What Is Bitsquare? And How YOU Can Help It Grow ✊

in #steemit3 years ago (edited)

Bisq, formerly known as Bitsquare is a decentralized exchange to trade Bitcoin and other alt coins with fiat currencies like the Euro, Dollar, etc. It was founded in 2014 by a guy named Manfred Karrer with a vision of eliminating the "middle-men" part while trading cryptocurrencies.

Why should you consider Bisq?

You would have heard the stories of exchanges getting hacked and people losing their money. It can happen again.

Also, the exchanges always go down temporarily for maintenance, leaving you stranded with your funds in there or missing you out on good trades. As a matter of fact, Coinbase is currently down right now as I am writing this...

And the verification time and censorship, personally, I am still waiting for my basic verification on Kraken to process after more than a MONTH, while I could have been making a few extra bucks trading...

On the other hand, Bisq is a peer2peer decentralized platform to trade, meaning:

It's a no brainer.

But what's the problem?

Unlike those centralized exchanges, Bisq doesn't have much volume or liquidity. People are not using this great platform and taking advantage of what it has to offer. The reason behind it?

The founder and developers didn't want to take investments from any investors and turn it into a "classic" company controlled by "someone". Their revenue model is the small fees from trades which is still amongst the lowest compared to centralized exchanges. But to make a project successful, you need marketing. And for marketing, you need cash. Sure, from word of mouth, there have been a few people trading but as mentioned before, liquidity is VERY low for other traders to consider giving their time to the platform.

,

How can you help?

If you like the concept of the decentralized exchange, then you should definitely give Bisq a try. There's nothing to lose, nor any money to put. Sometimes, they have the cheapest Bitcoins for sale and you can buy it there!

Also, they support STEEM! So as a steemit community, if we want, we can bring Bisq to life TOGETHER🤝 by trading our STEEM there instead of any other centralized exchange. The platform is all set to go, all it needs is people to use it.

Do you support this concept?🤔

For more information, click HERE.

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Great post bhai mujhe pata aaj nhi to kal crypto pe post banana hi h :)

Hi @kryptoknightk,

Thanks for posting this. I'm also not fond of the current situation of keeping funds on deposit at exchanges in order to trade. That's not a good situation if something happens to the exchange (you can't login, the server goes down, something keeps you from transferring funds out, et cetera).

Technically, do you know how #bisq differs from #shapeshift?

I think that Shapeshift uses exchanges in the background, but doesn't expose you to the exchange. Bisq just doesn't use exchanges at all and is completely peer-to-peer. Am I understanding that correctly?

Bisq is an exchange itself but peer to peer. With shapeshift, you can't use fiat currency but with Bisq you do. You can buy and sell bitcoins and altcoins from Bisq like you would buy from sites like wall of coins, local bitcoins, etc. with privacy except I found better deals on Bisq where people are not charging a premium and sticking close to the market price. Also your bitcoins are stored on your computer wallet, and you can always recover them with the seed phrase.

Thanks for clarifying. Information like this is important and vital to spread. Too many people are using decentralized crypto-currencies on centralized exchanges... which negates many of the benefits.

This post received a 1.3% upvote from @randowhale thanks to @kryptoknightk! For more information, click here!

Very nice . I've never heard of bitsquare.

Now you have! It's a great concept :)

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by kryptoknightk from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.

Hey dude @kryptoknightk
We never spoke I guess (In the group).
I just read yours intro post.
It's really commendable that you stay here and parents moved back to India.
I like the article you write.
This is good info.
Keep doing.

Thanks bro, catch you in the group if I see you 😎

sure thing!

Man, there must be so many of these sites online that it's hard to keep track of

haha true, there's always something goin on!