However, he warns that Coinffeine expects to integrate other payment processors like PayPal or Alipay to expand services to the rest of the world in the near future. Strong Goodwill among the Loyal Customers Coinffeine admits that the user experience it provides is very different from other P2P exchanges such as LocalBitcoins and is closer to the experience of Coinbase or BitStamp.
Gomez elaborates that to use Coinffeine is as simple as using LocalBitcoins, but as powerful as using Coinbase or BitStamp. Nonetheless, as Coinffeine integrates the concept of a wallet and exchange in the same product, it offers the first Bitcoin desktop wallet that includes the ability to buy or sell Bitcoins automatically.
Answering to a query whether Coinffeine a web-based exchange or not, the FAQ page says that it is no; rather, according to him Coinffeine is a desktop software they need to download and install on the computer. What do you think about Coinffeine? Let us know in the comments below! Image source: coinffeine Disclaimer: The author of the story is not associated with Coinffeine nor has he any vested interest in the firm. Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Sign Up I consent to my submitted data being collected and stored. Overview This graphical overview shows the basic high-level flow of the trade process. See the detailed version for more information. These videos demonstrate the current software and give a more detailed explanation of the trade process. A detailed graphical representation of the trade protocol should help to explain the way the payment process is executed.
A document also discusses the possible risks, attacks and protection mechanisms. An arbitration system will serve as primary protection mechanism and is also described in a separate document. Main characteristics P2P infrastructure without servers: No single point of failure and no privacy breach due transaction monitoring possible. Support for alternative crypto currencies to be exchanged with Bitcoin. Arbitrator - anonymous and randomly assigned.
Resolves disputes between traders. Contract - blinded non-refutable proof of trade details Fraud report - reports by arbitrators with proof of clear cases of fraud Trade volume limitation - limits to maximum trade volume in order to reduce potential gain from fraud Business model Bisq is not a company, but an open-source project that aims to fill a gap in the cryptocurrency ecosystem: to provide an exchange platform which follows the same principles as Bitcoin itself.
A unique incentive mechanism is set up to support the project: transaction fees go in part to the developers and in part to the arbitrators in the event of disputes, arbitrators collect the security deposit of the losing party or in some cases half the deposit of each party Technology The Bisq application is built in Java 8 with JavaFX for the GUI. For interaction with the Bitcoin network the bitcoinj library is used. For decentralized messaging and data storage a custom flooding gossiping network over Tor is used.
Wallet Bisq protects the privacy between trades by separating each trade with a different set of addresses. No addresses will be used across multiple trades avoiding coin merge and de-anonymisation vectors. The user needs to further take care when doing the deposit from and withdrawal to his external wallet to avoid loss of privacy due coin merge e.
If no dispute is opened, this deposit is returned in whole to each trader. The security deposit serves also as an incentive to follow the protocol e. Fees The fees are necessary for protection against offer book spam, market manipulation and identity harvesting.
They are also needed as payment to the arbitrators for their services. Arbitrators are compensated for agreeing in advance to be available to arbitrate a trade even in the case the trade is not disputed. Initially the fees will be kept to a minimum. Later as the trading community grows the fees will be adjusted as needed to make the arbitration system sustainable and to adjust to the level of observed fraud activity.
To make the payment process fast we do not wait for transaction confirmation of fees. A double spend of the fees is potentially possible but highly unlikely, due to the difficulty of its execution and its low profitability. There will be a second verification at the end of the trade process where a double spend would be detected and that could be used for local blacklisting. Bisq operates with the following fees: Create offer fee: 0.
So the sum is 0. The security deposit from dishonest trader will be used to pay the arbitrator for his efforts. In rare cases half the security deposit of each trader may be collected instead. The active arbitration fee is not related to the size of the trade and does not affect the time required to mediate a dispute as the amount of work an arbitrator must perform is roughly constant even when small amounts are exchanged. In addition, a part of each collected arbitration fee from dishonest traders is locked in the security deposit.
This accumulated amount is returned in whole to the arbitrator upon stepping down from arbitration. This paper is old has been superceded by modern documentation, and many figures are outdated and incorrect. See the wiki for updated trading fees. Trading protocol The desktop application implements the protocol for the trading process.
When broadcasting an offer, the offering peer agrees to accept any take-offer request which fulfills the terms defined in the offer. The take-offer process requires that the Bisq applications of both traders are running it can run in background. They do not need to be physically present at their computer, but the software needs to be online to react to the take offer request.
