Nervous about first tranaction

Looking to trade btc for alt not sure about the wallet. Does Bisq create a wallet for the alt or do I need to have one? How do they link? Bisq can’t find my local bitcoin wallet. It has its own, but I don’t know what happens after a trade. Mininimum txn is very high so it’s worrisome.

No, Bisq doesn’t have an altcoin wallet, only the Bitcoin one.
You need to have one and create an address that you will give to Bisq by creating an Altcoin account in Accounts. After a trade, after you confirmed that you received your altcoins, you will be returned your Bitcoin security deposit and trade will be completed.

If you are worried about Bitcoin tranasction fees, they decreased recently, but you can still change your base currency in Settings to Litecoin or Dash, if you wish. Then you will be given trading pairs with your new base currency at one end.

Basically, currently 5 sat/b tx are mined on almost every block, which at the current rate is like 10 cents.
From experience, Bisq’s chosen fees are always a bit on the higher side (totally understandable, you never know if maybe the next block takes an hour and the mempool fills like crazy e.g.) but in general you’re not going to pay much for this Bisq trade.
Bisq uses this (afaik):

Right now it displays “41-50 sat/b” for having the tx confirmed in maximum 5 blocks. This is like a single USD. Can’t complain imho :stuck_out_tongue:

For sure less than on any other exchange. I’ve seen ones where you pay like 10-15$ in withdrawal fee…
(Because as long as your money is on those online changes, it’s not your money, I take this into calculation and not how many believe “well it’s just the 1% trade fee”)

You can see here the Bisq fee:

Yes we ware currently on the safe/high side. We had plenty of issues in the past with being to risky and we are looking to improve the fee estimation service. The service tends to overpay in calm times but when the tx spammers are active again it is required to be on the safe side, otherwise your tx might get never confirmed or at least long delayed.

E.g. You can be save now with 10 sat. and it might get confirmed in the next 3 blocks, but if the tx spam start before that then it might get never confirmed (falls out of mempool after a while).

1 Like

Okay, places a transaction. No less nervous than before. BTC goes off into the abyss in hopes that maybe Some clashic appears in a text file or something, there doesn’t even seem to be a wallet and I couldn’t enter one, can’t talk to the people on the other end. I’d like to say test send .1 coin first to make sure it works, but then it’s not even going to addr. So really no idea what’s happening.

It seems like you are very confused about Bisq.
I responded to your topic and hopefully you can resopnd there so we don’t keep this conversation in multiple topics.

I don’t think “the customer is always wrong” will lead to a solution. I’ll answer more on the other thread.