I thought I’d update everyone on using Bisq in the UK.
Over the last 3-4 months I’ve done about 30 different trades (all buying BTC).
Payment used was FasterPayments (in the UK), these are bank2bank and normally clear within a few mins).
Trades have been in the 0.05 - 0.125 (BTC) range although I have done 0.25 a few times.
All have been a 100% success. However, 4 have ended up in arbitration.
- I did a trade over the weekend via my UK bank. The other trader used a continental European bank where the bank had a UK presence. I paid within 1 hour of initiating the trade (On either Sat or Sun) but 24 hours later the seller of Bitcoin reported he had not received any money. He therefore called in arbitration.
What happened was this - it seems that Faster Payments between UK banks works 24/7 UK bank to UK bank but if one side is not a UK bank (as was the case here), Faster Payments doesn’t work so well over the weekend. But come Monday morning the money cleared and the BTC seller released my BTC. No doubt if this trade had been done on a weekday there wouldn’t have been a problem.
- The 3 other arbitrations were solely down to the BTC sellers not playing the game properly.
90% of the time I pay within the first hour and I QUADRUPLE check everything (bank account numbers etc) so there’s NEVER a problem my side. But it seems that some traders like to keep people waiting so long (play stupid games) they fail to clear the trade within the 24hour period. I went to arbitration on all 3 trades and within a few hours everything was sorted out, ie got my BTC.
In such cases I strongly advise everyone to immediately block that onion address. That’s what I did and hopefully that will make these sorts of people think again before playing games. Let’s not forget that 24hours is more than enough time for a trade to go through. If you cannot clear a trade within that time-period, DO NOT TRADE WITH OTHERS, wait until you can.
Apart from the minor problems above, everything has gone great using Bisq.
One thing that foxed me right at the beginning with faster Payments was when I received the bank details (from Bisq) there was no name (good!), only Sort Code and Account number. Yet my bank always asked for an account name on its website. The name it appears is not checked (although for my bank you still need to enter one) so I’ve been using something made up like John Smith or Alan Black. I HAVE HAD ZERO PROBLEMS FROM MY BANK FOR DOING THIS. Perhaps someone from Bisq can add this information if there’s a ‘How to buy BTC with GBP’ article/video.
Finally, one way of determining if your brand is strong is when the users of said brand ADVERTISE it to others.
Take Apple (very strong brand) as a good example against Microsoft (very well known brand, but at the same time not a strong brand). For example, how many people who bought an iPhone or other Apple product have sold it to their friends - hey check this out. Versus how many people have raved about a Microsoft product and sold it to their friends? Never confuse a strong brand with a very well known one…
So on this point, Bisq has a pretty good brand because I’ve told many people about it and advised them to use it.
Thanks Manfred and others, slick product and only going to get bigger IMHO.