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Bisq, also known as Bitsquare is known as one of the leading decentralized exchange platforms, spread all over the world. As this platform is highly expanded in every corner of the world. This high-level security makes it difficult for hackers to personalize any illicit and criminal activity to exploit the exchange servers. For crypto asset trading you can also go for Bitlq
Background of Bisq
This exchange platform was established in the year 2014. A well-known Austrian digital coin Wizard, Manfred Karrer is the founder of Bisq Platform. He developed this platform intending to eradicate the requirement of intermediaries when making transactions on this platform. As this platform is a peer-to-peer (P2P) exchange platform, it grips all the significant features of Bitcoin and blockchain technology that are decentralization, liquidity, and privacy.
Bisq is a platform where no central authority is found and hence there are no chances of a single point of failure. The major distinction between all the crypto exchange platforms and Bisq is that this exchange is a network where peers are able to directly trade with each other.
Bisq operates on the open-source mechanism and so everything is fully transparent on this platform. Traders on this platform can easily sell, purchase, trade, or exchange Bitcoin and other famous cryptocurrencies on Bisq as an exchange for fiat currencies or other coins.
Key Takeaways of Bisq
People wonder why Bisq is prevailing with this speed all around the globe and here is the answer to this very question. Below are some of the key functionalities of this platform.
User-Friendly
Bisq is a platform where traders can initiate their trading within 10 minutes of setting up their accounts. Its interface is quite simple and easy and people find it easy to use. Many exchange platforms have complex interfaces and are not user-friendly at all.
This feature is the primary reason for all the hype about Bisq. The creators of Bisq have resolved all the issues faced by people by creating Bisq and have offered people a comfortable and user-friendly interface.
Industry-Level Security
Bisq’s priority is its security. Like any other platform, Bisq does not compromise on its high-level security. This platform was designed in a way that all traders and users feel safe while operating this platform. But then again the peer-to-peer network has its own risks and threats. As this exchange is decentralized, it does not have stored money or confidential information of people on its network. This makes Bisq safe from cyber risks.
Robust Privacy
Bisq guarantees its users solid privacy. Every single piece of information present on the platform of Bisq is 100% transparent and fully protected. Bisq does not require the user’s data, hence the trading done through the platform of Bisq is purely transparent.
Scalability and Interface
Trades taking place on Bisq include the intrusion of random mediators to check and verify if everything is going on the right track. This intrusion of the mediator makes the entire procedure a bit lengthy and intricate. If not, all the functionalities of this platform are smooth and simple. Bisq transactions may be time-consuming but also depend on the payment type the trader has selected.
Variety of Coins
Bisq supports a wide range of coins including almost all altcoins and stablecoins such as ETH, DASH, DOGE, and ZEN. If you want to have a look at the complete list of coins, you can check on the dashboard of the exchange’s webpage.
Execution Charges
Bisq charges a bit high fees for trading and transactions. But seeing the reviews on the platform, things look pretty fine and traders are also quite satisfied with what the platform is charging. This platform offers a variety of coins and traders have contended with this opportunity.
The Mobile Application of Bisq
The application of Bisq allows its users to receive notifications from the Bisq desktop application on their mobile phones. This application is a complete guideline about how to set up the Bisq software and how this software is executed. Still, the attuned Bisq mobile application only monitors trade notifications and does not let traders trade on the go.
For trading purposes, users are only allowed to use the desktop form of the software. Moreover, the computers are needed to be linked to a strong internet connection for all offers to go available to people.
Conclusion
Bisq is a legit platform and a decentralized anonymous organization (DAO). Crypto trading is risky and traders need to be fully aware of the hazards and dangers before choosing any platform whether it is Bisq or any other.
Reviewed and edited by Albert Fang.
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Article Title: Bisq – The Blockchain-Based Crypto Exchange
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