Hi everyone. You might have heard about Bitsquare. It is open source and completely decentralized with no server. It is censorship resistant and permissionless. No registration needed so it is highly privacy sensitive. So, Bitsquare is a good match with Zcashers! We do need some liquidity help from you guys. If you care about privacy, please give it a try!
I love the idea of a decentralized exchange! I’ll try this sometime.
Hey, thanks. We had some Zcash trades done but currently no more offers. It would be great if you give it a try and put some offers. The app works great. Seems the ZEC price is bottoming out so I myself will get some and put some liquidity, too.
Ah, someone just put an offer now. Thanks! Yeah, just one offer for now, but it’s okay. We will grow from here and Bitsquare is really good match for Zcash guys here.
hello ! do u know if bitsquare support z shielded transactions?
Bitsquare doen’t handle the altcoin transaction itself. Meaning for BTC/ZEC trade, BTC seller’s bitcoin will be locked into multisig wallet as soon as buyer takes the offer, the buyer then sends ZEC to BTC seller. Upon receipt of ZEC, BTC seller will release the BTC using 1/3 multisig key.
Also for your info, this is a diagram of how Bitcoin and Fiat/Altcoin moves during a trade using Bitsquare. Someone put some ZEC offers in the orderbook now. Give it a try.
Ok, thanks… but is it possible to make a z withdrawal to a shielded address ?
ZEC transaction will happen outside Bitsquare. Just like fiat transaction, Bitsquare cannot see your bank transaction, right? Same thing. Bitsquare cannot not see ZEC transaction, only holds BTC in the built-in wallet and multisig address.
how exactly are bank transactions handled ?
i haven’t setup the app yet, but i was wondering!
Let’s say you want to buy BTC for your USD and takes an offer in the order book. Seller’s BTC deposit in the peer to peer app will move to multisig address as soon as you take the offer. You will then send USD via banking network, which is completely outside Bitsquare. Upon the BTC seller confirm the receipt of your USD, he will use 1/3 multisig to release the bitcoin. This process is the same as other altcoin like ZEC. I know it is a bit tedious to understand. But, do you get this?
so the bank transaction is not done via Bitsquare? this could take a few days to clear!!
Yes, you can’t fix the banking network!!