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= Getting Started with Bisq | ||
:toc: left | ||
:sectanchors: | ||
:imagesdir: images | ||
:!figure-caption: | ||
:btc-deposit: 0.01 | ||
:btc-deposit-plus-fees: 0.011 | ||
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COMING SOON. Subscribe to https://github.com/bisq-network/bisq-docs/issues/37[bisq-network/bisq-docs#37] for updates. | ||
Bisq is built on some https://bisq.network/philosophy/[serious principles^] and some https://github.com/bisq-network[seriously impressive code^], but it's surprisingly approachable. This guide will help you get up & running quickly. | ||
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Here we're going to assume you want to trade a national currency for bitcoin, since that's how most people get started with Bisq. But keep in mind Bisq offers trading for a range of other coins too—the only constraint is that one side of the trade must always be in bitcoin. | ||
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== Download & install | ||
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To run Bisq, download it from https://bisq.network/downloads/[the Bisq downloads page^]. _Optional:_ before installing, verify the signatures of the downloaded file (https://www.torproject.org/docs/verifying-signatures.html.en[instructions here^]) to be sure the file you downloaded is genuine. | ||
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[NOTE] | ||
.Why do I need to download software? Why can't I just trade on your website? | ||
==== | ||
Unlike most exchanges, Bisq doesn't run a central server to take/place offers, so trading on a website isn't possible. | ||
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Instead, Bisq routes trades through a peer-to-peer network—a global network of people who are also running Bisq's software on their own computers. | ||
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If you want to tap into this network, you've got to download & run the software too! | ||
==== | ||
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Once the installer is done, go ahead and open Bisq. It'll take a few moments to open as it connects to Tor and Bisq's peer-to-peer trading network. | ||
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When that's done, feel free to have a look around Bisq. You can browse buy offers, sell offers, and tweak your account settings. | ||
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== Configure a national currency account | ||
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Since we're looking to buy bitcoin, let's take a look at the Buy BTC panel. You should see a list of offers, but you'll notice all the orange Buy BTC buttons are disabled: | ||
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.Before configuring a payment account: all offers are disabled. | ||
image::before-adding-fiat-account.png[Offers disabled before configuring national currency account] | ||
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That's because we haven't set a way to actually pay for the bitcoin we want to buy. So let's set up a payment method. Bisq works with many different payment methods, so you can choose those you already have access to & are most comfortable using. Keep in mind payment methods determine: | ||
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* which offers you can take right now (e.g., in the image above, Zelle has many outstanding offers, so if we set up Zelle, we could immediately take any of those offers) | ||
* how quickly a trade can be completed (e.g., a bank transfer will go through quicker than a money order sent by mail; see https://bisq.network/faq/#5[details here^]) | ||
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[NOTE] | ||
.What if there are no outstanding offers for the payment method I want to use? | ||
==== | ||
If you don't see any offers for the payment method you want to use, consider checking back later. A Bisq offer is only available while the user making the offer is online and running Bisq, so you'll see offers come and go as Bisq users around the world go online and offline throughout the day. | ||
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You can also create your own buy offer with the "Create New Offer to Buy BTC with USD" button on the bottom-right, but we won't go into those details here. | ||
==== | ||
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[NOTE] | ||
.Where is my payment account data stored? | ||
==== | ||
On your computer *only* (i.e., the computer on which Bisq is installed). Only your trading partner (and your arbitrator, if there's a dispute) will ever see your payment details. | ||
==== | ||
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In this tutorial, we're going to configure a Zelle account. You can adapt the instructions that follow to the payment method you choose. | ||
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Go to the Account panel and click "Add New Account." Pick Zelle from the dropdown and enter your details. | ||
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For Zelle, we need to enter Full Name and Email/Mobile Number. | ||
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.Configuring a Zelle account. | ||
image::configure-fiat-account.png[Configuring a national currency account] | ||
