I have been following bitcoin for a while, but only recently started buying any. I am sure there are many out there like me. For me, the biggest concern with cryptocurrencies is the security of trading and storing the currencies. After doing some research, I found that Bisq would be a good trading platform to start, because of the arbitration, deposits, etc. I was all ready to begin, but the catch was that I needed BTC for the deposit, and could not use fiat. Since I do not have anyone who could readily lend me btc, it seems that I have to get it somewhere else first. So there are two issues to address:
1, Perhaps local bitcoin is safest where you meet in person to exchange cash for bitcoin? That way you actually get the bitcoin in hand. Can someone who has experience with this provide some advice or links regarding what to look out for, how to make sure I get what I am paying for? I know this is not part of Bisq, but in a way it is, because my reason for going to local bitcoin is to get the BTC needed to deposit, and ultimately trade, on Bisq.
- How do I keep the bitcoin wallet on Bisq relatively safe? I realize that the seed words need to be kept secure, and passwords, etc. Also, it is never a good idea to store more than a very small amount in an online wallet. I get that. However, will I have to transfer money from the wallet I use at local bitcoin to the Bisq wallet, or do I use it directly? Could I trade on Bisq directly from a more secure online wallet, such as Armory? Could I use a device such as Trezor to transfer a small portion of BTC to the Bisq wallet for trading?
I need to known the answers to these questions before I buy my first BTC so that I can be sure to secure everything. BTC are like cash, and to new users who are unfamiliar, there are so many ways to steal them. Any additional tips on security, both when using Bisq, and in general, would be very helpful for me, and for many new users.
Thanks so much!