425
views

The Bisq Exchange – An Easy to Follow Guide for New Users

The Bisq exchange was one of the first DEXs (decentralized exchanges) to enter the market. The platform facilitates crypto trading in a peer-to-peer manner and via a non-custodial protocol. According to the platform’s creator, Bisq is a code more than a company. It’s an open-source project organized as a decentralized autonomous organization (DAO) and built on top of Bitcoin’s blockchain.

Features of the Bisq Exchange

Bisq’s coding is available on Keybase and GitHub. As one of the first successful DEXs in the market, Bisq helped pioneer non-custodial trading with its decentralized trading approach. Notably, Bisq functions as a global Peer-to-Peer network of users.  Every network participant runs the Bisq client separately on their machines scattered across the globe. In this way, the platform features a truly decentralized design that proves nearly impossible to shut down.

  • Non-custodial

At its core, Bisq is a non-custodial exchange. Non-custodial exchanges differ from custodial exchanges in that they never take control of your crypto. Instead, advanced smart contracts simultaneously swap your crypto with other users directly. Non-custodial exchanges remove hacking risks from the equation because they don’t hold any of their user’s funds. There’s no real financial gain for a hacker to attack this platform.

  • Privacy

As a DEX, Bisq can provide high-level privacy features to users. For example, there is never any KYC or registration required to participate in the network. Keenly, all trading data is stored locally on your disk. Bisq never gets access to your trading data because it’s never sent to a central server. Additionally, every Bisq node integrates a Tor hidden service by default. In this way, all data is transferred over Bisq’s secure peer-to-peer network, built on top of the Tor network.

  • Trade Fiat

Bisq is the first DEX to provide fiat trading services. Keeping in line with its non-custodial approach, Bisq does not hold any fiat currencies as well. Impressively, all national currencies transfer directly between traders using traditional banking and payment services.

The platform managed to secure a large number of ways to accomplish this task. Specifically, options include Zelle, MoneyGram, Postal Money order, WeChat Pay, Western Union, and many more. Best of all, Bisq makes no mention of crypto activities to your bank when withdrawing funds. In the past, banks have closed users’ accounts for crypto purchases. Bisq users avoid these risks thanks to the platform’s discretionary measures.

  • Community

Bisq is a community-based project. This community is always seeking out highly-skilled developers, designers, and security experts. If you want to become a part of this decentralized trading platform, check out the Bisq community forums.

  • Transparency

Bisq’s open-source code and transparent nature make it ideal for anyone seeking an open trading experience. Every trade is easily visible on the platform. There are never any hidden fees or masked codes using this exchange. Impressively, Bisq encourages all developers to test its code and develop Dapps to improve the UX for all.

How Does The Bisq Exchange Work?

Bisq functions as a desktop application that relies on a decentralized arbitration system to complete trades. This protocol allows users to create fiat or cryptocurrency accounts, construct new offers, or take existing ones. The interface makes it easy to trade, buy, and sell Bitcoin and other cryptocurrencies safely.

Bisq Exchange – Security Deposit

Uniquely, you will need to provide a security deposit to trade on Bisq. This deposit is what incentives buyers and sellers to follow the guidelines. These deposits remain locked into a multi-sig escrow contract. When the trade completes successfully, the deposits are returned to each user. If one side fails to meet their obligations, they forfeit their deposit. 

Easy to use Interface

Bisq features an interactive interface that removes the technical barriers to DEX trading. You can see what trading pairs are available and execute trades in seconds. 

Bisq Exchange DAO

Bisq also incorporates a decentralized governance mechanism known as the Bisq DAO. This protocol allows users to vote on significant upgrades and changes to the platform. For example, users vote on BTC and BSQ fee adjustments periodically to accommodate for market fluctuations.

Users gain more voting rights depending on how much BSQ they hold in their network wallet. This strategy ensures that those with the most to lose control of the network. This way, it guarantees that all voting participants have something to lose/gain in the network’s success.

BSQ Token

BSQ tokens function as the primary utility and governance tokens for the platform. Users can also pay fees, trade, and send and receive this token using the network. 

History of the Bisq Exchange

Bisq originally entered the market as Bitsquare in 2014. It was way ahead of the curve in terms of DEX platforms. Currently, the exchange’s headquarters is based in the EU. Manfred Karrer is the founder of Bisq.

How to Use the Bisq Exchange

Bisq is easy to use. First, you need to go to their webpage and download the app. You can also build it from the source code listed on Github. 

Next, you need to fill your fiat or cryptocurrency accounts. Once your account is loaded, you can create a new offer or take an existing one. From there, you follow the user interface to finalize the trade. The entire process is seamless. However, transactions do take a bit longer than centralized exchanges depending on the payment methods utilized in the transaction. 

Bisq Exchange – A Pioneer that Still Plays a Vital Role in the Market

Bitcoin live price
Btc
Bitcoin
$19.446,13
price
0.07672%
price change
BUY NOW

As the DEX market continues to expand, it would be hard to argue that Bisq wasn’t years ahead of the competition with its decentralized trading protocol. This platform has stood the test of time and continues to provide a useful service in the market. For these reasons, you can expect Bisq to remain a popular DEX option for both new and experienced cryptocurrency traders for years to come. 

