Difference between revisions of "Trading BSQ"

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Buying [[BSQ]] is like buying any other [[payment_methods#altcoin-payment-methods | altcoin]], but instead of using an external wallet, you'll have to use the BSQ [[BSQ#BSQ_Wallet | wallet]] from a Bisq client.
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'''Trading BSQ''' is very similar to trading any other [[payment_methods#altcoin-payment-methods | altcoin]], but instead of using an external wallet to send and receive funds, you use the [[BSQ#BSQ_Wallet | BSQ wallet]] built in to your Bisq application.
  
=== Get your BSQ address ===
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== Why buy or sell BSQ? ==
  
[[File:Buy bsq get address.jpg|1000px|thumb|center]]
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For traders, using BSQ colored bitcoin to pay trading fees can be a lot cheaper than using plain BTC to pay trading fees. The [[Trading_fees|target discount rate is 50%]], fluctuates with market prices, and is [[Updating_BSQ_trading_fees|re-calibrated on a monthly basis]].
  
Go to <code>DAO / BSQ wallet / Receive</code> and click the icon on the inferior right corner marked with the red square to copy the BSQ address to receive the BSQ payment.
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For contributors, BSQ is required to make proposals and cast votes. Contributors are also compensated with BSQ, which can be sold on Bisq for BTC.
  
=== Create an account ===
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== Get your BSQ address ==
  
Once the BSQ address is copied into the clipboard, you can proceed to [[create_an_altcoin_account | create an account]].
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In order to create a payment account for trading BSQ, you'll first need a BSQ address.
  
=== Buy BSQ ===
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Go to <code>DAO</code> > <code>BSQ wallet</code> > <code>Receive</code> and click the copy icon in the right corner to copy the BSQ address to receive the BSQ payment.
  
To buy BSQ you can [[Make_an_offer | make]] your offer or [[Take_an_offer | take]] an existing one.
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[[File:Get-bsq-address.png|600px|thumb|left|Get BSQ address.]]
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<div style="clear: both;"></div>
  
<!-- ===Verify BSQ payments === -->
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== Create a payment account ==
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Once you've found your BSQ address, create a BSQ payment account at <code>Account</code> > <code>Altcoin Accounts</code>.
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Click <code>Add New Account</code>, pick <code>BSQ</code> in the dropdown, and paste your BSQ address.
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== Buy or sell  BSQ ==
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To trade BSQ you can either make an offer or take an existing offer just as you would with any other payment method.
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== Buying small amounts ==
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With mining fees going up, it can be hard to cost-effectively buy a small amount of BSQ (either for trading or DAO participation).
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To buy such smaller accounts (currently defined as ≤50 BSQ), you may consider using the [https://keybase.io/team/bisq#buy-bsq #buy-bsq channel on Keybase]. This is effectively an over-the-counter (OTC) market without the typical Bisq security mechanisms such as [[security_deposit|security deposits]] and [[dispute resolution]].
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Rules for these trades:
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* Maximum trade amount is currently '''50 BSQ''', but may change in the future depending on BSQ price and mining fees.
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* Sellers are encouraged to post '''BSQ bonds''' in the DAO. Sellers who have posted a bond in the DAO should indicate they have in a GitHub issue in the growth repository (see [https://github.com/bisq-network/growth/issues/243 this example]). Buyers can look at the Keybase channel information to see who is bonded.
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* Bonded sellers should not trade over their bonded amount. Unbonded sellers can't make more than one trade at the same time.
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* Buyers and sellers set their own terms for the trade. Buyers should send their payment first. BTC, Lightning, Liquid or any other cryptocurrency (or even fiat) payment methods preferable to traders can be used. Sellers quote their price and preferred payment methods.
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* Buyer and seller settle the trade via direct messages and report back on the #buy-bsq channel when the trade is successful.
  
 
[[Category:Guides]]
 
[[Category:Guides]]

Revision as of 22:24, 16 April 2021

Trading BSQ is very similar to trading any other altcoin, but instead of using an external wallet to send and receive funds, you use the BSQ wallet built in to your Bisq application.

Why buy or sell BSQ?

For traders, using BSQ colored bitcoin to pay trading fees can be a lot cheaper than using plain BTC to pay trading fees. The target discount rate is 50%, fluctuates with market prices, and is re-calibrated on a monthly basis.

For contributors, BSQ is required to make proposals and cast votes. Contributors are also compensated with BSQ, which can be sold on Bisq for BTC.

Get your BSQ address

In order to create a payment account for trading BSQ, you'll first need a BSQ address.

Go to DAO > BSQ wallet > Receive and click the copy icon in the right corner to copy the BSQ address to receive the BSQ payment.

Get BSQ address.

Create a payment account

Once you've found your BSQ address, create a BSQ payment account at Account > Altcoin Accounts.

Click Add New Account, pick BSQ in the dropdown, and paste your BSQ address.

Buy or sell BSQ

To trade BSQ you can either make an offer or take an existing offer just as you would with any other payment method.

Buying small amounts

With mining fees going up, it can be hard to cost-effectively buy a small amount of BSQ (either for trading or DAO participation).

To buy such smaller accounts (currently defined as ≤50 BSQ), you may consider using the #buy-bsq channel on Keybase. This is effectively an over-the-counter (OTC) market without the typical Bisq security mechanisms such as security deposits and dispute resolution.

Rules for these trades:

  • Maximum trade amount is currently 50 BSQ, but may change in the future depending on BSQ price and mining fees.
  • Sellers are encouraged to post BSQ bonds in the DAO. Sellers who have posted a bond in the DAO should indicate they have in a GitHub issue in the growth repository (see this example). Buyers can look at the Keybase channel information to see who is bonded.
  • Bonded sellers should not trade over their bonded amount. Unbonded sellers can't make more than one trade at the same time.
  • Buyers and sellers set their own terms for the trade. Buyers should send their payment first. BTC, Lightning, Liquid or any other cryptocurrency (or even fiat) payment methods preferable to traders can be used. Sellers quote their price and preferred payment methods.
  • Buyer and seller settle the trade via direct messages and report back on the #buy-bsq channel when the trade is successful.