I want to make my first Bitcoin purchase ever using Bitsquare and I need you to help me clarify some doubts


I want to make a purchase of US$ 3,000.00 dollars worth of Bitcoin at market value, but I requiere of an anonymous method that is still safe to use, meaning a cash face-to-face (or bank account deposit) payment and an escrow system that holds the Bitcoins in question thus reasuring me the seller is being thruthful about owning the coins and be willing to sell them, plus that if anything were to go wrong on his end I would still receive the Bitcoins I paid for. As privacy is key to me, I would pay him/her with cash face-to-face and see him/her complete the trade, or with a deposit to a bank account (if the seller is in another city) and with a scan of the boucher from the payment I did- in case the seller didn’t released the funds from the escrow into my wallet afterwards- I would be providing enough proof that I carried out my part of the deal and the funds would still be transfered into my wallet if I filed a dispute, right?

I have contacted several local sellers and found a bunch that are willing to give me the deal I want, however none of them use LocalBitcoins or Bitsquare or have their funds in an outside wallet, reason for which I need to know how much time would it take for said person to transfer his/her Bitcoins into a (probably just made-up) Bitsquare account in order for (s)he to be able to post the application from which I would inmediatly summit my offer. Could all this process be immediate? Giving that I have yet to choose the seller (it will be the one who accepts proceeding this way) there’s several different wallets that the seller could be using (Coinbase, Blockchain and Xapo being the more commonly referred ones), does this matter? Do transfering funds from a third party wallet take more or less time than from a personal one? Or is there even any particular wallet which will fasten this actions?

Also, three things I would need clarafication on, first of all I want to know if the price will be let to fluctuate between the submission of the purchase and the actual completion of the trade (after I have payed) or is it the opposite? Because what i want is for the Bitcoins quantity to be exact as in the moment the purchase was established and the price I’m paying for them the same, regardless of the high volatibility of the coin. My other doubt is regarding the Bitcoins getting into my wallet after being released from the escrow, aproximately how much time would it take, and how much to appear on the Blockchain (unverified)? Last, by no least, I do not own Bitcoins in Bitsquare and therefor I would need someone to lend me the initial amount, who should I contact for that or how should I proceed?

Thank you very much for all the answers.

Sincerely, David Hume on Phenibut

Ok, so first, there is no cash face-to-face payment method in Bisq as that would not be easy to verify in case of dispute. But cash deposit is an option as well as many other payment methods you can see in the app when you go to Accounts and try to create a national currency account.

Both BTC trade amount and security deposits will be in a multisig with the arbitrator and if you follow the instructions you will get both your BTC and your security deposit, even in case of dispute, once you provide the proof that was asked of you. In case seller doesn’t follow the protocol you could be rewarded his security deposit.

Price will not fluctuate once the offer is taken and trade has started, otherwise it would be quite difficult to know when the payment was sent to be certain that the buyer sent the right amount at that time.

As for the time, Bisq is P2P and it works over blockchain, so there is no delay from Bisq’s part.
It depends on the speed of the confirmation on the blockchain (fees are set to be high enough for this to be quite fast) and the other trader to confirm the fiat payment (this obviously depends on the speed of banks and the other trader). So it could take hours or days and depends mostly on your trading partner and the payment method.

1 Like