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Frequently asked questions From Bisq Wiki Jump to navigation Jump to search Below is a compilation of frequently-asked questions (FAQ) about Bisq, how to use it, and how to help the project. Feel free to ask further questions on any of Bisq's many outreach channels. Contents 1 About 1.1 How is Bisq different from other decentralized exchanges? 1.2 Is Bisq open-source software? 1.3 Is Bisq safe? 2 Getting started 2.1 I find Bisq very confusing. I've tried using it but just end up getting lost! 2.2 I can't use Bisq to trade because there are hardly ever any offers in my currency. What can I do? 2.3 I heard I need bitcoin in order to buy bitcoin on Bisq...but I don't have any bitcoin. What can I do? 3 Trading 3.1 What are trading fees? 3.2 Mining fees are too high. How can I trade on Bisq cost-effectively? 3.3 Why does Bisq require a security deposit in BTC? 3.4 What are trading limits? How much bitcoin can I buy/sell at once? 3.5 Which payment methods are available? 3.6 How does Bisq handle fiat like dollars and euros? Where does it go? 3.7 How long does a trade take? 3.8 How does Bisq protect my privacy? 3.9 Do I need to keep Bisq online for my offers to remain online? 3.10 Do I have to use the Bisq wallet? 3.11 Do I have to use the Bisq token? 3.12 Will my bank know I'm trading bitcoin? 4 Common Technical Niggles 4.1 Bisq on macOS won't open, or it's asking for permission to record my keystrokes! 4.2 Bisq seems to bog down my computer. When I open it, CPU and memory usage spike. Can this be prevented? 4.3 I'm on a high-resolution monitor on Linux and everything is way too small. Help? 4.4 Bisq says "this offer cannot be taken due to counterparty trade restrictions". What does that mean? 4.5 My SPV resync is taking all day and it keeps freezing. What can I do to make it go faster? 4.6 How can I get a fresh Bisq wallet and transfer my BSQ balance to it? 4.7 "heightOfLastBlock must match chainHeight" error on starting Bisq 4.8 "Payment started" button will not stick, always says "Please send confirmation again" 4.9 I want to install Bisq on a VPS or on an otherwise headless system 4.10 I receive an error message on Linux, regarding Java heap space 4.11 Cannot take offer because snapshot height does not match. Probably your DAO data are not synced 5 Dispute resolution 5.1 How does dispute resolution work? 5.2 How is collusion between mediators, arbitrators, and traders prevented? 5.3 What happens if the person buying bitcoin does a chargeback after the bitcoin has been released from the multisig address? 5.4 Wouldn't a pure reputation system among traders make mediators and arbitrators unnecessary? 5.5 How can I contact my trading peer? 6 DAO 6.1 What is the Bisq DAO? 6.2 How does the Bisq DAO work? 6.3 What do I need to know about the DAO, as a trader? 6.4 Is Bisq using a token because it needs money? What's the issuance schedule for the token? 6.5 Can I use Bisq without BSQ and without this DAO? 7 Other 7.1 This project is cool! How can I help out? 7.2 I have a question that isn’t covered here...? About How is Bisq different from other decentralized exchanges? Bisq is a peer-to-peer trading network, not a website or "app" or other centralized service. It's software you run on your own hardware, which connects to other people running the Bisq software to facilitate trades. It's open-source and community-driven. And you can trade bitcoin for fiat currencies with it! The difference between Bisq and other so-called decentralized exchanges is as stark as the difference between owning your own home and renting someone else's-in the former case you have full control over the property, and in the latter you're always subject to the landlord's whims and demands (no matter how nice the landlord may seem to be). With Bisq you're always the owner-not just owner of your bitcoin, but also owner of your data. Bisq does not hold any bitcoin. All bitcoin used for trading is held in 2-of-2 multisignature addresses controlled solely by the trading peers themselves. Bisq does not hold any national currency. National currency is transferred directly from one trader to the other using traditional banking and payment services. All Bisq data is transferred over its own secure peer-to-peer network, which is built on top of the Tor network-no central servers. This means there are no data honeypots , rendering large-scale hacks of customer information databases impossible. Bisq does not know anything about traders who use its network, and no data is stored on who trades with whom. Bisq does not require registration, so your privacy is protected, and you can begin trading instantly . Bisq is code, not a company. It is an open-source project organized as a decentralized autonomous organization (DAO) built on top of Bitcoin. See more in the Introduction . Is Bisq open-source software? Bisq's software is free/libre open-source licensed under Version 3 of the GNU Affero General Public License. Here's the source code and license . Is Bisq safe? Thanks to strong incentives encouraging traders to play fairly, the vast majority of trades on Bisq go smoothly and quickly. Bisq employs three primary mechanisms to achieve security: All bitcoin traded with Bisq is secured in a 2-of-2 multisignature address. Both traders are required to pay security deposits, which are refunded after trades are completed. Trade disputes are handled through a 3-tier mechanism that includes end-to-end encrypted