This is my first purchase, I’m just dipping my toe in to test the waters, and I am seemingly missing some BTC.
Fortunately, I have screenshots of the entire process, which I did to be sure I could go back and see what I did wrong, if anything, so I have screenshots of everything. I also have an exported csv of it. So, here goes -
I started with 0.02742999
I then bought .005 btc ($67.18)
My available balance is now .02843799.
difference between what I think I purchased, and actually have, is:
.001008 , or ~ $13 at the moment.
I double checked my math. Did I just pay $67 for ~ $13 worth of BTC? Surely I’m not understanding something correctly…
After it was completed, I clicked the button to “Send to bisq wallet”…the blockchain shows the xfer going to Bitcoin address 1EJNU9BB1ui3WTdcmTyCHyXTdregmPjYVx
And I DO see that address with .007, under my ‘Received Funds’ section. So why isn’t it showing up under the top ‘Available Balance’ field? Also, when I click on the icon to the right of the .007 to ‘Open your default bitcoin wallet’, it says I do not have one configured. Wut? I obviously must, it prompts me for the wallet password everytime I launch the app. And where else would my current Available balance be?
Am I mssing something? Where’s the rest of it? It’s been over an hour, and blockchain-wise, all is confirmed.
Could it be the bitcoin mining fee?
No, the mining fee is just a tiny fraction, not ~ 80% of it. I think I just need a default wallet to consolidate all my btc…maybe? But as yet unsure how to do so.
Did you click on “Complete” that should release your security deposit.
Bisq uses multiple Bitcoin transactions for the trade of which some are multisig transactions which are bigger in size, as far as I know. As mining fees are quite expensive on the Bitcoin blockchain right now, it makes a significant value, especially for small trades like yours.
You need to remember that Bisq works over Bitcoin blockchain and in a decentralized way as well. This makes it more “blockchain intensive” and mining fees get to be bigger.
All of this should be displayed however before the trade starts, so you know what you are paying for.
I don’t see that there was an issue here other than a simple misunderstanding of the trade fees.
As for the default Bitcoin wallet, don’t worry, that is just a feature to open up your local external wallet installed on your computer (exp. Bitcoin Core, Electrum) which seems to either not be installed or not being recognized by Bisq as a default Bitcoin wallet.
So, did I just pay $67 for ~ $13 worth of BTC? Or, it cost me ~ $54 to buy .007 BTC?
I’m just testing the waters here - I’m now concerned about jumping in and buying a few thousand dollars worth, should I be? Or, will it basically cost me ~ $50 for any amount of purchase, in which case, just keep my purchases quite large… in which case, I’m also limited to, I think, .25 BTC, which is now about $3717 worth of btc. So, for every ~ $3717 I spend, it will cost me roughly $50? In which case, I think that’s reasonable since it’s about 1.3451708366963% of my transaction. Much better than whatever this huge percentage is.
The mining fees are still too high and we will adjust them soon to lower values. We will move to another fee estimation service asap as well.
The trade fee has a minimum value which is about 4 USD (was 1 USD when we have set it but rising BTC price made it higher as intended). That will be lowered as well but it is a bit harder to change as it is hard coded and verified by the trading peer, so changing that would break trades with users who have not updated. But there will be soon as well a solution for that.
For What It’s Worth, I did look at that trade and saw the fees and passed on it, it seemed way too high but I was not sure. Thanks @Freedom for taking the bullet to find out the fees.
Yes @ManfredKarrer lower fees would be welcome, thank you for your work on this project.
I’m still not clear on one thing - can I safely assume I can use bisq to start making much larger purchases in the $2K-$4K range, and ‘only’ pay around $50 per transaction?
Thanks to all who have replied!
Mostly yes, but there is a trading fee that depends on multiple factors, including the amount of the trade and distance from the market price. You will be able to see all of this before the trade however, so you will be able to make choice depending on the trade.