Bitsquare is awesome


#1

I’ve done a few transactions with Bitsquare, in USD and CHF, and have to say I’m really excited about it. There have been some hiccups but Manfred has always resolved things quickly. I really look forward to using Bitsquare for larger (> 1 BTC) trades. Great work!


#2

Thank you fro your feedback! You had acutally bad luck, usually there are few issues (95% of the trades are without issues).


#3

Any possibility that the limit of 1BTC is raised in next upgrades or we still have to wait while the fiat value of 1BTC keeps growing to be able to deal higher trades?


#4

The limit is there to discourage fraud, with more arbitrators coming this could be very useful. However, it is up for a discussion if it should be up to the traders if they are going to allow it. So the question is should it?


#5

Average trade volume is 0.5 BTC. As price is getting higher we will reduce the limit also because the next version has tons of changes and higher risk for bugs. We don’t want to get charge back scammers and the low limit is a good protection against those. You can do multiple trades and spread the risk by that.


#6

I just want to also add that I’ve consistently saved on fees when using Bitsquare instead of major exchanges like Coinbase. Also Coinbase always takes 5 business days for me using an ACH transfer buying coins, but I can do it in Bitsquare in usually 2-3 days.

The spreads are also great on Bitsquare, nothing like Localbitcoins. Bitsquare is both faster AND cheaper than the rest!


#7

Thanks! Good to hear and congrats that you made good deals.

We still don’t communicate well that there are plenty of arbitrage opportunities. People often follow wrong metrics. You can do 100 trades in 1 day and get 100 USD gain from spread on centralized exchanges or you can do 10 trades on Bitsquare and make 200 USD on a better spread (numbers are just to illustrate the idea). And that’s just about earning money ignoring the risk when the centralized exchange get shacked and the future costs for lost privacy at centralized exchanges.