bisq on Nostr: Is Bisq safe? Bisq employs three key measures to ensure security: 1. All Bitcoin ...
Is Bisq safe?
Bisq employs three key measures to ensure security:
1. All Bitcoin traded on Bisq is stored in a 2-of-2 multisignature address.
2. Both traders must submit security deposits, which are reimbursed upon completion of trades.
3. Trade disputes are resolved through a three-tier system involving end-to-end encrypted trader chat, mediation, and arbitration.
When trading fiat currency for Bitcoin, there is inherent chargeback risk, as fiat transactions can be reversed. To mitigate this risk, Bisq:
- Only supports payment methods that make chargebacks difficult, explaining why PayPal and credit cards are not supported.
- Implements a signing mechanism that enforces 0.01 BTC buy limits until a buyer's integrity (not identity) is verified.
#dex #decentraized #bitcoin #nokyc #stacksats
Bisq employs three key measures to ensure security:
1. All Bitcoin traded on Bisq is stored in a 2-of-2 multisignature address.
2. Both traders must submit security deposits, which are reimbursed upon completion of trades.
3. Trade disputes are resolved through a three-tier system involving end-to-end encrypted trader chat, mediation, and arbitration.
When trading fiat currency for Bitcoin, there is inherent chargeback risk, as fiat transactions can be reversed. To mitigate this risk, Bisq:
- Only supports payment methods that make chargebacks difficult, explaining why PayPal and credit cards are not supported.
- Implements a signing mechanism that enforces 0.01 BTC buy limits until a buyer's integrity (not identity) is verified.
#dex #decentraized #bitcoin #nokyc #stacksats