fees and no miner fees. Whereas, Bisq 1 will allow users to buy bitcoin with a security deposit and incur trade fees and miner costs.

The tradeoff for Bisq 2 is that the security of the trade will be based on seller reputation as opposed to Bisq 1 where the security of the trade is based on bitcoin collateral secured in the multisig.

Therefore, Bisq 2 will be cheaper and more convenient to trade for bitcoin buyers but at the cost of less robust security than Bisq 1. This is opposed to Bisq 1 that will be more secure but also more expensive, in terms of trade and miner fees, and less convenient for bitcoin buyers.

Bisq 2 will initially be more suitable for users wanting to complete trades for small amounts of bitcoin, whereas, Bisq 1 will continue to be suitable for users wanting to complete trades for larger amounts of bitcoin.

Main differences for BTC sellers

Initially when Bisq 2 is launched the difference between versions will be that Bisq 2 will allow for users sell bitcoin with no security deposit, no trade fees and no security deposit. Whereas, Bisq 1 will allow users to sell bitcoin with a security deposit and incur trade fees and miner costs.

Sellers on Bisq 2 will be expected to build their reputation. This can be done in multiple ways but to achieve a high reputation they will need to either burn BSQ and / or create a BSQ bond that locks in a specific amount of BSQ for a specified length of time.

The first iteration of Bisq 2 will have more buyers than sellers. That means a small number of sellers will be servicing the buyers. Bitcoin sellers on Bisq 2 will be required to make a judgement on how best to achieve their reputation and what the cost of doing so will involve. Bitcoin seller's using Bisq 2 will also need to account for the fact that bitcoin buyers are not putting down a security deposit for their trades so there will likely be a higher trade abandonment than in Bisq 1.

It is expected that some bitcoin sellers currently active on Bisq 1 may choose to experiment with Bisq 2, and the number of buyer and sellers on Bisq 2 will grow over time.

As in Bisq 1 seller's will be able to choose the price above or below market they wish to sell their bitcoin for.

Due the requirements on bonds and the potential higher effort on communication with a newbie Bitcoiner, the price premium can be expected to be much higher than in Bisq 1 (maybe 10-15% above market). The Seller is the one who sets the price.

How Bisq 2 keeps data private

Bisq 2 achieves date privacy for users in the same way as Bisq 1:

  • Using Bisq requires no registration or centralized identity verification
  • Every Bisq application connects to the Bisq network with a Tor hidden service (as well as I2P in future)
  • Bisq has no central servers or databases to record data
  • Data is encrypted such that trade details are readable only by counter-parties

How Bisq 2 resists censorship

Bisq 2 achieves censorship in the same way as Bisq 1:

  • Bisq’s network is a fully distributed P2P network, and thus difficult to shut down
  • Bisq’s network is built on top of Tor (I2P), and thus inherits Tor’s own censorship resistance
  • Bisq is an open source projet and a DAO, not a company; it is not incorporated, and thus cannot be dis-incorporated
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