Why RoboSats is my preferred P2P Bitcoin exchange.
If there’s a better one, I’d love to hear about it.
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Discussion
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I don't understand how peach gets recommend all the time. Their codebase is closed sourced if I am not wrong. They say it's non kyc but no proof about it.
I downloaded it & the first thing i was asked for was a name & email.
That was kind of off putting as someone just wanting to explore.
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Peach seems cool but not available in the US yet
You don't have VPNs on the US?
They don’t take US Dollars
Wise is helpful if you're willing to KYC with another bank.
Trying to avoid all KYC whenever possible
I’ve been meaning to try RoboSats out. I should probably get on with it and get used to it before I am forced to use it.
Admittedly, Strike makes things so quick, easy, and low fee that Ive put off KYC free longer than I should’ve.
You pay with your data to govt.
Yeah same.
I'm kinda resigned to the fact that the fiat side is riddled with it.
Tradeoffs 🤷
I've only tried BISQ.
Everything went well & was quick.
What concerns me the most is getting scammed & I'm not entirely comfortable with BISQ's incentives against that yet.
How does robosats handle that for buyers?
Bisq is good. It’s my second favorite p2p exchange after RoboSats.
RoboSats handles txns in a similar way to Bisq, via escrow. So the sats are only released once the fiat is transferred, and vice versa. I’ve never heard of someone having an issue with it, and I’ve never had any issues myself. If there is an issue, it goes to arbitration.
Main difference is Robosats only requires a Tor browser whereas Bisq requires that you download software, which makes me a bit wary
True but Bisq does have a PGP to confirm authenticity but understand the sentiment.
Fair
In comparing those two service RoboSats is unique in that you can create any type of payment for BTC.
At a local BTC meet up we had a “buyer & seller” live demo and one paid for BTC with a gift card 😂.
Bisq has that. So not unique.
Guess I hadn’t tried that route yet 😅.
Good to know though 🤙!
Is there and reputation or weboftrust system?
You might get dirty fiat from someone
It's there another kind of fiat?
RoboSats is lightning-native.
How do you think you can get scammed exactly?
You're buying yeah?
Yeah buying.
My concern is then taking my fiat & not sending the sats. It is probably just a lack of comfort/experience with the Bisq process.
Are the sats being sold locked in a multisig when they are offered for sale (as a market maker)? It's there a similar process that occurs when you are buying as a market maker?
It's all on chain. 4 transactions. The entire bitcoin/sats they're sending are verified and as part of 2-2 multisig etc.
The seller has more risk with some payment methods. Various other mechanisms to reduce but it's essentially non existent (scamming).
They don't get sent, meditation, arbitration, easily proved and obtained.
Thanks Conza.
I didn't realise sellers have to lock the sats that they're selling as well as a deposit in a multisig beforehand.
That is reassuring - I thought it was just the deposit.
This made me want to try it. Trying it 🤖