Securing BSQ tokens


#1

It is good to remember that the BSQ you hold on the bisq client are in a hot wallet.
This means that if for some reason your computer gets compromised, the BSQ are at risk.

Long term BSQ holders are advised to move the coins to a more secure location, like trezor and/or multisig.

Moving BSQ must fully comply to the BSQ protocol, and missing even a small detail may invalidate your BSQ. For further protocol details, you can check:


I will describe here the process that generates the simplest transaction using a trezor:

  1. Connect your trezor to an electrum client. It is advised to use a separate trezor for the BSQ purpose, or at least to activate a unique passphrase. This way you don’t accidentally send the BSQ as regular BTC.

  2. Sending from bisq client to trezor has no risks. Better split the holding on your trezor between few addresses.

  3. On the BSQ trezor wallet, you would also keep some BTC for fee purposes (on a different address).

  4. To send from the trezor, visit explorer.bisq.io to verify the amount of BSQ that the address holds [add the ‘B’ to the address]. Then start generating a BSQ transaction:
    A. On electrum “Addresses view”, choose the address that holds the BSQ AND (using “CTRL”) an address containing some BTC for fee purpose and click “spend from”.
    B. On “Pay to”, give the destination address and as amount give the amount that the BSQ utxo holds, e.g. for 4.2 BSQ, write 4200 satoshi or 0.00004200 BTC.
    C. Important is to preview the tx and verify that the BSQ output is the first one! If the change address comes before (it may happen if the change is smaller than the BSQ amount), you will lose your BSQ!
    D. Sign and publish.

    An example for a good BSQ transaction:

    Inputs (2): [order doesn’t matter]
    01234567…89abcdef:21 1BTCmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 0.01
    89abcdef…01234567:3 1BSQsrcmmmmmmmmmmmmmmmmmmmmmmmmmmm 0.000042
    Outputs (2): [order MATTERS!]
    1BSQdestmmmmmmmmmmmmmmmmmmmmmmmmmm 0.000042 [‘B’ of the BSQ address dropped]
    1BTCchangemmmmmmmmmmmmmmmmmmmmmmmm 0.0095
    Fee: 0.0005

For the more technical users, you may mark the tx as RBF to optimize the tx fee. Just take care and before each fee bump, make sure the BSQ amount hasn’t changed, and the order of outputs is kept.
For the paranoid - also trezor+multisig was tested and works.

DISCLAIMER:
Sending BSQ manually outside of the bisq client is risky. I take no responsibility for the above instructions, as they may contain a mistake. Please try it first with a small amount of BSQ.


#2

Note: Be sure to understand 100% what you are doing if making a custom BSQ transaction outside Bisq.
Test with a tiny amount of BSQ the full round trip (sending BSQ to a Trezor and back to Bisq) to be sure you fully understand the process.
As @grazcoin mentioned the order of the tx outputs is essential, a mistake here would invalidate your BSQ!


#3

How can i buy bisq tokens? @ManfredKarrer


#4

You will probably have to wait until they are deployed first. Then I assume that they will be added to Bisq so you can trade them there like any other coin.


#5

We changed plans with our DAO and delayed the genesis distribution to the time when we have the full DAO ready (including phase 2 and phase 3). We will announce soon more info…


#6

Hi,
I sent int my BSQ tokens request over a year ago, and since then seem to have lost my seed backup for the address I provided & the computer I used with the bisq client is long gone.
Is it possible for me to re-request tokens for the genesis? or Provide a new address?

thanks

S


#7

We will contact all contributors before we launch on mainnet to provide a new address anyway. So no worry… Plan is end of year to launch on mainnet. Testnet will be launched in next release in prob. 2 weeks.


#8

And how will you contact? I don’t even remember if I used a burner mail.


#9

Every forumer can be contacted by PM here.
And the mainnet launch will be advertized.


#10

Just make the same request as u did a year ago


#11

Ok, good to know. Good luck! It’s so great to see the volume picking up :sunflower: