Home General News Bisq Network: Everything you need to know about the bitcoin decentralized exchange

Bisq Network: Everything you need to know about the bitcoin decentralized exchange

Bisq Network is one of the only cryptocurrency exchanges in the world which is a fully decentralized exchange, unlike Binance, Okex, ByBit.

Satoshi Nakamoto created Bitcoin, A peer to peer payment method which was built to remove the central authority however people could not purchase Bitcoin without using a centrally controlled authority.

Bisq is one of the first fully decentralized cryptocurrency exchanges to buy bitcoin from fiat currency. It has been built by some of the people who have been in bitcoin space since its inception. Bisq network proved it to exchange that a central authority is not required to purchase bitcoin it can be done peer to peer without providing your KYC details. It is so decentralized that a user does not even require to create an account to buy bitcoins. 

How does Bisq network operate without a central authority

I know you guys might be wondering how did Bisq manage do create and exchange which is fully decentralized. Even exchanges like Localbitcoin requires a user to create an account before buying cryptocurrency. Bisq network created an infrastructure, unlike other cryptocurrency exchanges. The infrastructure includes a desktop software that needs to be download on the user’s personal computer. The software is run on the Tor browser which keeps the user data and location anonymous.   

The payment for the bitcoin can be done from a user to the user and Bisq network does not monitor and control its user’s financial transactions. The exchange does not even have a user base since it not necessary for the user to create an account.

Bisq is perfect for someone who does not trust a central organization to transact in bitcoin and altcoins.

Every user would need to download and install the software to use the exchange unlike other exchanges that have the trading platform built on the website. 

How to use Bisq network once the software is downloaded on your system

Step 1: After you have installed and run the application on your system, open the app. The app will take a few seconds as it takes time for its to sync on the Tor browser.

Step 2: Select the currency you would like to trade with usually it’s preferred to select your national currency

Step 3: Transfer funds into your Bisq wallet. Go to funds then tap on the Receive tab and send your bitcoin to the Bisq network wallet. The is a limit on the minimum amount so make sure you read the instruction on the website.

Step 4: Select the offer you like and follow the instruction on the software to buy and sell bitcoin on bisq network

The funds are stored in the wallet in the hard drive of your system make sure you encrypt the files. Bisq has given a detailed description on how to keep your files  and wallet safe from hackers 

Bisq also has an app for iOS and Android users which would send you notifications on your trade. The app does not let you trade you can only do that with the help of the Bisq network software 

Features of Bisq network 

No KYC or Identification verification required 

Bisq is one of the only exchanges that I know which does not ask its user to create an account. Users can directly download the software and start buying and selling bitcoins with fiat currency.  Users do not have to verify their account or create an account to start trading Bitcoin with the bisq network.

Fully decentralized exchange 

The exchange is run by software on your own system which means no one would every track your transactions or hold your funds. The exchange is run by its peers which makes it fully decentralized. A user needs to download the tor browser to open the software on their system. Bisq does not even store your cryptocurrency the funds are stored in the user’s hard drive.

Privacy

No Central authority would be able to track your data. Only the peer who you would be transacting with would get the trading information. Bisq does not collect any data from its user and does not hold any of its coins.

Open-source

The developers of the network and exchange have made the open-source and can be discussed on the Github platform.

 

 

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Joel Picardo
Joel Picardo has been in the startup space for the last 5 years and has worked with startups in the cryptocurrency and digital marketing industry. He founded GeekyMint along with his co-founder SafdarAli with a mission to provide well-reseached articles in the cryptocurrency, finance, technology, blockchain, software, and startup sector

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