Difference between revisions of "Trading BSQ"

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m (Plebeian9000 moved page Buy BSQ to Buying BSQ)
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The process of '''buying BSQ''' is very similar to that of buying any other [[payment_methods#altcoin-payment-methods | altcoin]], but instead of using an external wallet, you'll use the [[BSQ#BSQ_Wallet | BSQ wallet]] in your Bisq application.
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== How to obtain BSQ ==
  
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=== Get your BSQ address ===
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The faster, cheaper, easier, and trustless way to obtain BSQ is through [[BSQ_swaps|BSQ swaps]], available in the Bisq application as the default method when creating an offer to sell BTC for 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.
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What follows is the previous trading protocol for obtaining BSQ, which is still functional, though deprecated in favor of swaps, as it offers no advantages over the former.
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= Old trading protocol =
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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.
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== Why buy or sell BSQ? ==
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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]].
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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.
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== Get your BSQ address ==
  
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[[File:Buy bsq get address.jpg|1000px|thumb|center]]
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In order to create a payment account for trading BSQ, you'll first need a BSQ address.
  
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=== Create an account ===
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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.
  
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Once the BSQ address is copied into the clipboard, you can proceed to [[Creating_a_payment_account#Creating_an_altcoin_account | create an account]].
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[[File:Get-bsq-address.png|600px|thumb|left|Get BSQ address.]]
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<div style="clear: both;"></div>
  
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=== Buy BSQ ===
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== Create a payment account ==
  
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To buy BSQ you can [[Make_an_offer | make]] your offer or [[Take_an_offer | take]] an existing one.
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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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=== Buying small amounts ===
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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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To buy amounts under 50 BSQ without incurring high [[Trading_costs|trading costs]] there is a [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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== Buy or sell  BSQ ==
  
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Rules for these trades:
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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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* Max amount to trade is '''50 BSQ'''. This amount is subject to change, depending on BSQ price and mining fees.
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Since v1.8.0, Bisq offers [[BSQ_swaps|atomic swaps for BSQ/BTC trades]], which means you can buy and sell BSQ for BTC with only a single on-chain transaction. This means mining fees are greatly reduced, and trades are virtually instant (!).
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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 it's successful.
 
  
 
[[Category:Guides]]
 
[[Category:Guides]]

Latest revision as of 03:04, 2 February 2022

How to obtain BSQ

The faster, cheaper, easier, and trustless way to obtain BSQ is through BSQ swaps, available in the Bisq application as the default method when creating an offer to sell BTC for BSQ.

What follows is the previous trading protocol for obtaining BSQ, which is still functional, though deprecated in favor of swaps, as it offers no advantages over the former.

Old trading protocol

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.

Since v1.8.0, Bisq offers atomic swaps for BSQ/BTC trades, which means you can buy and sell BSQ for BTC with only a single on-chain transaction. This means mining fees are greatly reduced, and trades are virtually instant (!).

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