There needs to be some security guidelines for new BTC users at Bisq

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1

Hi,

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.

  1. 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!

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Hi Gilson,

yes you need BTC first before you can do any trade on bisq, buy or sell.
I also think this is not perfect, but they want the people to have something to loose before they enter any trade, so they have incentive to make a fair trade, otherwise they loose their deposit. You could also otherwise just spam the buy orders and blocking every sellers bitcoin in escrow, but never pay.

A good way to buy would be LBC indeed. I don´t know if meeting people in person with cash is the best and safest way.
I would suggest you look for a seller that has a verified ID and quite some trade experience on localbitcoins and then buy with regular bank transfer. It´s pretty unlikely that he would scam you for a small amount of btc. People with high sales numbers and buy and sell orders are traders, and their business model is to trade.

It´s also pretty safe in my opinion, because the seller has to put his bitcoins into escrow, so you can be sure that LBC has the bitcoins.

Then you wire the money, and the seller should release it. If the seller refuses to release he can not get his bitcoins out of escrow so easy. Just like in bisq there would be a dispute and you would need to prove to the LBC staff that you have wired the money.

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As for the security, it is just like keeping any secret. If no one has your wallet (or the seed) or don’t have a password for your encrypted wallet, no one can steal your bitcoins. So you have to worry about malware when you operate a wallet on your computer. Using Linux is the best option and not installing any weird software of the Internet, which Linux users usually don’t do anyway. Other then that, don’t give none of those information to any other website or service and you will be fine, as long as you use it correctly.