To cope with the current demand that exists for cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Monero, many online exchanges have been released to the public. All of these services offer customers with their own unique benefits, and come loaded with certain features that are specific to them.
However, before signing up for any one of these exchanges, users should do a thorough background check and see whether these avenues are actually legitimate, and fall in line with international/ local regulatory laws and frameworks.
About BISQ Network
Bisq Network is being called “an open-source desktop application” that has been designed to allow for the seamless exchange (buying and selling) of bitcoins in return for local money or other alternative currencies. The platform is quite straightforward, and can be made use of by newbies, as well as experienced traders alike. In order to start using Bisq, users need to follow these steps:
(i) App Download:
Users first need to get the Bisq app on their phone or tablet by downloading it from the official company website or store.
(ii) Account Creation:
Once the installation is finished, it is then necessary for users to create their personal account on the platform.
(iii) Fund Transfer:
What Is So Special About the Bisq Network Platform?
Some of the key features of Bisq that make it unique include:
Unlike regular exchanges, where it takes days for transactions to go through. Bisq is designed to allow for Instant transactions, without the need of any third party approval or registration.
Owing to the fact that this platform is based on the blockchain, it is completely decentralised, and is thus free of any foreign interference. Through the added use of a P2P network, trading cannot be stopped or censored by anyone.
Another key aspect of Bisq is that it “never holds onto our funds” and through the use of its ‘decentralized arbitration system’, it esnures the security of all deposits and trading activities.
This is another area that Bisq looks into quite seriously. In order to maintain complete anonymity, it masks the identity and personal data of all trading partners using this platform. Lastly, to further bolster security protocols, Bisq also makes use of an ‘end-to-end encrypted communication’ system that is routed over Tor to ensure maximum identity protection.
Other Aspects to Consider
(i) Open Source:
One of the key advantages of Bisq is that each and every aspect of the project is “transparent”. The code is open source, and thus can be used by independent developers to make their own trading, exchange platforms.
(ii) Ease of Use:
Owing to the highly simplified interface, this platform can be used by virtually anyone. There are clear guidelines and pointers strewn all throughout the app, thereby making it easy to use for newbies, as well as experienced traders.
(iii) Good User Control:
As mentioned earlier, this system is completely decentralised, and thus has to answer to no singular authority (governmental or otherwise). This makes transactions much more transparent and easy.
(iv) Large Number of Altcoins supported:
When using the Bisq platform, users can make use of over 50 unique cryptocurrencies to perform monetary transactions.
How Do I Sign Up For the Bisq Network?
While the technology has not been made available for public utilization yet, users can still sign up for the weekly newsletter to receive regular updates regarding the release date etc. In addition to this, Bisq is always currently looking “highly-skilled developers, designers and security experts to join their team”. Thus, interested users can get in touch with company officials by emailing them on the address outlined on the official website.