Bisq is a P2P exchange network that lets you buy and sell bitcoins in exchange for national currencies or alternative cryptocurrencies. Read our Bisq review to get started.
What Is Bisq?
Bisq is an app that lets you start trading cryptocurrencies in less than 10 minutes. You download the app from Bitsquare.io, add your national or cryptocurrency accounts, create a new offer or take an existing one, then follow the user interface to finalize the trade. There’s no need to register or follow KYC or AML requirements.
Basically, Bisq is a straightforward cryptocurrency trading platform based for desktops. It’s open source and entirely transparent. The software is popular among those who do not want to forfeit control or privacy to a central authority in order to trade with other individuals.
Bisq is currently in beta. Anyone can download the software for free from the Bitsquare.io website.
As the official Bitsquare.io website explains, “We regard financial transactions as a form of private speech that should be protected from surveillance by banks, governments, and other institutions.”
With that in mind, let’s take a closer look at Bisq’s features.
Bisq offers all of the following features:
- Instantly Accessible: Bisq doesn’t force you to register or verify your identity with a central authority.
- Decentralized: There is no single point of failure in the Bisq system. The system is peer-to-peer, and trading cannot be stopped or censored.
- Safe: Bisq never holds your funds. It uses a decentralized arbitration system and security deposits to protect traders.
- Private: The only people who exchange personally identifying data are trading partners. All personal data is stored locally. Bisq doesn’t hold onto your private information.
- Secure: Bisq’s communications are encrypted from end to end and routed over Tor.
- Open: Every aspect of Bisq’s project is transparent, and the code is entirely open source.
- Easy: Bisq takes usability seriously, and has designed their UI to be easy for anyone to use – even if you’re new to the world of cryptocurrency trading.
As mentioned above, these features are particularly popular among those who don’t want to forfeit control or privacy to a central authority in order to trade with other individuals.
How Does Bisq Work?
Bisq’s platform is based on pure P2P infrastructure. Typically, the transfer of national currencies requires the involvement of traditional payment channels (like banks or payment processors).
Bisq, however, is not dependent on any particular provider. The role of these providers is limited: they transfer national currency. There’s no power of censoring, confiscating, monitoring, or controlling your financial interaction.
In other words, Bisq is designed to make bitcoin and cryptocurrencies the tools they were meant to be: private, decentralized payment systems that solve the crucial problems of today’s financial institutions.
Today, bitcoin exchanges hold currency in a central location. Bisq believes these decentralized exchanges are the Achilles heel of the current bitcoin ecosystem. Bisq introduces a P2P solution to solve that problem.
Who Should Use Bisq?
Bisq is designed for certain bitcoin and cryptocurrency users, including all of the following groups of people:
- Anyone who wants to exchange a national (fiat) currency like dollars, Euros, or Yen for bitcoin
- Anyone who wants to exchange a wide range of altcoins and other cryptocurrencies for bitcoin
- Anyone who doesn’t like trusting exchanges to hold your funds
- Anyone who doesn’t want to forfeit control or privacy to a central authority just to trade with other individuals
- Anyone who regards financial transactions as a form of private speech that should be protected from surveillance by banks, governments, and other institutions
Do you enjoy the anonymity of cryptocurrencies – but feel exchanges have taken away some of the benefits of cryptocurrencies? Bisq aims to restore those benefits with a truly peer-to-peer marketplace. Bitcoin was designed as a peer-to-peer payment platform.
So why are we using conventional exchanges where your funds and identifying information are held in a central location? That’s why Bisq was developed.
Bisq is a peer-to-peer exchange that makes it easier (and more private) than ever to manage cryptocurrencies, bitcoins, and fiat currencies.
It breaks the mold of conventional exchanges. It doesn’t hold your funds in a centralized location. It doesn’t require you to be verified by a central authority. It doesn’t even hold onto any of your information. All of your funds, private data, and transaction information is held on your local system.
Ultimately, Bisq is for those who like the anonymity of cryptocurrencies and feel uncomfortable working with conventional cryptocurrency exchanges.