trader chat, mediation, and arbitration. When trading fiat currency for bitcoin, there is always some chargeback risk, as fiat transactions can often be reversed. To mitigate this risk, Bisq: only supports payment methods which are known to make chargebacks difficult-this is why Bisq does not support PayPal and credit cards, for example. See more on chargeback risks. employs an signing mechanism that forces 0.01 BTC buy limits until a buyer's integrity (not identity!) is verified. Getting started I find Bisq very confusing. I've tried using it but just end up getting lost! Some people find Bisq's interface intuitive, but many people don't. Check out this tour video to help you make sense of the interface, and then check out the Bird's Eye View of a Bisq Trade video for a high-level overview of how Bisq trading works. Then check out the getting-started guide to see how to get up and running quickly. As of April 2021, Bisq contributors have designed a whole new beautiful interface that should make Bisq significantly more intuitive, and are also in touch with a talented UI developer to turn the design into code. You can follow progress on this initiative here . I can't use Bisq to trade because there are hardly ever any offers in my currency. What can I do? While Bisq can technically support any market, only a handful of markets are consistently active on Bisq-mainly because they offer good payment methods and had strong on-the-ground support to bootstrap them in the beginning. Note that a weak offer book in a particular market doesn't necessarily mean trades don't take place in that market. It could be that there are people lurking there that will happily take an offer if you take the initiative to make one (this is often the case in markets like CAD, AUD, and GBP, for example). You can check trade history for your market by going to Market > Trades and picking your currency from the dropdown. If your market has no recent trades, a little more work will need to be done to get it going. At a minimum, payment methods common in your market should be added ( suggest them here ), and some form of marketing should be done to get users and market-makers to bootstrap a market. Bisq contributors are more than happy to help if you can help with guidance, connections to people who can help, and/or events and translations and other vehicles for reaching your target demographics. I heard I need bitcoin in order to buy bitcoin on Bisq...but I don't have any bitcoin. What can I do? Yes, the chicken-and-egg problem with Bisq is real. Here are some ways to get just enough bitcoin to do your first trade on Bisq: try to obtain some yourself using these suggestions hop onto the Get your first BTC room on Matrix and make a deal ( see more here ) Try the Bisq Easy protocol on Bisq 2 , as no deposit is required. Trading What are trading fees? Trading fees are calculated as a percentage of trade size: 0.1% for makers and 0.7% for takers if paid in BTC and about half of that if paid in BSQ. Keep in mind that you'll also need to pay mining fees for the on-chain transactions, as well as a deposit to lock into the multisig escrow. You'll get the deposit back in full after the trade completes successfully. Mining fees are too high. How can I trade on Bisq cost-effectively? Bisq's current trade protocol requires 4 on-chain transactions. Takers pay for 3 of these transactions and makers pay for 1 of them. Therefore, to make trading on Bisq as cost-effective as possible, consider making your own offers at times when mining fees are lower . Other things you can do: make offers to trade larger amounts of BTC (bigger offers tend to get better pricing) pay trade fees with BSQ (BSQ trade fees tend to be about half of BTC trading fees) Why does Bisq require a security deposit in BTC? Security deposits create strong incentives for buyers and sellers to follow the rules of Bisq's trading protocol . Deposits are locked into multisig escrow along with the bitcoin being traded, and are returned to each user when the trade is complete. If a trade is disputed through a mediator or arbitrator, some or all of the offending party's security deposit may be awarded to the counterparty. Examples of protocol violations include a buyer failing to pay a seller, paying with a different account or with a different name, or a seller failing to acknowledge receipt of a buyer's payment. Most Bisq trades complete without any problem thanks in part to the incentives that security deposits create. See full trading rules . What are trading limits? How much bitcoin can I buy/sell at once? Trading limits vary based on payment method, since some payment methods are more secure than others. Relatively safe payment methods such as Japan's Furikomi and Australia's PayID are set to allow trades of up to 0.5 BTC, but other payment methods such as Zelle and SEPA have a cap of 0.125 BTC. See the full list of payment methods and limits . Altoins are not possible to charge back, so all altcoin trades have a limit of 1 BTC. Which payment methods are available? See payment methods . If you'd like to suggest a payment method to be added, please submit a new issue . How does Bisq handle fiat like dollars and euros? Where does it go? Bisq doesn't handle fiat at all -- it only handles BTC. Trades are settled outside of Bisq, meaning fiat payments are sent outside Bisq via traditional banking services. Bisq merely matches peers and sets incentives (e.g. locking a BTC security deposit