Wrong deposit amount quoted in FAQ

#1

https://bitsquare.io/faq/#6

How much does it cost to trade on Bitsquare?
A small fee of 0.001 BTC per trader is paid to Bitsquare’s arbitrators for their service availability. Further, this fee discourages spam and market manipulation. A security deposit of 0.1 BTC is required by all traders to participate in a transaction, but the deposits are fully refunded to both parties after a successful trade.

Should not this be 0.01 BTC?

1 Like
#2

Indeed it should be 0.01 BTC.

#3

Fixed;
A small fee of 0.0005 BTC when creating an offer and 0.001 BTC when taking an offer is paid to Bitsquare’s arbitrators for their service availability.

0.01 is the security deposit.

#4

Hi there,

there is a second paragraph in the FAQ with the wrong security deposit:

https://bitsquare.io/faq/#14

We recognize that the 0.1 BTC security deposit could be a barrier to entry to bitcoin beginners, but Bitsquare’s targeted users have used cryptocurrencies before.

The security deposit is needed to protect Bitsquare from fraud and abuse. That said, we will always investigate possible solutions which would allow new users to trade without needing bitcoin first.

Bitcoin can be purchased via many channels: friends or family, Bitcoin meetups, Bitcoin ATMs, LocalBitcoins, Mycelium LocalTrader, or from any of the centralized exchanges.

#6

Fixed, thank you!

#7

I did some trades, and I noticed that the text about fees is incomplete, it says that on order creation 0.0005 goes to the arbiter, while only 0.0003 goes to the arbiter. The other 0.0002 is a prepayment for the transaction fee of the final transaction.

It would be much clearer if the FAQ said something like this:

When you create an offer you pay:

  • BTC 0.0002 mining fee for the offer creation transaction (non refundable)
  • BTC 0.0002 mining fee prepayment for settlement transaction (refunded if offer is cancelled)
  • BTC 0.0003 arbitration fee (non refundable)
  • BTC 0.01 security deposit (refunded on offer cancellation and transaction completion, if you behave)
  • (if it’s a SELL offer) maximum amount of BTC to be sold (refunded on offer cancellation)
#8

Hm… I see it from the users perspective that he pays 0.0005 offer fee. The mining fee is covered by the arbitrator, so he receives only 0.0003. In any case of canceling the offer the 0.0005 is lost.

#9

Thanks for the explanation (and thanks for BitSquare!).

I see what you mean. So the mining fee is considered part of the arbitration fee. I was confused, because in bitcoin, the mining fee is usually paid by the sender. But in this case, you pay the arbitrator 0.0005 and he/she gets 0.0003 because he/she pays the mining fee.

#10

The mining fee what is displayed in the UI is the mining fee for the MS deposit (or payout). To add a second mining fee for the trading fee tx would be a bit confusing to users I assume…

#11

Still confusion in fqa:
“The arbitrator keeps the errant trader’s 0.01 BTC security deposit as payment for her service.”
“We recognize that the 0.01 BTC security deposit could be a barrier to entry to bitcoin beginners, but Bitsquare’s targeted users have used cryptocurrencies before.”

#12

Ah needs update… the arbitrator does not take the deposit anymore, that was initially the plan but just happened very few times. instead the other peer gets it as reimbursement for lost time/trade opportunity.