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What is Bisq Exchange?
Bisq is a peer-to-peer decentralized exchange. Unlike the majority of centralized exchanges out there, Bisq does not sell cryptocurrency. Instead, users register and submit their own bitcoin and start trading with other users.
While this might seem shady at first, it works the same way as buying from any other crypto exchange site. One of the biggest selling points of the Bisq platform is how users get to pick the price they want to buy and sell their crypto for.
Users simply need to list their Bitcoin and how much of other currencies they want for them, and once a buyer/seller finds their post – the exchange can happen. In layman’s terms, Bisq is simply a middleman between two users who are exchanging crypto.
Bisq Company Overview
Bisq was founded in 2014 as one of the very first decentralized exchanges. The idea behind Bisq was that users should be allowed shouldn’t be forced to buy crypto using the prices pick their own prices. This idea brought a lot of popularity to the Bisq exchange.
Not only are users allowed to choose what crypto they want to buy and for how much, but they aren’t required to share almost any personal data whatsoever. Bisq functions using the TOR network which many associate with the dark net and illegal activities.
Even though there is nothing illegal about the TOR network, the fact that Bisq is built on it may rub some users the wrong way. Being a truly decentralized exchange (the Bisq network is made up of many nodes around the world) also means that Bisq is extremely difficult to hack and provides a naturally thick layer of security to all of its users.
Advantages and Disadvantages of Bisq Exchange
- Users can’t buy crypto for fiat currencies (they have to bring their own Bitcoin)
- Not very beginner-friendly
- Higher exchange rates than on other platforms
Using Bisq in Online Casinos?
If anonymity is important to you, then Bisq should be one of the best exchanges for your casino games. Many casino players don’t like leaving their bank details and personal information at casinos or at crypto exchanges and this is something where Bisq shines.
The downside is that you need to already own Bitcoin before you can start trading. Ironically, in order to start using this crypto exchange you have to use (another) crypto exchange. Once you do have Bitcoin and once you load them to your Bisq account, you can trade them for other cryptocurrencies at much better rates.
Creating a Bisq account also creates a Bisq wallet which players can use to directly send funds to a crypto casino. Many users prefer to send funds to a different crypto wallet but this is a matter of preference. For example, by trading your Bitcoin and Bisq for Ethereum, you may just get more than if you were to buy Ethereum directly from a different crypto exchange.
Bisq may not be the best choice for a crypto exchange for beginners or for those that only need Bitcoin, however, it is arguably the best place to trade Bitcoin for a different cryptocurrency.
Bisq Accepted cryptocurrencies
Bisq accepts over 120 cryptocurrencies. It is important to note that Bisq does not deal with fiat currencies or any other payment method that isn’t crypto-related. Bisq users need to buy Bitcoin elsewhere before they can use them to trade for other cryptocurrencies on Bisq. Here are the most popular cryptocurrencies that are accepted:
Bisq has a downloadable PC application. Users can simply download the executable file and install it on any PC. Using the PC app, users can deposit Bitcoin into their Bisq account, post trade offers on the Bisq network, browse other trade offers made by other users, and accept trade offers. Some casino players like to keep the Bisq app running while they are playing casino games on a separate window.
Alternatively, all these features are also available by simply visiting Bisq’s website and logging in with your account credentials. This is great for users who don’t like to install any unnecessary apps on their PC (even though the PC app is preferred over the browser version according to the Bisq website). The application isn’t too demanding and even older computers shouldn’t have problems running it.
Bisq is available on both Android and IOS devices. Users can use all the features that PC users can from their smartphones. The app also offers some other features that aren’t available on the PC version, such as QR code scanning, Face ID recognition, Touch ID, etc. Casino players who like gaming on the go can benefit a lot from having the Bisq app on their phones.
The Bisq platform itself is mostly automated. However, things can go wrong which is where arbitration comes into play. If there is a problem between two parties that are using Bisq software and they can’t solve it themselves the Bisq arbitration kicks in and settles the dispute. For example, let’s say that a casino player wants to sell bitcoin and a person who wants to buy bitcoin meet on Bisq.
The casino players have already submitted their Bitcoin but the person who is buying it is offering less than what was agreed upon. Neither party wants to back down, so Arbitration comes in. The arbitration reviews the chat exchange and ultimately makes a decision. This is a great addition in case something goes wrong during trading.
What sets apart Bisq from most other crypto exchange platforms is that it’s decentralized. Thanks to its decentralized nature Bisq is almost impossible to hack. Being decentralized means that the Bisq platform is made out of computers and servers all over the world (instead of having everything at just one location).
