Hello everyone! In case of any English error please let me know!
Well I always bought BTC with traditional exchanges here in Brazil. Since buying BTC with centralized exchanges is becoming worse and worse I got interested with the Bisq concept. I saw some videos about but they weren’t enough.
I created a new account recently and since I want learn using it I intend to start buying small quantities in BTC and minimize any error.
Is possible to buy BTC in quantities smaller than 0.001 BTC? I ask this because always that I try to buy about 0.0004 (about US$ 3.7 or R$ 20), the security deposit is more expensive than the BTC that I want to buy! Well I think this is normal since the BTC became stronger in later years.
Well, after I creating the offer, then I make this security deposit with an external wallet? After the transaction being successful, this security deposit returns to my external wallet?
The security deposit should go back to traders if they follow the protocol. It is set to compensate the victim of protocol violations.
So, I would worry more about how much % will you or the taker pay in trading and mining fees than the security deposit. If you set an order that will make the taker pay 10% extra only in mining and trading fees, it probably won’t be taken.
So maybe it makes sense to wait a little longer to be able to make a higher order. Just look at the last performed trades to get an idea of the lower orders that traders are willing to perform in BRL. Most of the orders are for 0.01, although there’s a couple for 0.002.
You can edit the spread of the order, so if it’s unattractive to BTC sellers you can improve it later.
If the size of the order it’s very small (like 0.0004 BTC) the fixed costs of mining and trading fee will have to be compensated by a very high premium in favor of the seller (you’ll have to buy at a very high price).
Yes, you should leave your node connected. It’s a P2P network so your node should be constantly sending your orders to the network, and receiving messages when an order it’s taken.
The time that it will take your order to be accepted will depend on the conditions of your order and the market involved. Good offers for takers will be taken faster, if they’re not attractive they could never be taken. I can’t give you estimated times or other orientation for BRL because I haven’t made any trade there. Usually, at Bisq is easier to sell BTC than buy, and it’s cheaper to make the order than taking it (although it requires more time).
One thing I do at markets with low liquidity is progressively edit the price to make it more attractive for takers, until it’s taken.
Once a trade starts, the time for completing it depends on the payment method used. If a bank transfer takes 2 days to complete, that’s more or less the time that will take for your trade to be completed.
These deposits return to the Bisq or to my external wallet? Well, I send the security deposit from my external wallet. Is better to let this in Bisq or in my external wallet?
Obviously nobody is interested because trading/mining fees are close to the trading amount. When using BTC you have to transfer substantial amount. For small quantities is better to use altcoins.
You may choose which wallet to send it to. If you are planning to trade some more then keeping it in Bisq is handy. But in the end the bisq wallet is like most other wallets. It comes down to choice and where you rather have your funds.
As @bisqlover mentionned that is a small amount of BTC and so most people will not take that offer. You may have to set a better rate. If you want to sell such a small amount you can offer a 5-10% premium. This may encourage a user to buy it.
All the people that are selling BTC are “live”, since you must leave the Bisq ON to trade currencies? When I buy BTC by bank transfer then will I receive BTC as soon as the money arrives in the seller’s account?
You’re correct the Bisq app has to remain open for offers to remain available. When you take an offer and send the fiat payment to the seller you’ll have to click “payment sent” in the app and they will have to wait for it to arrive then click “Payment received” in the Bisq app.
Once they click “payment received” the BTC is released to you!
