How do I buy

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1

Hi there, I wanted to know what is the method for buying some cryptocurrencies. Do I need to identify myself or anything? I also wanted to know if there is any cost on maintaning the wallet, or is it free?Thanks for reading.

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2

You don’t need any identification. Bisq is decentralized so there is no one to validate your identity. It is also very private as it uses Tor to hide your IP and there are no central databases of user’s information.

The internal wallet that Bisq uses is on your computer and only you have access to those bitcoins. The software is completely open source, so there would be no way to charge for something like that.
The wallet is your wallet and it is software that you can completely control on your own.

In Bisq every trading pair has bitcoins on one side (by design to insure the validity of the trade) and you can buy or sell bitcoins with/for fiat or other cryptocurrencies. In order to do this you will need to go to accounts and create the appropriate account for your trades :slight_smile:

Welcome to Bisq! :blush:

3

I also wonder is it required to top up account via eg bank to trade btc/usd?

4

No, you will not need to send FIAT currency to the application. However, assuming that you have 0Btc and want to buy some, this will not be possible as you will need at least some (about 0.033Btc) to put down a security deposit for the trade and pay the transaction fees.

You will need to do some research where best to buy some for your local market.

5

ok - so it’s only necessary to deposit crypto - like ltc to trade ltc/any fiat?

6

And how do I fund my account with eur or usd?

7

I am unsure if you can use LTC as a base currency currently or was it removed due to low usage.
So you might need to have a security deposit in BTC so you can trade LTC for BTC and then BTC to fiat, since BTC is maybe the only supported base currency at the moment. You will have to check that.

You don’t. You send fiat directly to the other trader once the trade is started. Then you will be provided with the bank details of the other trader.

8

Ok, two more things that bother me:

  1. How the whole fiat is working. In exchanges we have tether that probably is a scam, there are also btc/usd exchanges, where usd is somehow virtualised. How the bisq works in case I sell btc for usd I got someone else usd but how is it backed up by the system?

  2. I understand that every transaction cost is equal to a send fee? So with btc it might be not that cheap at this moment.

9
  1. You send usd from your bank account to the btc seller’s bank account.
  2. Yes, you have to pay miner fees. Also, a fee for making or creating and offer.

https://bisq.network/faq/ How much does it cost to trade on Bisq?

10

But I understood that I can buy usd with btc without adding any bank. So usd is not stored in decentralised environment but each trasation requires bank transfers of fiat currencies?

11

That is correct for the payment method bank transfer. See reply below.

You will need to add an account of the respective payment method, whether it is OkPay, bank transfer or USPS money order. In any case, the fiat transaction happens outside and independently from Bisq.

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