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You don't need to edit the "Salt" field. You can keep the "Account Name" unchanged or make it whatever you like: it's just a label only you will ever see, so there's no right or wrong value for it. | ||
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IMPORTANT: It's *crucial* the information you enter here is correct. Your trading partner can only acknowledge your payment if it's from the account detailed here. Once you've created an account, you cannot edit its information (if you need to make a change, you can delete & add the account again). | ||
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Once you're done, hit the "Save New Account" button and go back to the Buy BTC panel. Offers requiring the payment method you just configured should now be enabled: | ||
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.After configuring a payment account: we picked Zelle, so Zelle offers are now enabled. | ||
image::after-adding-fiat-account.png[Configuring a national currency account] | ||
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== Get a security deposit | ||
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Just 1 more thing to do before we can trade with Bisq: we need to obtain enough bitcoin for a security deposit. | ||
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To prevent fraud, Bisq requires buyers and sellers to post a security deposit in bitcoin for every trade. On the buy side, it's {btc-deposit} BTC, along with a trading fee & mining fees for the transfers. | ||
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As of this writing, that means you'll need {btc-deposit-plus-fees} BTC. | ||
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If you don't already own this bitcoin, you'll need to obtain it. How? You've got options. Do you have any friends or family who could help? Otherwise, you can try a local bitcoin ATM (many don't require ID for small transactions), vouchers, or bitcoin meetups/events. | ||
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[WARNING] | ||
.How about getting bitcoin through an exchange like Coinbase? | ||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Coinbase is not an exchange. It's a digital wallet and platform. GDAX is an exchange operated by Coinbase. There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. You're right...perhaps I could change "exchange" to something more general like "place" to make it technically correct. The point of this admonition is to handle thoughts/objections a layman will have at this point in the guide. Most people I've spoken to outside the bitcoin world don't know that...when they think "buy bitcoin" they think "Coinbase" not "GDAX." |
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Most centralized exchanges (like Coinbase, Binance, Kraken, etc) track your personal information, putting you at risk by tying your identity with your bitcoin. | ||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Coinbase is not an exchange. It's a digital wallet and platform. GDAX is an exchange operated by Coinbase. |
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Bisq is built from the ground up to avoid this privacy fiasco, so we highly recommend you get your first bitcoin through one of the other channels mentioned above. | ||
==== | ||
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Once you've gotten enough bitcoin for your security deposit, you can move it into Bisq's built-in wallet. This isn't required, but it'll be more convenient because it'll make the security deposit & fees that Bisq needs to accept an offer readily available. | ||
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IMPORTANT: If you decide to use a Bisq wallet, make sure you write down its seed words. Seed words will allow you to recover the funds in your wallets in case of disaster. You'll find them in the "Wallet Seed" section of the Account panel. Learn more about wallet security https://bitcoin.org/en/secure-your-wallet[here^]. | ||
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To send bitcoin to your Bisq wallet, go to the Funds panel and click the Receive tab. Send your 0.011 BTC to one of the addresses listed there. | ||
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.You can send your security deposit to an address listed here (yours will be different from the one in this image). | ||
image::fund-bisq-wallet.png[Fund your Bisq wallet] | ||
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If you'd rather not hold any bitcoin in Bisq, that's fine, but you'll need to transfer your security deposit & fees to Bisq yourself when you take an offer (more on this below). | ||
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== Take an offer | ||
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:figure-caption: Figure | ||
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Now that we've gotten setup out of the way, let's do a trade! | ||
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=== 1. Select an offer | ||
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[.float-group] | ||
-- | ||
[.right.text-center] | ||
.Select an offer you like. | ||
image::select-an-offer.png[Select an offer,400,400] | ||
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Back in the Buy BTC panel, click the orange "Take Offer" button for the offer you'd like to take. | ||
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-- | ||
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=== 2. Send deposit to trade wallet | ||
