Bisq was created on September 14, 2017, which is a peer-to-peer client for cryptocurrency exchange that allows you to buy and sell bitcoins in exchange for national currencies, or alternative cryptocurrencies. The main feature of Bisq is that it’s a decentralized customer rather than a website, so it is extremely difficult to shut down in the event of a crackdown by the regulator. However, this decentralization technology is still in its infancy and its use is also limited.
The user interface is simple with simple buttons. This is a simple operation for users who are familiar with trading websites, but for new users, it may be complicated except for "sell" and "buy". And its description is not easy for beginners. We believe that a thorough and extremely vernacular and friendly "idiot guide" can greatly improve the learning curve.
Features and Philosophy
Bisq has the following characteristics compared to traditional online exchanges.
- Instantly accessible. No registration or approval by the central authority.
- There is no single point of failure. The system is peer-to-peer and cannot stop or review transactions.
- Security. Bisq never holds your funds. The decentralized arbitration system and margin protect the rights of traders.
- Private. No one exchanges personally identifiable data except trading partners. All the data about the transaction can only be seen by myself.
- Open source. The code is open source, and every aspect of the project is transparent.
- Easy. Has strong usability.
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Pros and Cons
- Truly peer-to-peer exchange.
- Safe censorship.
- A wide range of cryptocurrencies and fiat options.
- For smaller transactions, there are collateral requirements.
- Not easy to operate for new users.
- Had problems with liquidity.
- Customer service response is slow, without substantial help.
There are many users complaining in the forum
- There are no proper guides regarding the errors or proper support department.
- You cannot liquidate(sell) your cryptos quickly.
- Customer support is extremely slow, the platform is very confusing and the fee prices are also extremely high!
- Terrible API description.
Pointing out these bad aspects is not to belittle the exchange website, but to improve the website and provide users with a better trading platform by adopting the opinions of users.
In short, Bisq is a true peer-to-peer trading platform that offers traders a wide range of cryptocurrency transactions with a variety of payment methods. But there are many problems, because bleeding-edge technology such as this is still very much in its infancy, and limited in use.
Share your own experiences with the exchanges here, or if you have different opinions about this article, just leave your comment.