A hacker would need to hack at least 51% of all those computers (at the same time) in order to gain anything from the hack itself, which is extremely difficult, if not impossible. Bisq is one of the most secure crypto exchange platforms on the market because of its decentralization. All new users are required to pay a security deposit in order to avoid any easy scam attempts.
Other than the Bisq Arbitration system, users also have access to security features like email verification, SMS verification, and two-factor authentication. Bisq does not have any KYC requirements at all. Users can create accounts and load them up with Bitcoin without seeking approval from any central authority or legal entity.
Because Bisq acts more as a middleman between two parties, it is only natural that Bisq would charge fees for each transaction that happens on the platform. Fees are calculated during each transaction based on the amount of crypto traded between the two parties. When compared to other crypto exchanges, Bisq trading fees are relatively high.
Many users aren’t happy with the trading fees but still, say that the fees are worth it because they get to trade according to their own preferences. This may be a turn-off for many casino players, who already have to pay casino fees, so you might want to consider whether trading your Bitcoin on Bisq is actually a better option than trading it on a different platform.
Bisq Customer Support
Bisq actually has a dedicated team of people that run customer support. All users can reach out to the support team at any time via email or live chat. The platform also has a very thorough FAQ section where users can get some of the more common questions answered.
What users like
Users love the anonymity that Bisq provides. Seeing how Bisq needs little to no personal information, a lot of crypto users (crypto casino players especially) enjoy staying anonymous as they trade their crypto. Users also like that there are no country restrictions for account registration. Experienced crypto trades are drawn to this platform because they get to decide on the price they feel comfortable with when trading bitcoin.
What users dislike
Bisq exchange fees are a deal breaker for many. Even though users usually get a better deal than on other platforms, Bisq trading fees can really start to become a problem, especially after multiple trades. A lot of people are also nervous about trusting Bisq because the platform is based on the TOR network. Seeing how the TOR network is used to access the dark web, a lot of users would rather not get involved with anything based on it.
Bisq Review Summary
If you are a casino player who already owns bitcoin but needs to trade them for a different cryptocurrency, then Bisq may be a great trading platform for you. While it’s not exactly an all-in-one solution like many other crypto exchanges, Bisq remains one of the best and most economical ways to get the most from your Bitcoin.
Thank you for reading our review on Bisq and we hope that we have helped you in making your decision about this crypto trading platform!
Is Bisq safe?
Yes, Bisq is safe. Bisq is a decentralized network which means that it is extremely hard to hack Even though most of the trades on the platform are automatic there is a team of professionals that are maintaining the platform and answering customer queries.
Is Bisq good for online casinos?
Bisq is great for online casino players who want to get the most out of their Bitcoins. Because Bisq allows users to buy and sell Bitcoin using their own prices and offers, users can get a lot more for their crypto than they normally would on other platforms. This is great because more cryptocurrencies mean more opportunities to win big at the casino.
Is Bisq available in my country/region?
Yes, Bisq is available everywhere in the world. Bisq offers its users almost complete anonymity and therefore anyone anywhere is able to register and start posting Bisq Trades using the Bisq platform.
How to withdraw money from Bisq?
Withdrawing money from Bisq can be done just like using any other crypto wallet. Users can use their Bisq phone application to scan and send funds elsewhere from their Bisq Wallet. This can also be done using the PC app (browser) by logging into your Bisq account, accessing your wallet, and typing out a recipient address.
Which exchange is better than Bisq?
Bisq is already a pretty great crypto exchange platform but it does require that users already have their own cryptocurrency. If you are looking for easier and beginner-friendly crypto exchanges, you may want to consider Coinbase or Binance.
What happens if the exchange goes terrible on Bisq?
If an exchange goes bad, the system usually finds a solution automatically to reverse the transaction so that everyone gets their cryptocurrency back. If a problem is more complex than that, the Bisq arbitration comes into play to resolve the issue.
Do I need to use Bisq if I already have Bitcoin?
If you want to trade your Bitcoin for a different type of cryptocurrency but don’t want to use the exchange rates of other crypto exchanges, then you should use Bisq. However, if you are happy with your Bitcoin and don’t need to trade them for anything else, there really is no need to use Bisq.
Can I get scammed on BISQ?
You can get scammed on Bisq if you agree to an unfair trade. A lot of inexperienced crypto users agree to an unfair trade and then get much less than what they were hoping for. To avoid such situations, users should always double-check all trade transactions before agreeing to them.