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[.float-group] | ||
-- | ||
[.right.text-center] | ||
.Send this much bitcoin to this address. | ||
image::deposit-details.png[Deposit details,400,400] | ||
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Once you choose an offer, Bisq creates a special trade wallet to hold both parties' bitcoin (your security deposit, the seller's security deposit, and the seller's bitcoin) while you send payment to the seller. | ||
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It works like an escrow account: funds in the wallet can only be released once you and the seller have satisfied your ends of the deal. | ||
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Bisq will tell you the address of the trade wallet & exactly how much to send it. | ||
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* If you already have enough bitcoin in a Bisq wallet, click "Transfer Funds From Bisq Wallet" and the funds will automatically transfer to the trade wallet. | ||
* If not, go ahead and send the amount required ("Funds Needed") to the specified address ("Trade Wallet Address"). See Figure 2. | ||
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[NOTE] | ||
.An escrow account? How does that work? | ||
==== | ||
Bisq never holds any bitcoin or national currency. The trade wallet is actually a 2-of-3 multisignature setup involving you, the seller, and a https://bisq.network/faq/#8[bonded arbitrator^]. More details are https://bisq.network/faq/#18[here^] and you can read more about multisig wallets https://en.bitcoin.it/wiki/Multisignature[here^]. | ||
==== | ||
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=== 3. Confirm trade | ||
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Once you've funded your trade wallet, you'll see a "Review: Take Offer to Buy Bitcoin" button appear. | ||
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Click it, and Bisq will then show you all the details of the offer you're about to take. | ||
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.Look over these details carefully. | ||
image::confirm-deal.png[Confirm deal details] | ||
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*Make sure these details are correct.* After you confirm these details, there's no backing out—you must follow through (or risk losing your deposit). | ||
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If it all looks good, go ahead and hit "Confirm: Take Offer to Buy Bitcoin." | ||
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Your deal is now officially happening! | ||
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=== 4. Send payment | ||
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[.float-group] | ||
-- | ||
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[.right.text-center] | ||
.Payment details pop-up. | ||
image::seller-payment-details.png[Seller payment details,400,400] | ||
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Now that you've taken an offer, it's time to pay the seller. Almost. | ||
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First, before showing you the seller's payment details, Bisq will wait for the Bitcoin network to confirm the trade's transactions. On average, this takes 10 minutes. | ||
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Then, you'll see a pop-up with the seller's details. Go ahead and pay the seller through the agreed payment method. | ||
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[NOTE] | ||
.Confirmations? | ||
==== | ||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. The friends and family bit is great here. Bitcoin ATMs and meetups, vouchers are good too. I think I'd drop the "Satoshi Square" bit, as this is basically a historical footnote now. I'd drop LB as they're now more aggressively forcing KYC. And I'd drop the airdrop because it's unlikely to be a helpful route for most readers. Basically, I'd really promote the family and friends approach. Emphasize how Bisq is peer-to-peer all the way down. You don't have to say a lot to this effect, but rather just make it the most prominent option. I'd drop or rework the bit about centralized exchanges. The "if you're interested in Bisq, chances are..." bit is pretty cryptic for the uninitiated. If anything, I would move that chunk to a [WARNING] section below the [NOTE] section and expressly warn people NOT to use centralized exchanges to purchase their first bitcoin, and to explain that the reason for this is that most centralized exchanges track your personal information and therefore put you at risk by tying your identity to your bitcoin. Your call, you can just drop it, and this might be too much to try to pull off in a quick sidebar, but it would be valuable if we can get a concise warning to this effect out there. |
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Each confirmation makes a bitcoin transaction exponentially harder to reverse. You can wait for as many confirmations as you like before sending payment—just note the remaining time indicator. The seller must _receive_ your payment before that timer runs out. | ||
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.Make sure the seller receives your payment before this timer runs out. | ||
image::remaining-time-to-pay.png[Send payment quickly] | ||
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Learn more about confirmations https://en.bitcoin.it/wiki/Confirmation[here^]. | ||
==== | ||
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-- | ||
