After learning about Bisq trading interface and accompanying payment methods, it’s time to learn a thing or two about a very important feature – security. Since the cryptocurrency market is on a constant rise, with more and more funds being invested globally with each passing day, security and privacy of personal data is of outmost importance. Fortunately, due to the exquisite features embedded in the Bisq app, as well as due to the smart fundamental planning, trading with Bisq will keep your funds and data completely secure. Here’s why.
Since Bisq serves merely as a mediator between two parties that wish to exchange goods (in other words, cryptocurrencies), users are always in full control of both fiat and Bisq crypto assets. Trading application will never store any information about you or the amount of your funds, therefore it will only be present on the currency’s underlying blockchain. In order to commence trades, both parties are required to make a security deposit in case of any potential problems, thus making frauds extremely expensive and unprofitable. Furthermore, all funds and deposits that are included in trades are secured in multisig escrows that require verification of at least two network nodes. This, accompanied with the dispute handling based on decentralized, human-arbitrary system, ensures the ultimate safety of Bisq trading environment. We’ll be explaining concepts of arbitrators and security deposits later on in the article, but let’s first focus on privacy methods implemented in this cryptocurrency exchange.
The main thing that ensures privacy of each user is that no identity verification requirements are present. This means that, unlike other cryptocurrency trading platforms, here you won’t be asked to provide copies of your ID documents or other sensitive information. Furthermore, since it doesn’t have any central database, but rather a distributed one that is synced across all network nodes, stealing information or injecting false one in the system becomes virtually impossible. Since all changes on the network have to be verified by all participating nodes, imposters are easy to detect and exile from the network – that way, Bisq trading network keeps itself safe from attacks. Due to the fact that the project is built on top of Tor network, a top-class anonymous communication protocol, your actions will be invisible to others, regardless if you’re trading on Bisq Bitcoin, Ethereum or any other market. And finally, due to the fact that each transaction is encrypted, it can’t be hacked at all. As you can see, Bisq Bitcoin and all other markets are fully safe and secure, so trading here will surely be a joy. Now, let’s make a brief analysis of the platform’s unique features that will make you even more interested in this cryptocurrency exchange platform!