Bisq - A decentralized bitcoin exchange network
Bisq- A decentralized BTC exchange, a trading protocol, and a Peer-to-Peer network
The main aim of why Bitcoin and other cryptocurrencies were developed was to make sure that there is no particular authoritarian power to rule the crypto trading world. However, soon after the launch of crypto assets, several exchanges came with their own set of regulations making it necessary for users to comply with the verification policies. However, to keep such things at bay, Bisq came up with a platform that allows users to invest in Bitcoin without having to go through the identity verification process.
What is Bisq? Let's find out
Bisq which is also known as "Bitsquare" works as a Decentralized Anonymous Organization (DAO) allowing users to make investments without having to carry out an individual identity verification process or go through a troublesome task.
Founded in 2014, Bisq is counted as one of the best open-source organizations that operate without the interference of any third party or intermediaries. Moving on, let us now know a few important details about this platform and then I'll share some details on how to get started with it.
Introducing you to the features and benefits of Bisq
An easy user interface: what makes a lot of users lean towards this exchange is the fact that it has a very simple and beginner-friendly interface and using the functions available on Bisq is not a complicated task.
A decentralized exchange: since it is a Dex, therefore, you do not have to go through a complicated KYC procedure to get started with using Bisq.
Top-notch security: to ensure that users are provided with a wide range of security features, Bisq makes sure that none of the users' information or the details of their funds are stored on online servers. This reduces the chances of cyber attacks.
Privacy: when you navigate through the not-so-complex world of Bisq, you get to know that the platform is designed in such a way that everything here is completely transparent and since it does not store any of your information, it also makes you 100% anonymous.
Platform availability: The platform comes with no geographical restrictions meaning that you can use it in any preferable country or location of the world.
Diverse payment options: On Bisq exchange, you'll find a wide range of payment options to choose from and you can immediately start trading assets upon becoming a member.
Want to know how to use Bisq? Check out these details
Getting started with Bisq requires you to follow a few easy steps and the details of the same have been covered below:
Install the Bisq app on your device
One of the most crucial steps towards using the Bisq exchange is to download and install the Bisq app on your device. However, make sure that you download this app only from authentic sources. To get straightaway to the authentic download page, visit https://bisq.network/downloads/ website. Here, you can find download links for Windows, macOS, Debian/Ubuntu, Red Hat/Fedora, Arch Linux, Qubes OS, and more.
Back up your seed phrase and keys
After installing the files, you simply need to open them and then select the "I Agree" option after going through their terms and conditions. Once you are on the main page, select the "Account" option, select the "Wallet Password" option, and then set up a Bisq login password. Further, you may select the "Wallet Seed" option from the same "Account" menu and back up your seed phrase as directed on the given screen.
Time to set up a payment method
After successfully setting up your account, you need to add a payment method so that you can easily trade Bitcoin and other crypto assets on the platform. To do so, you simply need to pick the "Account" option from the main page of Bisq. Right after that, select the "Add new Account" or "Export Account" option. If you choose the latter one, pick one from the drop-down menu and fill in all the requested details of the chosen option. After completing all these steps, select the "I Understand" option.
Start trading
Now, you can start trading or buying assets of your choice. However, the platform suggests that you should make an offer instead of taking an offer. While taking an order can be more convenient, making an order comes with its own set of benefits. But, whether you make an offer to take an offer, you need to make sure that you have some BTC in your account.
Are you facing issues with Bisq? Try these
Being a digital program, Bisq could be a little challenging to use when there is some technical glitch going on with the platform or there is some problem with the device on which you are using it. So, here are the steps you may take to troubleshoot issues with this platform:
Rectify issues with the internet connection on your device, if any
In case you are using an antivirus program, it may hamper with the running of the Bisq exchange, hence you should disable it for some time
Try using Bisq on any other device on which you are not using any antivirus program currently
If you are trying to make multiple attempts of accessing the Bisq exchange again and again, then you will face issues while loading its file. So, before making any other attempt, make sure that you wait for at least 1 minute
In case your Bisq wallet is showing an incorrect balance, you need to resync your SPV (Simplified Payment Verification) file to get the issue resolved
Summarizing the read:
In order to maintain the true spirit of why cryptocurrencies were developed, you should always trade your crypto assets through decentralized crypto exchanges. One such Peer-to-peer and Dex is Bisq which comes with several unique crypto trading features that may not be available on any exchange.
Since the platform does not have any geographical restrictions and supports a wide range of payment methods (over 20), you can use it as and when needed.