Cryptocurrency Exchange Bisq

Bisq is an open-source desktop application that allows you to buy and sell bitcoins in exchange for national currencies, or alternative crypto currencies. Unlike traditional online exchanges, Bisq is designed to be: Instantly accessible – no need for registration or approval from a central authority. 

Decentralized – there is no single point of failure. The system is peer-to-peer and trading can not be stopped or censored. Safe – Bitsquare never holds your funds. Decentralized arbitration system and security deposits protect traders. Private – no one except trading partners exchange personally identifying data. All personal data is stored locally. Secure – end-to-end encrypted communication routed over Tor. Open – every aspect of the project is transparent. The code is open source. Easy – we take usability seriously.

Bisq is for those who do not want to forfeit control or privacy to a central authority in order to trade with other individuals. We regard financial transactions as a form of private speech that should be protected from surveillance by banks, governments, and other institutions.

Bisq, which was previously known as Bitsquare is a decentralized, peer-to-peer cryptocurrency exchange. While they allow fiat currency transfers, we see them as a more idealistic competitor to services like bitcoin.de, than a mainstream tool for buying bitcoin, like Coinbase. 

Bisq is not a company, but a “Decentralized Autonomous Organization” (DAO)". The project was started in 2014, by Manfred Karrer, as a means of keeping the original spirit of Bitcoin alive, even through the exchanges on which it is traded. 

The entire trading process at Bisq is not as simple as the one your are probably used to. Most exchanges operate on centralized servers. In essence all other the account balances are kept by the company and when you trade, let’s say Bitcoin, no transaction is made on the actual Bitcoin blockchain. The transfer only occurs in the company’s internal systems, which keep all of the coins and store the database, stating the amount of coins held in each account. While this allows the facilitation of fairly advanced trading software, some people don’t like the control which they give to the company running the exchange. 

Bisq is a totally different project which, connects buyers and sellers of Bitcoin (and other assets). The trading service is running on blockchain technology, supported by the community. This has several implications, but most importantly hacks are basically impossible and your personal information is not accessible by the owners.

Additionally, the company (which isn’t actually a company) does not control your coins. When connecting to the network you can input several payment methods – your cryptocurrency wallets and/or bank account and/or e-weallet (more on the payment methods below). It is key to note that this information is only shared with your direct trading counterparties.

When trading at Bisq, you can either place an order on the trading book or “hit’ one which is placed by another user. After your are matched, the crypto-currencies involved are sent to a multisignature address, form which they will find their ways to the respective wallets. An arbitration mechanism is in place, in case a conflict occurs and a security deposit is collected from both sides (the latter is refunded, after both sides confirm the transfer). 


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