From Keybase: Perhaps there should be a ‘best practices’ doc / wiki? Things for newbies to consider - that we’ve all learned the hard way through experience?
What would be your pro-tips, or advice to anyone starting out? 
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- Get sure your “trading computer” is able to run 24/7 connected to the Internet for a couple of days.
- Get sure your FIAT payment method is (tested) working.
- Start small, extend on success.
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As suggested by another:
- 1 bank account for Bisq (or several), one separate bank account for centralised exchanges (or several [mixing any KYC coins coins before adding to Bisq wallet])
My suggestions from a buyer perspective:
- Look for liquidity (payment methods that are global fiat) e.g. Transferwise, Revolut, (and hopefully SWIFT soon)
- Have your standard bank accounts (daily drivers), then transfer any funds to a MISC account to use with Bisq or send them to another bank to use specifically for Bisq.
- Use plausible reasons for trades if using daily drivers e.g. bike sale, “collectables” (BTC is collectable yeah?
), Craigslist ad: #13043 etc. upon other trader agreeing. - Ensure you’ve backed up your Bisq Wallet (w/ data and date it was created)
- Buying BSQ is generally worth it for trading fee savings
- Create accounts across all payment methods you might plausibly use (e.g. F2F, National Banks - Same Bank, National Bank - Specific Banks)
- Join Keybase! Lots of good quality chat and discussions, can get immediate help / assistance.
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I didn’t know where to put that, too small for the wiki. Nice thread, I wish it keeps growing!
Privacy
TLDR: To maximize privacy, coinjoin pre and post sending to or withdrawing from Bisq wallet. KYC can’t be undone.
A Bisq trade needs to use a security deposit that is temporary held on a the deposit address (together with trade funds) and that is returned to each of the trades when trade succeeds.
On the blockchain, the security deposit is a link between previous and post trade state, that connects your identity to the funds when KYC BTC are used.
When buying Bitcoin, the origin of those BTC are unknown but now can be linked to you.
Thus, to improve privacy, is recommended to always coinjoin after withdrawing BTC from Bisq wallet. It doesn’t matter if Bisq has been used to trade privacy coins like XMR.
It’s also recommended to do a coinjoin before sending sending BTC to Bisq wallet, specially if the BTC were obtained through a KYC exchange. But remember, once you have done KYC, that can’t be undone. The exchange will always know your KYC data and wether you bought or sold BTC.
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To know where liquidity is, see market - trades. Offer book only display offers that are not taken (they’re probably not good enough).
So Samourai Wallet? Would be awesome to see a play-by-play chart breakdown.
Worth noting: even if never using KYC exchange yourself, the fiat exchange may be with someone who has. So its just a step removed.
Minimum step would thus be if buying & getting BTC (dunno from where if KYC or not); to send from Bisq Wallet → Samourai Wallet → whirlpool → ??? [variety of options] → comes out KYC free.
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- From keybase: “It is the volume that usually trigger the banks in the US. My standard response is always ‘for services rendered’ (aka. F off). So going to the same person makes that story more believable.”
That’s a great response.
Clarifying this - I avoid central exchanges all together. But it makes sense to separate if doing so. Can confirm banks have identified them, and automatically pick up on it. They flag them as ‘risky’, as scammers often appear to send hacked account funds to exchanges, convert to BTC etc.
Don’t leave much funds on payment methods e.g. Transferwise, or Revolut.
I send to it what I need to send to trade partner, with a little amount left over for fee’s etc. that sit there.
Pending a random investigation/possible deactivation you want to have the ability to just not bother and walk away from the payment method. You’ll feel a lot more obliged to engage if you have considerable funds on the line.
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Here are my tips for good practices for people trading with fiat:
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Make sure you have backed up your keys.
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Regularly backup Bisq (I save to encrypted USB).
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Check out all the different payment methods on Bisq to see which ones would be good for you to use: Payment methods - Bisq Wiki.
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Open a number of payments accounts that you will use solely for Bisq
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Keep the account close to zero balance. When you start a trade deposit funds into the account. When you have finished a trade remove funds from the account to an account in your name you do not use for Bisq trades.
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Think about what you can do to make the accounts you use for Bisq want to keep you as a customer. Free transfers in/out don’t make them money. Consider doing things that make them money; use their debit card, pay for a premium account, use the services they offer, etc.
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