Bisq.network is a decentralized anonymous exchange where Unobtanium (UNO) and other cryptocurrencies may be traded. This article will show you how to install Bisq and trade UNO.
Why should the Unobtanium community care about supporting a Decentralized Exchange (DEX) like Bisq? In it's 5 years of existence, UNO has experienced close calls with several big exchanges that have gone rogue and been hacked. Cryptsy and Mintpal are two of the most notable, but not the entire list. Centralized exchanges pose a particularly big risk to a low inflation, rare issue coin like UNO. If we want the option to trade UNO in a decentralized way, then lets give BISQ a try.
Bisq works a little differently than centralized altcoin exchanges. Instead of logging in through a website, doing kyc and trusting the exchange operator with your cryptocurrency, you will access Bisq through a client app (Java) on your desktop computer. The Bisq client connects to the distributed p2p network anonymously over TOR.
Depending on the trader at the other end and the luck of the Bitcoin blockchain, your Bisq trades may take up to a maximum of 24 hours to complete, or they could complete within minutes. Patience is a virtue on Bisq. Trades happen slower than on centralized exchanges because they occur on chain.
Lets get starting trading UNO on Bisq.network.
Step 1. Download and install
TOR browser bundle.
Step 2.
Download and install Bisq client. Start Bisq installer and go through the setup process.
Step 2.5 Fund your Bisq account with Bitcoin. Go to Funds > Receive Funds, and send Bitcoin to one of the addresses.
Step 3. Add an Unobtanium address that you'll use to receive UNO that you purchase through Bisq. To do this, click on Account > Altcoin Accounts > Add New Account > Altcoin: Unobtanium
To trade Unobtanium/Bitcoin, go to Market > Offer Book > Currency: Unobtanium. This is where you will see all Uno Buy & Sell orders. You can accept a posted order, or post your own.
Remember that when trading UNO for BTC through Bisq, you guarantee the trade with a small Bitcoin deposit that is returned to you when the trade is successful. You fund your Bisq wallet with BTC, not UNO. Instead, you will send your UNO to the other trader's Unobtanium wallet.
Check all of your posted offers by going to the Portfolio tab.
Should anything happen, such as the buyer fails to acknowledge that you sent them UNO, you can go to the Support tab to open a support ticket. An arbitrator will examine the UNO blockchain, and if it's determined that you actually did send the UNO to the buyer's Unobtanium address, the arbitrator will release the funds to you from the multisig wallet.
You can view the Bisq UNO markets through a web browser, although you can only trade through the Bisq client app.
With Bisq, you won't have to worry about the exchange going rogue and stealing your funds. There is no KYC, and your anonymity is ensured through TOR. You have full control your private keys and can withdraw your Bitcoin from your Bisq wallet at any time, as long as they are not locked in a multisig wallet for the duration of a trade.
I encourage Unobtanium users to give Bisq Network a try! Post a few Unobtanium buy or sell orders!
Check out the current state of Bisq's UNO Market online.
