I’m interested in setting up a buy order for CAD>ETH / CAD>BTC using Interac e-transfer. What information should I collect, and what steps should I follow, to prove my payment in the event of arbitration?
firstly, BTC is always on one side of the trade. To trade CAD>ETH, you’d have to trade CAD>BTC and in a second trade BTC>ETH.
Secondly, just go ahead and setup an offer. You create a BTC account at the first start. Make a backup and store the seed and date in a safe place.
Then you create accounts as you please. In your case probably for Interac- e-transfer and ETH (you provide an address that you control).
You don’t have to collect any information. This is all done by the Bitsquare app, the Ethereum blockchain and your bank.
In the rare case your trade goes into arbitration for fraud (which almost never happens, I think once in 3,000 trades), you’ll have to follow the arbitrator’s instructions. If anything else fails, he’ll ask you to create a cryptographically secure ‘screenshot’ of your banking page that proves the pament was made. This is done using PageSigner. You can learn about it here: https://tlsnotary.org/pagesigner.html
he’ll ask you to create a cryptographically secure ‘screenshot’ of your banking page that proves the pament was made. This is done using PageSigner. You can learn about it here: https://tlsnotary.org/pagesigner.html
Fascinating. I assumed it might be something like this. I’m very impressed with the thoughtful design of the Bitsquare system. I already transferred 0.05 btc to my account and plan to set-up some recurring buy orders. I doubt I’ll need arbitration, just want to inform myself on every little detail before I start using the platform. I will have some more questions soon. Thank you.
That’s a clever thing to do!
Recurring buy orders are not possible at the moment but it’s on a very long to-do list.