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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
Website II: https://bisq.network
Community Links: https://bisq.network/community/
Bisq is a decentralized exchange that does not use a website as it’s interface, instead you’ll need to download the app, or if you’re feeling fancy you can build your own app yourself using the source code they provide. Bisq uses the Tor network to connect to the Bitcoin Mainnet. You should take a look around this app once it’s installed and get a feel for the layout. Once you make your way to your account tab, this is where you’ll need to be prepared to backup your Bisq account with a USB drive and also encrypt your seed words using a strong password. Write your seed words down on a piece of paper and keep them safe along with that USB drive you’re using to back up your account. The Bisq app itself does a good job of reminding you what you should do to encrypt your seed words and backing up your account so if you follow their instructions you’ll be fine.
Now that your account is all squared away let’s explore the markets. Bisq has a number of base cryptocurrencies and national currencies you can choose to trade with and there’s also a long list of alt coins to choose from to trade with these base currencies.
You can choose to fill an order that someone else has put out, or you can create your own and wait for it to get filled. When it comes to trading with your national currency, you’ll be able to fill another person’s trade only if you are also using the same type of account to fund the trade, for example, you’ll both need to be using a Venmo account, or Chase Quick Pay. If you don’t see an order that matches with your own account type, you’ll need to create an order of your own.
If you want to connect an account to use to purchase cryptocurrencies with your national currency, there’s plenty of choices here. It’s important to note that the information you provide for trading these national currencies, like your name and email will be shared with whoever you are matched to trade with. This information is stored locally on your computer so Bisq itself does not have access to it.
You’ll also notice that there will be a limit placed on the value of your trades, this is to protect against chargebacks from your national currency account type. As your account ages, this limit will increase. However, there is not a limit on how many trades you can do.