Bisq is an open-source, peer-to-peer application that enables its users to trade cryptocurrencies and fiat currencies between each other. Liquid Bitcoin (LBTC) is available as a "payment method" for both purchases and sales of BTC, enabling users to exchange BTC and LBTC between one another in a decentralized manner.
Set Up a New Bisq Account
1.
Go to the Bisq website and download the Bisq software package for your operating system.
2.
Install Bisq and launch the application.
Note: Installing Bisq might present a warning message because Bisq is unsigned software, which means the Bisq developers have not signed the version of Bisq you are downloading. If you decide to continue, follow your operating system's instructions for installing unsigned software.
3.
Follow the official instructions to deposit BTC to your Bisq wallet.
Set Up an LBTC Payment Method
If this is the first time you have purchased LBTC on Bisq, you will first need to add an LBTC "account." If you have already set up an LBTC account, skip to the Buy LBTC section below.
1.
Click the Account tab in the top menu bar.
2.
At the top of the Manage Accounts page, select the ALTCOIN ACCOUNTS tab, then click ADD NEW ACCOUNT.
3.
Under Create New Account, select Liquid Bitcoin (LBTC) from the Altcoin dropdown, enter a Liquid address from your Liquid wallet.
4.
Check the Trade instant (within 1 hour) with this Altcoin box if you will be at your computer throughout the trade. If not, leave it unchecked.
Tip: "Instant offers" are just like regular offers—all typical trading rules apply—but the trade period is 1 hour instead of 1 day. At the time of writing, most of the LBTC offers available on Bisq are instant orders, but you may wish to set up both an instant and non-instant LBTC account to give yourself more options.
5.
Click SAVE NEW ACCOUNT, and click I UNDERSTAND.
Buy LBTC
While it may sound unintuitive, on Bisq you need to "sell BTC" to "buy LBTC."
1.
Click the SELL BTC tab in the top menu bar.
2.
Under the Available offers header, click the Filter by currency menu and select LBTC - Liquid Bitcoin to see available sells for LBTC.
3.
Find an offer with a suitable price and amount, and click TAKE OFFER TO BUY LBTC to set up the exchange.
4.
On the TAKE OFFER page, select your preferred Liquid account, confirm the amounts, select trading fee currency (BTC is default) and click NEXT STEP.
5.
You will be asked to fund your trade (LBTC price, trading fee, mining fee, security deposit). If you have already deposited sufficient BTC to your Bisq wallet (Step 3), select TRANSFER FUNDS FROM BISQ WALLET. Otherwise, you can also fund the trade from an external wallet.
6.
Click REVIEW: TAKE OFFER TO SELL BITCOIN, review the trade details in the pop-up, then click CONFIRM: TAKE OFFER TO SELL BITCOIN.
7.
You will now need to wait for the deposit transaction to confirm on the blockchain, then the "BTC buyer" (seller of LBTC) can complete the trade by depositing LBTC to your Liquid address. To view the latest status of your open trade, click the PORTFOLIO tab in the top menu bar, and select the OPEN TRADES sub-tab.
8.
Once the BTC buyer has marked the payment as sent, check your Liquid wallet to confirm that the payment has completed. Unlike on Bitcoin, only two confirmations (two minutes) are required for a secure trade on Liquid. After confirming that the payment has been completed and the amount is correct, click the CONFIRM PAYMENT RECEIPT button, then reconfirm YES, I HAVE RECEIVED THE PAYMENT.
Your trade has been completed! Your BTC will be released to the "buyer" and your LBTC will be ready to send to a supported exchange or other Liquid service.