new to the Bisq community and liking it a lot so far. Probably gonna stay
I’ve got some questions:
Is there a way to use an external (not Bisq) wallet for the trades? Users might want to trade directly from their cold wallet instead of having (a hot) one in between. I couldn’t really find any option to do so. All trades seem to be linked directly to the wallet specified in the Bisq application.
When creating an offer to buy BTC I see this: 0.0002 Maker Fee + 0.00036 Mining Fee. Are that all fees involved in the entire trade for me personally (assuming that the Bisq wallet is start and end-point), or do I have to multiply the mining fee with 3?
In the whitepaper there are 3 mining fees mentioned, but I only count 2 (my wallet -> trading wallet -> my wallet). What’s the third one?
Hi, thanks for your interest! See answers below
No the trade wallet is needed in the app because if you as a maker are offline the app creates the deposit transaction automatically.
Same when the trade is completed the app creates the payout tx.
You can though fund and withdraw each trade separate for increased privacy.
Yes the maker pays 0.2% (at a 1% market distance offer) for the trade fee + one times the miner fee (comes from a fee estimation service - 21.co).
The taker pays 3 times the miner fee. There are 4 transactions in all:
- Maker fee tx
- Taker fee tx
- Multisig Deposit tx
- Payout tx
Because the miner fee might be considerable higher when the offer is taken we cannot split to miner fee 50/50 (as it was earlier with fixed fees), otherwise we run risk that the deposit or payout tx does not get confirmed in time.
Thank you for your explanation!
The process is a lot clearer to me now.
IMHO that’s actually pretty decent. Considering that even some of the cheapest exchanges I’ve seen have at least a 0.25% fee, 0.2% + mining for p2p trading is more than fair.
There is a button on the Create Offer tab labeled “Open your external wallet for funding”. Pressing it doesn’t seem to do anything. Is it working as designed?
I’m using version 0.6.1.
It should open the default wallet you have installed on your computer. With Bitcoin Core it works. Maybe you have no wallet installed and / or your OS does not support that feature.
I’m confused why I cannot enter my external wallet manually, by cutting & pasting the wallet address? Or, is there a way to link my Ledger Live BTC wallet? I don’t see that option… thanks
I’d say the answer is because it wasn’t built like that. But yes, ideally you’d be able to fund a trade from an external wallet and get the payout to the same external wallet.
External wallets can just fund orders. It would be too complicated for Bisq and users to create the kind of transactions that Bisq requires for trading. Once a trade is complete, you can send the BTC to your external wallet.
Bisq is a hotwallet and there’s no 2FA or ledger features that can’t be used, so use a strong password and keep your computer clean.