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Flix 1y ago

What would the ideal Bitcoin exchange be like?

1. Fast

2. Liquid

3. Decentralised

4. Atomic tx

5. Private

6. Self-custody

7. Simple UX

8. Secure

9. Cheap

Bisq does an excellent job at being private, decentralised, self-custody and secure. It's cheap when mempool is clear.

It has atomic tx, but only for BSQ. It's very hard to do atomic for fiat payment methods...

It fails, for now, at being fast and have a simple UX. It is liquid enough for 0.01-0.1 BTC, but for large amounts it needs to improve.

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Discussion

Max Kei 1y ago

1. Mobile based

2. BTC to fiat and back

x 1y ago

Larger amounts are not allowed. Max is 0.2 BTC.

Flix 1y ago

0.2 BTC per trade. If you can do 5 trades at once to buy 1 BTC at a similar price, that would satisfy 95% of people. Maybe not huge institutional traders...

x 1y ago

Not complaining about it. Before the limit of trades was 2 BTC, and there still was plenty of liquidity (especially xmr-btc). Just pointing out that it's not that it is illiquid it's just not allowed.

Flix 1y ago

How can it be improved?

Lightning ⚡ can help with speed. Instant fiat payment methods.

UX can definitely be improved, especially by adding a mobile app or web-UI that connects to a Bisq server. Maybe Umbrel and Start9 can help with that.

Liquidity is in theory easy to solve, but in practice it brings us to the coordination problem... which can be bridged by market makers.

Atomic tx for fiat-btc exchanges will be built eventually as fiat becomes more digital. Stablecoins can help.