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.
Contents
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
Buying Bitcoin with Bisq Easy is recommended for small fiat amounts, or as a starting point if you still have no Bitcoin that you can use for the security deposits of other trade protocols.
You can opt for two ways to find a trading partner to get some Bitcoin: taking an existing offer or creating one.
Creating an offer
Creating an offer is a great way to establish your own terms and simply wait for someone to match what you are after. It is also the right option if you don't find any offers with the right premium or payment methods in the market you want to trade in. Follow along to learn how to navigate to your preferred market and create a new offer in it:
Begin by opening up Bisq 2. Once the application has started, you should select Bisq Easy on the left panel, and Offerbook on the top tab.
Each different national currency has its own market. You can click on the displayed pair to open a selector where you can choose the currency you would like to trade in. In this example, we are interested in buying some Bitcoin by paying with Euros, so we will select the BTC/EUR pair, but you should select whatever currency you are using. Afterward, click on the Create offer button on the right-hand side.
You will now enter the offer creation wizard. The first step will be to choose between buying or selling Bitcoin. Select Buy Bitcoin and click on Next.
On the following screen, you will be asked for confirmation on which currency you want to pay your Bitcoin with. The selected currency will be the one you selected in the previous Offerbook screen. You can change your mind here if needed. Since for this example we want to move forward with Euros, we don't need to change anything on this screen, and we can simply click Next.
On the next screen, you will have to select which Payment Methods are you willing to use. You should select at least one, but you can also select multiple of them. The more Payment Methods you add, the more chances you will have of finding a willing trade peer. In this example, we initially select SEPA and Revolut.
Besides the presented Payment Methods, you can also add customized Payment Methods to your offer. For instance, for this offer, I would be happy to make a cash deposit at a Rabobank physical branch. I can use the bottom input to add this method to my offer.
Once you are done selecting Payment Methods, you can move on by clicking Next.
On the next screen, you will have to set how much Bitcoin you want to buy or, putting it the other way around, how much fiat currency you want to sell. The minimum and maximum amounts for Bisq Easy are 0.0001 BTC (or 10,000 sats) and 0.01 BTC (or 1,000,000 sats). You can write the fiat amount, the BTC amount, or simply move the slider around.
You also have the option of defining a range instead of a fixed value for the trade amount. By doing that, you set a minimum and maximum amount, and you signal to the market that you are willing to trade any amount between those two numbers. For this example, we will create an offer with a range between 100€ and 200€. Once you have set your fixed value or a range, click Next to move on.
With this, you will reach the final step of the offer creation wizard. The final screen shows a summary of all the details you have defined. Now is the time for you to review whether everything is fine. This is important because, once you click on Create offer, the offer will be available for anyone to take and, once that happens, it will be binding. So, make sure you are happy with the details you see. Once you are sure, click on Create offer and your offer will be added to the market.
Your order is finally ready. Now, you will have to wait until another peer takes it. If your offer remains unpicked for longer than you would like to, consider modifying it to add additional payment methods or adding a more flexible range of values that could attract different users.
Once a peer takes your offer, you will receive a notification and be able to see the started trade in the Open Trades panel of Bisq Easy. Also, keep in mind that offers remain open until you close them. If you only want to transact once, you should close it after it gets taken, or more peers could keep taking it!
Taking an offer
CONTENT TO BE COMPLETED BY COUNTERWEIGHT
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.
Taking an offer
CONTENT TO BE COMPLETED BY COUNTERWEIGHT
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.