Stay up to date with our latest articles

More posts

ProBit Global – A Platform Allowing Traders to Exchange Bitcoin and Altcoins

Cryptocurrencies such as Bitcoin have been around for a few years now. However, a relatively new type of cryptocurrency is quickly gaining popularity: altcoins.  Altcoins are cryptocurrencies that differ from Bitcoin in various ways, including the mining process, distribution, and transaction fees. ProBit Global is a cryptocurrency exchange that offers users a safe and easy way to buy and sell altcoins. With ProBit Global, users can trade altcoins without having to worry about the complicated process of mining or transaction…

WazirX – A Crypto Exchange Investing in Security Developing in the Indian Market

The crypto industry is growing rapidly in India, with new companies like WazirX entering the market. WazirX is a P2P exchange that allows users to buy and sell cryptocurrencies without going through a third party.  This review will analyze how WazirX is currently leading the way in the Indian crypto market growth. What Is WazirX? WazirX is a crypto exchange allowing users to trade cryptocurrencies. It also allows users to store their cryptocurrencies in the WazirX wallet. WazirX’s concept came…

Changelly – A Crypto Exchange for Beginners and Experienced Traders

Cryptocurrency exchanges are the platforms where you can buy, sell or trade cryptocurrencies.  There are many different exchanges, but Changelly is one of the best options for beginners and experienced traders. Changelly offers a quick and easy way to exchange cryptocurrencies and has a wide selection of coins available.  Changelly also has a very user-friendly interface, making it an excellent option for those new to cryptocurrency trading. So if you're looking for a crypto exchange platform, check out our review…

OKCoin – An Exchange for Global Cryptocurrency Trading

Cryptocurrency exchanges are digital platforms where users can buy, sell, and trade cryptocurrencies. The first crypto exchanges appeared more than ten years ago, and OKCoin was among them.  Crypto exchanges let users enter the crypto market and provide a way for investors to get involved in the sector. OKCoin is a famous player in this market, and it offers a variety of features. These functionalities make it a well-known choice for both new and experienced investors. What is OKCoin, and…

Korbit – A Popular Crypto Exchange in the Large South Korean Market

In South Korea, the crypto market is growing rapidly, and one of the leading exchanges is Korbit. Korbit has been operating since 2013 and offers a wide range of coins to trade.  The company has its headquarters in Seoul and has millions of users. Today’s review will look more closely into this popular South Korean platform for all our readers. What Is Korbit? Korbit is a website where you can trade different types of cryptocurrency. You can buy and sell…

Discovering the 0x Protocol Exchange – A Guide for Beginners in Crypto

Through its worldwide DeFi system, blockchain technology provides many people with the possibility to achieve financial freedom. Many assets can have their tokenized versions online, thanks to DeFi protocols. For the 0x protocol, building a tokenized world and unlocking its value are top priorities. Our guide will illustrate how 0x works by looking into its key components. About 0x In order to facilitate decentralized token trading on the Ethereum Blockchain, 0x entered the market as an open-source protocol. Seamlessly and…

Beginner’s Guide to Trade Cryptocurrencies Derivatives on dYdX Crypto Exchange

With the rise of decentralized finance, the cryptocurrency market has seen an influx of interest from investors. Traders hope to profit from interest on their holdings or long- or short-term asset movements.  Traders only need to connect their wallets to dYdX to start using this platform. This mechanism wishes to reduce the overall complexity of the system.  Do you wish to learn more about dYdX? Our team reviewed this platform to provide you with a guide on this popular crypto…

Trading Crypto with the LBank Cryptocurrency Exchange

One of the most exciting aspects of the cryptocurrency sector is the number of exchanges that have sprung up.  Crypto enthusiasts from all over the world have taken notice of the interest in LBank Exchange (or simply "LBank"). This platform is one of the market's most famous cryptocurrency trading systems. Let us learn more about this platform in today’s guide, where we will look at LBank’s main features. About LBank Founded in 2015, LBank is a Hong Kong-based cryptocurrency exchange.…

Gate.io Cryptocurrency Exchange – A Guide for Every Crypto Beginner

Gate.io wishes to become a one-stop-shop for all crypto enthusiasts. The system lets you choose among different features and hundreds of different coins in its catalog. The platform allows spot and margin trading with more than 1,000 trading pairs. Today’s guide will provide more information on Gate.io through a complete review of this platform. About Gate.io Inexperienced traders can use Gate.io to acquire less famous cryptocurrencies. Some nations allow margin trading on some of the 1,300 cryptos offered on the…

BitYard Review: The One-stop Trading Platform with Perpetual Futures

The crypto exchange market has recently seen the birth of new companies to study before entering the sector. With an ever more comprehensive market offer, it is up to the individual investor to understand the industry’s best operator. Keeping in mind that different traders are better suited to different types of investors, today we will impartially talk about BitYard, a Singapore-born trader. BitYard launched in 2019 as a cryptocurrency exchange that offers a range of services to its customers. One…