Bisq Reviews in 2024 are excellent - Here is why!

Bisq Review Contents

• Overview
• Services offered
• Payment and payout methods
• Fees
• Currencies supported
• Countries available
• Security
• Support

Overview

Bisq formerly known as BItsquare is a decentralized bitcoin exchange network that enables the secure, private, and censorship-resistant exchange of bitcoin for national currencies and other cryptocurrencies over the internet. Bisq is available as a free download for Windows, Mac, Debian/Ubuntu, Red Hat/Fedora, and Arch Linux. The Bisq application forms a peer-to-peer network by discovering, connecting to, and working with one another to implement the Bisq trading protocol. The Bisq network is fully peer-to-peer in that it requires no centrally controlled servers and has no single point of failure.

Services offered

Bisq is built on pure P2P infrastructure: desktop software, Tor, local wallets, and no central accounts. Furthermore, it is not a company, and its governance model incentivizes the protection of user privacy and freedoms. While the transfer of national currency requires traditional payment channels like banks and payment processors, Bisq is not dependent on any particular provider. The role of these payment channels is limited to what it should be: transferring national currency. That’s it—no censoring, confiscating, monitoring, or controlling your financial transactions.

BSQ Token (colored bitcoin) the Bisq DAO enables value transfer from traders to contributors without centrally held bank accounts or wallets. This enables trading fees to be distributed to project contributors without any banks, corporations, or other legal entities—keeping Bisq stateless & sovereign.

BSQ Wallet built-in Bitcoin wallet is based on BIP 44, BSQ wallets have an m/44’/142’/0′ derivation path, The same seed phrase is used for BTC and BSQ wallets. The wallet date is required by bitcoin, which is the library Bisq uses to interact with the Bitcoin network. With just your wallet’s seed words and date, you can restore your Bisq wallet and all its BTC and BSQ into a new Bisq wallet if you ever need to. If you lose your wallet’s seed words and date, you won’t be able to restore your wallet, and all funds in it are lost forever. So make sure you keep that paper safe.

Bisq Mobile App Bisq also offers mobile apps for iOS and Android, although the mobile apps do not support full Bisq trading; instead, the mobile apps simply let you stay up to date on your Bisq trades and receive notifications on your mobile phone.

Payment and payout methods

Once you’ve set yourself up with Bisq, you’ll want to go ahead and fund your account. If you want to buy cryptocurrency with fiat currency, you’ll need to fund your account through an outside entity. Supported third parties include Advanced Cash, Perfect Money, National Bank Transfer, SEPA, Western Union, Zelle, and Face-to-Face (F2F). You can also use your existing cryptocurrency pool on Bisq.

Out Of Band Fiat Payments: Bisq does not directly integrate with banks or other national currency payment systems in any way. Instead, Bisq’s trading protocol allows buyers and sellers to settle fiat payments outside of the Bisq application (say, by completing a bank transfer).

Fees

In Bisq’s case, it charges fees differently than most other brokerages, its trading fees are charged in Bitcoin. You can also pay them in BSQ, which is Bisq’s colored Bitcoin that it used to govern and fund itself.

Per one Bitcoin traded, each trade maker is charged 0.001 BTC and each trade taker is charged 0.007 BTC. In BSQ, those numbers are 8.74 BSQ and 61.21 BSQ, respectively. Mining Fees have to be paid by the traders and takers because it is volatile and fluctuates significantly.

Currencies supported

Bisq supports different cryptocurrencies (the options of buying/selling might be different for some countries). In the company’s portfolio, a user might find the most popular tokens and many more. Those include:

For more details regarding currencies please do visit the main site as in Bisq varies depending on geographical location. For more information please visit the site.

Countries available

Bisq is an anonymous trading software that uses the Tor protocol. It can be used anywhere in the world. However, Bisq’s developers recommend using caution if trading bitcoin in parts of the world where bitcoin is illegal. Bisq claims “undercover agents can act as peer traders” on Bisq, and traders could face severe penalties.

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Security

Bisq never holds your funds. Deposits held in 2-of-2 multi-sig wallets encourage safe, successful trades.

Bisq works on the shared responsibility model of Security as software is installed on your machine which means you are also responsible for securing your wallet and keeping it encrypted.

Bisq being open-source software, so you need to manage its upgrades and security patches.

Support

• Bisq community is more active and most of the issues are resolved there. It can be reached through social media platforms like Twitter/keybase/Blog/youtube/forum.

• There is a FAQ that helps a lot for new users.