Difference between revisions of "Trading BSQ"
m (keybase > matrix) |
(updated to BSQ swaps) |
||
| Line 6: | Line 6: | ||
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. | 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. | ||
| + | |||
| + | == How to obtain BSQ == | ||
| + | |||
| + | 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. | ||
| + | |||
| + | What follows is the previous trading protocol for obtaining BSQ, which is still functional, though deprecated in favor of swaps, as it presents no advantages over the former. | ||
== Get your BSQ address == | == Get your BSQ address == | ||
Revision as of 23:09, 1 February 2022
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.
Contents
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.
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.
What follows is the previous trading protocol for obtaining BSQ, which is still functional, though deprecated in favor of swaps, as it presents no advantages over the former.
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.
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 `Get your first BTC` room on matrix. 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. Minimum is 10BSQ, to avoid the dust limit of 5.46BSQ and excessive trading costs.
- 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).
- 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.
