Bisq - a decentralized, P2P Exchange. - How it works and my Experience!
Use Bisq to swap national currencies into Bitcoin super easy and super cheap. Decentralized, secure, peer-to-peer, anonymous.
Bisq is an open source desktop application that lets you buy and sell Bitcoin against national currencies or alternative cryptocurrencies using the Tor-Network. Just like Bitcoin, you need nothing more than a computer, Internet and - since you trade online with national currencies - a bank account and you're ready to go.
You download the software at https://bisq.network/ , install and start it, set a password for encryption, set up a payment method (such as SEPA transfer or Revolut) and off you go.
You do not need to create an account, upload ID cards, disclose personal information - for example if use Revolut (a popular fin-tech startup - https://www.revolut.com) for paying, all you need to do is reveal your e-mail address.
Where is the catch in the matter?
As always, where there is plenty of light, there is also shadow. Bisq is decentralized and P2P. This means that if you do not want to respond to any of the other users' offers, but want to submit your own offer to buy or sell, you need to open the application and leave the computer online. That's because at Bisq there are no servers working in the background and distributing your offer, but your own computer is the server for your offer.
Another disadvantage is the limitation of trading volume per trade. This starts at 0.0625 BTC after the program is installed and increases to 1 BTC after 2 months. However, the amount of trades is not limited. And last but not least, trading for crypto as beginner is made more difficult, as you have to deposit at least 0.01 BTC as collateral in order to enter into a trade. This must be the buyer, as well as the seller.
However, if you already have at least 0.01 BTC and want to avoid the tiresome verification process at the central crypto exchanges like Coinbase or Kraken require, BISQ is the ideal choice to securely and independently exchange fiat currencies into cryptos and vice versa.
Also, you do not have to worry about what will happen if the seller of Bitcoin does not confirm the receipt of your transfer. In this case, after 6 days, the Bisq security program will pick up and give you the opportunity to contact a randomly selected "referee" to prove that you have paid the money as requested. Not every single user can become a referee. Cheaters are thus made life difficult at Bisq.
My Experience
My experiences with Bisq are consistently positive, my trades went quickly and easily across the stage, the user interface is great and works perfectly. The developers of Bisq here have a simple idea to transfer the principle of Bitcoin on Exchanges, implemented ingeniously and I can only recommend you whimsical to take a closer look!
Cheers!