Bisq Network is a cryptocurrency decentralized exchange connected in the Onion (Tor) network, where is possible to buy and sell Bitcoins for different types of offers and forms of payment, including altcoins, national transfers and a ton more.
#Before trading on Bisq, you need to know the basics of it and its policies. Let’s begin with what it is and what it does:
- The bisq interface only trades bitcoins, all other transactions between peers are made outside the interface.
- Bisq does not hold any alt-bitcoins. All are held in a bitcoin multisignature addresses rather than a Bisq-controlled wallet.
- Bisq does not hold any national currency. National currency is transferred directly from one trader to the other.
- Bisq uses a Peer-to-Peer network over Tor. This means there are no servers to be hacked or DDoS’d.
- Bisq does not know the traders. No data is stored on who trades with whom.
- Bisq does not require registration. This means privacy is maintained, there are no “approval” wait times, and identity theft becomes impossible.
- To start trading (selling or buying) you will have to make a deposit, depending on the amount, this deposit is refundable, is just security; except when you are selling. Table is shown below this article.
I will give you some hints on how to make trades on Bisq Network, especially Pied Piper Token.
Let’s begin. [visit FAQ for more info] (https://bisq.network/faq/)
#How it actually works
Bisq is like a huge market, but closed for the accounts you don’t have. Is fully based on BTC secure deposits, so you are gonna need some to start trading._ And you will receive BTC in exchange of your PPI, but… you can liquide then at the same network or any other_.
Basically you list the type of trade you want to sell in the account menu, after that you post or react to posts in order to exchange your tokens for BTC’s.
#First Steps: Getting to understand it.
*You need to download the latest Bisq, follow this link and keep it online if a transaction has started, remember P2P on the Onion (Tor).
It will by default adjust to your device platform. Click on it, download…. wait… and then open → Install.
After installation you will be required to configure payment details in the account (right upper corner). But let me talk you through the interface so you understand its buttons and functions first.
#Market (left upper corner): Latest trades.
(you can change the market on the currency drop down menu, and the range at the tab top left)
Shows a list of the actual offers available and recent trade volumes, you know Marketcap. Down the chart you have links to buy or sell Bitcoins transactions that are being offered, if you want to trade or post an offer (Explained below).
On Bisq 0.7 versión you can see three tabs, first one with the charts, offer Books; second one shows the list of most trade on a certain option, hence the name spread; And the last one trades, shows market volumes and our beloved candle sticks.
#Buy BTC: You know, to sell your PPI’s and get BTC in exchange.
At the buy button you will have the option to buy BTC in exchange of your PPI’s. Offers will appear available only when you have the offer category set up in your account (explained below).
You can see available offers, and filter them by currency and payment method. All the altcoins are listed in the same group, you’d have to click each offer on the blue link that says “altcoin” in the offer to see what altcoin is being trade. Or limit in configuration, (explained below).
If there’s no option listed in the Buy BTC buy/sell option that you choose, you can simply create a new offer to buy BTC in exchange of PPI’s or money if you want. Is kind of like any other exchange actually.
For both options you are gonna need Bitcoin deposits, see chart of minimums at Bisq website
#Sell BTC: You know to sell your Bitcoins to get the PPI’s from others.
Almost self explanatory, you sell your bitcoins in exchange for someone giving you PPI’s in return. Remember again, you have to deposit BTC before applying to any offer.
It has the same interface, options and details, only in blue.
#Portfolio: Your history, trades and offers.
There you can see all the trades you have done, and the ones you have open, with safe deposit on it. It has three tabs:
Open offers: shows the offers you have available to the public;
Open trades: shows the trades you have actually open at the current moment;
History: well… i won’t explain that mate. You are smart.
#Funds: Please, do not confuse with fun.
Is basically where you see the stored coins on your Bisq address (which is linked to this specific device you are using right now); it also shows the history of trades that you have done.
You fund your wallet sending to the BTC address, of course. You can create as many wallets you want, you know… privacy.
The four tabs show as they are:
Received funds: The funds that you have received to your wallet.
Send funds: History of sent funds from your wallet to another.
Reserved funds: Funds that has been reserved on certain offer you have available.
Locked funds: Those that are locked because you mismanaged something, tried to scam someone or vice versa.
Transactions: Again, I won’t explain that… you are Smart.
#Support: The Russian guys.
If you have the need of an arbitrator because of any reason a transaction was not completed, there you’ll find the open tickets on that explicit matter. Let’s hope you do not need that.
Remember, all transactions are made outside Bisq Network; that’s why the BTC deposit is needed to buy/sell.
#Settings: Your personal desires…
Here you can choose which type of payments you want to see displayed on the main buy/sell sections, and other stuffs. Also the altcoins you want to be displayed in the main screen.
##In the first tab: Preferences.
You have the ability to change language, country, and bitcoin explorer Block Chain you want.
To remove one you just have to click the red minus button, obviously. To add a new one there’s a drop down menu at the bottom of the list, click it and select the one you want. Same goes to altcoins.
##in the second tab: Network info
#Configuring account to trade: Finally mate.
Bisq is a little tricky because of its main goal, which is decentralized trading network. Hence you need to be explicit on every transaction sell/buy offer you want to put. And again, it only trades on bitcoins inside the platform.
The sub menues and their functions:
National currency accounts: Here you can configure the FIAT accounts you want to use for trades, outside the Bisq Network, remember that. You know government centralized currencies, wack!
#Altcoins accounts: Yei! Here is where you add the $PPI coin, let me explain what happens after you click on it.
A submenu will pop-up like a popcorn, in the altcoin menu choose Pied Piper Coin ($PPI). Then paste the ETH address that holds the token in the altcoin address, because who knows it’s own address by memory, we are not Gilfoyle.
In the account name, you can personalize the altcoin name (by default will set PPI, but you can call it Hotdog if you want). After you are done, hit Save wallet. And that’s that. You are set. (Remember you won’t be able to trade without the BTC deposit).
Arbitrary selection: As a decentralized system you can choose the arbitrator you want involved in your trades, but… who wants to go into that trouble.
Wallet passwords: The only secure thing in the internet is… nothing; hence, set a password to your wallet. Please.
Wallet seeds: Even though BTC does not supports seeds like Cryptonight algorithm, with Bisq you can secure yours like that. way to go internet.
Backup: As a Tor based decentralized network your wallets, keys and transactions are not stored in any server, hence plis, please.. plis; do regular backups.
#This is too long, i have to go now.
I hope didn’t get you tired with all this information condensed so you can trade on Bisq Network.
After you have funded your Bisq wallet with the minimum (explained above), you can start savely trading your $PPI’s over the network.
Remember this network is trying to be risk save, that’s why most of allowed trade national ways, and altcoins are not chargeback possible, or you need to go into a lot of trouble to do so. Besides, the traders all have to put a BTC deposit so your investment is totally save.
Have fun, and make some money to buy your Tesla. If you have any question about this post, leave at the comments. If you have questions about PPI or want to join the network, follow their community at the links below.
Do not forget to follow at LinkedIn, Twitter, Facebook, Instagram y YouTube @EuricSanti