Bisq Easy

Bisq Easy is a trade protocol for Bisq 2 that allows users to buy bitcoin with no security deposit, no trade fees and no security deposit.

Bisq Easy is the first new trade protocol for Bisq 2. More trade protocols are planned for the future.

Bisq Easy Trade Protocol Specifics

Trade fees

There are no trade fees for buyers or sellers for trading on Bisq Easy.

Mining fees

Buyers will not have to pay any mining fees when then trade on Bisq Easy.

Sellers will need to pay the mining fee for sending the bitcoin to the buyer's address following them receiving the fiat or altcoin payment.

Security mechanisms

The security mechanism of Bisq Easy is based on the reputation of the seller. Buyers will have increased security by choosing to trade with sellers that have a high reputation.

The security of the trade is proportional to the reputation of the seller.

As Bisq Easy is reputation based, and reputation provides a fairly low security model, it means trader on Bisq Easy are suited only to rather small amounts of bitcoin.

By default buyer can only exchange messages with sellers that have a certain level of reputation, however, buyers can opt-out from that protection.

Trading with sellers without reputation, or very low reputation, carries significant risks and should be only done if the risks are well understood and managed.

Currencies / Payment Methods

Bisq Easy buyers and seller can trade bitcoin for any type of fiat or altcoin.

Fiat buyers and sellers can choose whatever type of payment method they agree upon for fiat transfer.

Dispute mechanisms

Buyers and sellers trading on Bisq Easy can access mediation support should anything go wrong with their trade.

Mediators will be able to:

• Help facilitate the successful completion of the trade
• Confirm fiat / altcoin and bitcoin payments
• Help cancel trade if needed
• Ban the buyer or seller is needed

In extreme cases (for example fraud) mediators will create a proposal for the seller's BSQ bond to be confiscated. To be approved this would have to be voted on by the Bisq DAO.

Security deposit requirements

Bisq Easy trades do not require any security deposits from either the buyer or seller.

Privacy benefits / trade-offs

As no security deposits are required buyers and sellers using fiat will be revealing their bank account details to users that might end up backing out of the trade. If a user backs out of a trade there is less possibility to penalize them than if they had to trade using a security deposit.

Identity

Buyers and sellers on Bisq Easy can create multiple identities.

Find out more about managing your Identity on Bisq 2.

Reputation

The security mechanism of Bisq Easy is based on the reputation of the seller. Buyers on Bisq Easy do not need to have a repuation as they will always send the payment first.

Find out more about Reputation for Bisq Easy.

Using Bisq Easy to buy bitcoin

Users of Bisq Easy can buy bitcoin using fiat or altcoins with no fees and no security deposits.

Using Bisq Easy to sell bitcoin

Users of Bisq Easy can sell bitcoin for fiat or altcoins with no fees and no security deposits.

Sellers of Bisq Easy will however have to build up their reputation in order to get buyers.

How to buy bitcoin on Bisq Easy

Users of Bisq Easy can both make an offer to buy bitcoin, or take an offer to from a user looking to sell bitcoin.

How to sell bitcoin on Bisq Easy

Users of Bisq Easy can both make an offer to sell bitcoin, or take an offer to from a user looking to buy bitcoin.

Seller's on Bisq Easy will usually be experienced Bisq user. It is expected they will be helpful and supportive to buyers who are new to Bitcoin and/or Bisq.

As building reputation incurs costs for the bitcoin sellers. It is expected that they will sell bitcoin at a premium of about 10-15%. The premium reflects the additional costs and compensates sellers for the on-boarding service they provide.

Trade Process

Trade process for Bisq Easy is as follows:

• The offer maker defines the trade terms, if this was not already defined in the maker's user profile.
• Once the traders have agreed on the trade terms (e.g. payment method and trade price) the trade starts.
• The seller transmits the payment account details to the buyer (e.g. bank account number). The buyer sends the BTC address to the seller.
• The buyer starts the Fiat payment to the sellers account and sends the seller a message that the payment is in transit.
• Once the seller has received the Fiat payment they send the Bitcoin to the buyers address.
• After the buyer received the Bitcoin the trade is completed.

Trade Rules

Bisq Easy trading rules are as follows:

• Before the payment details are exchanged the trade can be canceled by any party without justification.
• After the payment details are exchanged not fulfilling the trade obligations is considered a breach of the trade contract and can lead to getting banned from the network.
• When sending the Fiat the buyer MUST NOT use any term in the 'reason for payment' field which relates to 'Bisq' or 'Bitcoin'. The traders can agree on an identifier to associate the bank transfer to the trade (e.g. use some random string like 'H3TJAPD').
• If the trade cannot be completed instantly because the Fiat transfer takes longer, both traders have to be online at least once a day to follow up the trade process.
• If there are any open questions or problems the traders can use the support chat, invite a mediator into their trade chat or get in touch with Bisq support team on the Matrix channel.

Chat Rules

Bisq Easy has the following chat rules it expects traders to follow:

• Be respectful: Always treat others with kindness and respect. Avoid offensive language, personal attacks, and harassment. Remember that behind every screen is a real person with feelings.
• No spamming: Please refrain from flooding the chat with repetitive or irrelevant messages. Keeping the conversation meaningful and on-topic helps everyone engage in a more constructive manner.
• No advertising: We kindly ask you to avoid promoting products, services, or posting external links. This ensures that the focus remains on meaningful discussions rather than promotional content.
• No hate speech: We have zero tolerance for content that promotes discrimination, hate speech, or violence against any individual or group. Let's foster an inclusive and supportive community.
• No trolling: Disruptive behavior, trolling, or intentionally provoking others disrupts the positive atmosphere we aim to maintain. Let's all strive for respectful and constructive interactions.
• Keep it safe: Protect your privacy and that of others by not sharing personal information such as phone numbers, addresses or any other sensitive data in the chat. Safety first!
• Respect privacy: Do not share private conversations or screenshots without consent. Respecting each other's privacy is a cornerstone of trust.
• Report misconduct: If you witness any violations of these rules or encounter inappropriate behavior, please report it to the moderator. Your vigilance helps maintain a friendly and safe community.
• Follow moderator's Instructions: Our moderators are here to ensure a positive environment. Please comply with any instructions or guidelines they provide to maintain order and respect.
• Enjoy the chat: Above all, we encourage you to engage in meaningful discussions, make friends, and have fun in a positive and inclusive environment. Let's create a community we can all be proud to be a part of.

Remember, by participating in the chat, you agree to abide by these rules. Failure to comply may result in warnings, temporary mute, or ban from the Bisq network.