Hello; I hope one of you can give me some basic directions. I am a bit confused. I have created an account on Bisq. I have created a wallet on Bisq. i have funds sitting in my Canadian bank account ready to be interac-transfered. How do I get the funds into my account to cover the security payment?
Also please confirm that once I cover the security payment then I can proceed with making offers to buy by funding with Canadian dollars through an interac transfer…??? (if not how do i get the cdn funds into my wallet?)
As Bisq is decentralized it can not hold fiat funds. You can only transact your fiat directly to the other trader which means that you need to start a trade first to be able to use fiat.
You need to pay a security deposit in Bitcoin, so you will need to have some before you start using Bisq for further trading. Hopefully you know some friend who can lend you or sell you a small amount just to get started if you don’t have already. Otherwise you might need to buy some bitcoins first by getting in contact with someone in your area that is using Bitcoin or buy it from centralized exchanges. You can also ask for a loan on this forum in the #support:starter-package category, but asking a friend if possible is absolutely the best option.
There is a Bitcoin ATM run by a company called Instacoin (local to Ontario and Quebec, Canada) local to my city but it uses a wallet app called bread… do I use this wallet or can i use the bisq wallet?
Also I set up my bisq on my desk top. how do I set it up on my cell phone?
Unfortunately you can’t install Bisq on the phone yet. It is planned for the future however.
Depending on how that ATM works, you might be able to import a watch-only Bisq address to the bread wallet or you might be even able to use a wallet like Electrum.
You should check out how that ATM works. As far as my knowledge goes for Bitcoin ATMs, I have seen that some have a camera where you place a QR code of a Bitcoin address in front of it. That address can be an address you generated in Bisq and then imported it as a watch-only address in your Electrum or used some QR code generator to get a QR code of that address. There are open source QR code scanners for Android out there that can generate QR codes and I even believe that you can use a search engine called DuckDuckGo that will generate a QR code when you type “qr code 1YourBitcoinAddress”.
If there are no offers that fit your criteria in Bisq, you can always make an offer yourself.
Well, The ATM with the bread wallet mobile app worked! (was not cheap though) paid $10952 to get a buy at $10100. so on $540cdn I got b49,270. The funds transfered from the ATM to my Bread wallet almost instantaneously (30 seconds). The Bitcoin funds were immediately available. Then I sat infront of my computer screen at home and entered how much I wanted to transfer to my Bisq wallet in the Bisq fund wallet section of the Bisq desk top. I then held my cell phone up to the screen and hit send in my Bread wallet mobile app and the camera on my phone grabbed QTR code off of my Bisq wallet and processed the transfer. This transfer took longer (30 minutes)… So for future reference for all Newbies the ATM Mobile wallet APP approach works (atleast in Canada)… Thanks again for your help Alexej
It’s very nice to see that it’s possible to make the first approach to Bitcoin with Bisq (well, and an ATM or someono who can lend you bitcoins).
Now let’s see if someone accepts a trade offer in CAD.
You probably could have saved up on two transactions there, by buying BTC directly to the address of the trade, but there is nothing to do about it now. You got your BTC and all should be well from here.
Yeah. I tried to print the Q code for my bisq wallet but it would not print. I guess I could have taken a picture of it and used that to cut out a step.
My concern now is that on bisq there are no sellers (in Canadian funds) of Bitcoin and buying offers are just sitting there even though they are above market…
You could have also used QR code generators on the address. Also there will be another step once the trade is actually started where the BTC will leave your Bisq wallet to be locked in a multisig with the other trader. Bisq gives you an option to send BTC from an external wallet to fund the trade, but that is all just optimization. You can start trading soon and that is most important part
As i said, feel free to create an offer. Bisq can always use more offers, especially when there isn’t any in a certain payment option and price. You can create an offer to be based on the percentage of the market price or with a fixed price, it is your preference.
There is a fee that you pay once you create an offer to prevent spam, most of it are just Bitcoin mining fees.
So you can’t really get that fee back once you cancel the trade, if that is something you might be concerned with.
How do I execute a larger purchase i.e. $70,000 cdn. i see that there is a maximum of 0.25BTC per account. Does this mean I cannot buy more that 0.25BTC per transaction?
I figured out how to create a new account in my company name…
Nut I still am not sure how to do a large buy? is there a hard limit of 0.25BTC per trade?
Yes, there is a hard limit per trade. It is 0.25 BTC for bank transfers.
You can create multiple offers or take them. There is no limit for number of trades, just per trade.
is there a fixed fee per trade or is it all a percentage of the size of the trade? in otherwords, If I were able to do one large trade, would it cost me less than breaking it up into 30 trades? or does it work out to the same fee cost?
The fee is not fixed. It is percentage based and it depends on it’s distance from the market price, but mostly on the state of Bitcoin network as mining fees make the majority of the Bisq trading fees.
I use to visited Canada often, because my property was in Buffalo, so I use to have Canadian Bank acc. in RBC,They offer accounts both, in Canadian and US $, so my suggestion to open another account in US$.
Also, it is god Idea to use separate acc.for BTC and another crypto transactions.
As well, some US banks can open account for you without you physical presence, end will sent you atm card, use to be Wells fargo did it.
If you have accounts in both currencies, it will be no problem to found offer.
good luck!