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=== 5. Mark payment as sent | ||
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[.float-group] | ||
-- | ||
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[.right.text-center] | ||
.Mark payment as sent. | ||
image::mark-payment-sent.png[Mark payment as sent,400,400] | ||
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Once you've sent your payment, be sure to mark the payment as sent in Bisq. | ||
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It's easy to forget this step, but remember: to maximize your privacy, Bisq doesn't actually integrate with national currency payment methods—so it won't know you've sent your payment until you tell it. | ||
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-- | ||
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=== 6. Complete trade | ||
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[.float-group] | ||
-- | ||
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[.right.text-center] | ||
.Trade complete! | ||
image::complete-trade.png[Complete trade,400,400] | ||
There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Image is missing. |
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When the seller receives your payment, they'll mark it as received in Bisq. Bisq will then complete the trade by releasing the bitcoin you bought to you (along with your deposit). | ||
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You can keep your new bitcoin in a built-in Bisq wallet (click "Move Funds to Bisq Wallet"), or send it somewhere else (click "Withdraw to External Wallet"). | ||
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-- | ||
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Congratulations. You've just completed your first trade on Bisq! | ||
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== Get help | ||
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If you get stuck, reach out! There's a community of people to help you on https://bisq.community/[the forums^], https://www.reddit.com/r/bisq//[/r/bisq on reddit^], and https://t.me/bisq_p2p[Telegram^]. | ||
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== Stay in touch | ||
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If Bitcoin's motto is "be your own bank" then Bisq's motto is "be your own exchange." It's an exciting concept, it's growing fast, and it's something you'll want to follow. | ||
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There was a problem hiding this comment. Choose a reason for hiding this commentThe reason will be displayed to describe this comment to others. Learn more. Agree, same basic tone comments as above. This strays from the mark of helping a fellow (perhaps newly born) cypherpunk find their way through the software, to something more didactic, even slightly condescending (though I'm sure you did not mean for it to land that way). It's definitely good that we point users at the best ways to stay in touch, and even good that we let them know that Bisq is still growing. The motto stuff was a bit of an experiment in the Phase Zero doc. I still generally like it, and there might be a place for it in this doc, but I think it's slightly out of place here in the |
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Get Bisq updates on https://twitter.com/bisq_network[Twitter^], https://www.facebook.com/bisqnetwork/[Facebook^], and https://www.youtube.com/c/bisq-network[YouTube^]. |
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seriously impressive code
is very tongue-in-cheek.There was a problem hiding this comment.
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It is. Readers are free to agree or disagree, but the bigger point here is that they can make up their own mind...i.e., click the link, check out the code, and decide for themselves (i.e., edgy way to convey this is an open-source project).
Ultimately it's about tone. If folks would prefer tone to go in a different direction, it's a discussion we should have.
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I agree that "seriously impressive code" is a bit off, tone-wise. This is something that others can say, but that I'd prefer we do not say in our own official documentation. I like what you're attempting to do in this paragraph, getting the reader excited about the principles and technical foundation, while letting them know that "using Bisq won't hurt" but I'd say take another swing at it. It may not be necessary at all to assume that the reader needs Bisq to be "surprisingly approachable", really. You've done a good job in the doc of detailing what matters and leaving out what doesn't. For example, you just tell the reader to go to the downloads page, get the app and install it. You don't do screenshots there, etc, and treat them like children. Anyone who's going to use Bisq should know perfectly well how to handle that kind of stuff; explaining it would be tone-deaf at best, an insult at worst. So I'd say keep striking that tone: one in which you assume the reader is woke AF about Bitcoin, but possibly still a bit new to the space, and wants to get off to a strong start buying and hodling. They've heard about Bisq, gotten that it's the way to go, and are reading this now here to get the straight no-fluff from us on how to use it. Doesn't mean the doc can't also be friendly and a pleasure to read. It's both of those and should stay that way.