Bisq n00b here…figured I’d give it a try again. Download Bisq last year, was beyond confused and deleted the app. Just installed v0.7.1 and want to give it a proper try this time.
I have used a lot of centralized exchanges so I have experience there. But Bisq is a whole different animal it seems.
Is there a tutorial video on exactly how to trade ETH for BTC? I looked on Youtube and didn’t really find much. This is all a bit confusing. A thorough walkthru on the entire process would be amazing. Thank you!
Thanks for that. None of the videos show how to buy BTC with alts, only BTC/fiat exchanges. But I’m learning and did read the review paper you linked to.
Question…in my case I want to buy BTC with ETH. Under Account > Altcoin accounts > Add new account > Create new account > Altcoin address - what is this exactly? Is it the ETH address where I am holding my ETH I want to sell, or is it something else? This is confusing.
And how does it work if the ETH are on a hardware wallet like a Trezor?
Since I am a new user, can I exchange the maximum Bisq-allowed amount of 1 BTC, or is there a limit in place for a period of time? I read something about only .25 BTC for 30 days?
Security deposit…if I want to buy a full 1 BTC with my ETH, shouldn’t the deposit be a full 1 BTC from the buyer & seller? I’m confused on why it can be lower and still cover me in case the seller tries to pull something like not send me the BTC.
So Bisq has a max .25 BTC limit now? I thought it was 1 BTC. Very confusing.
And what exactly “starts” the clock on how old one’s account is? I don’t see this anywhere within the application, like an “account age” box or anything like that.
You have to put an ETH address that you’re in control of. I’m not sure if you need to complete this to sell altcoins (I haven’t traded altcoins ever), but as there’s no wallet integrated on Bisq, if a ETH address is required to sell ETH, then it has to be one from an external wallet.
It should work as any other external wallet. What is locked is BTC into a multisig 2/3 account, and a deposit. The ETH goes straight from your address to buyer’s address. I assume you already have some BTC to pay security deposit and fees. Do you? This is handled by Bisq client, and needs to be paid to make or take an offer.
The limit for new accounts is 1BTC. Because there’s no chargeback risk, limits are higher than BTC/fiat markets. I think that the higher limit for a trade is 2BTC.
A general advice that I give to new Bisq users is that they should not be afraid of touching things. There’s a lot of confirmation alerts explaining all the steps that you’re taking before creating or taking an offer, an those explanations let you understand more about the whole process.
Yeah, I think account age doesn’t matter for altcoins. No need, since there is no chargeback risk.
You can put an ETH address from which you will send the ETH to the trader.
Seller will have their BTC trade amount locked as well, not just the security deposit.
So if anything goes wrong, you can prove that you paid the trader and the BTC will be sent to you with a 2 of 3 multisig transaction from an arbitrator.
Account age start from when you create your account in the Account screen.