The Bitcoin buyer should wait for at least 1 blockchain confirmation as protection against double spend, before starting the transfer of the national currency or alternative cryptocurrency. The Bitcoin seller will release the deposit after he has confirmed the receipt of the national currency. Here is a detailed graphical overview of the trade protocol.
Arbitration Bisq relies on a decentralized arbitration system to ensure that traders fulfill their obligations. See the arbitration system document for more details on how this system works. Fraud reports A fraud report is used to warn about fraud from bank chargebacks, stolen payment accounts or arbitration fee fraud. The arbitration system can not help in these cases because the Bitcoin payment has already been released by the time the fraud is discovered.
The fraud report only serves to prevent repeated scam with the same payment account and Tor onion address. More details can be found in the risk analysis document. Bitcoin is always one part of the exchanged currencies. One cannot trade alternative cryptocurrencies for national currencies.
Arbitrators need to lock away 2 Bitcoins, which are only returned when they step back from their service. The speed of the trade process depends on the duration of the payment transfer. Application should not be used in jurisdictions where Bitcoin is illegal risk from trading with undercover agents.
Remarks Identity verification Bisq does not carry out identity verification of users. However, in the event of a dispute, the assigned arbitrator may need to check the identity of the traders. This information is only visible to that arbitrator and to at most one senior arbitrator.
Users may request that identity verification is carried out over encrypted channels, e. See the risk analysis document for more information. Reputation system Bisq does not use a reputation system, as such systems can easily be manipulated, e. Example use cases Standard exchange process Trader selects the arbitrators he wants to accept in case of disputes or stick with the default selection of all matching arbitrators.
Trader sets up a payment method account. Buyer deposits bitcoins from external wallet for security deposit, create-offer fee and mining fee Buyer publishes the offer. Create-offer-fee gets paid to one of his selected arbitrators. The security deposit will be locked in his local Bisq trading wallet in case someone takes the offer. Seller deposits bitcoins from external wallet for security deposit, take-offer fee, mining fee and the trade amount Seller takes offer.
The software sends his security deposit and Bitcoin trade amount to a 2-of-3 multisig address. Buyer transfers the national currency or alternative cryptocurrency amount directly to Seller outside Bisq e. After the max. Any trader can request arbitration by pressing that button. Bisq provides a chat like communication system for disputes and support tickets in case of software bugs only between the trader and the arbitrator.
The initiating trader will see his first system message he has sent to the arbitrator requesting a dispute. The arbitrator receives the dispute request and the software send a dispute message to the other trader, informing him that his peer has started a dispute. The two traders cannot communicate directly with each other and cannot see the communication of the other trader with the arbitrator. Traders and arbitrator communicate in real time, end-to-end encrypted. Arbitrator follows a protocol to request additional information from both parties and renders his decision based on acquired evidence.
Arbitrator unlocks the multi-signature address using his key and the key of the winning party, transferring the Bitcoin amount to the "rightful owner" based on the available evidence. Typically the arbitrator collects the security deposit of the losing party and refunds the deposit of the other party there are also alternative payout possibilities as well. When criminal fraud is detected: Arbitrator publishes and signs a digital report containing all data about the criminal trader to the public fraud list.
These reports will only be created in clear cases of fraud like bank chargeback or use of a stolen bank account.
ETHEREUM CLASSIC BACKERS
Yandex Money Zelle Pay The best way to sell your coins for these methods is to use a dex or search for a centralized exchange which supports your preferred method; you may get lucky. In addition to those dex sites mentioned earlier which facilitate cash trades, there are further dexes which support these alternative payment services, and more. Check the Current Bitcoin Price Internationally and Locally You should first check the current price of Bitcoin on some popular exchanges or indexes.
That will give you some idea of the international price. By using this method, your selling price will not be fixed but change in accordance with the live Bitcoin price, plus or minus your set percentage. Note however that your local fair price may be significantly higher than the US Dollar or Euro price on a certain exchange or index. In some countries, Bitcoin is in short supply but high demand. To check for a local premium, get the asking prices from your local centralized and decentralized exchanges and then convert them via a Forex conversion site back to USD or EUR.
If you see that people in your country are willing to pay above the international rate, you will shortchange yourself by charging them less. For this reason, cash buyers are often willing to pay a price premium. If you have the time and inclination to do in-person trades, you could probably get a higher price for your coins this way. However, be aware of the extra risks of this method. For example, you will have to be on guard against counterfeit fiat and robbery attempts.
By researching this topic, you can learn how to manage such risks. Meeting in a secure location such as a bank lobby, police station, or courthouse , and taking along a counterfeit currency detector would be a good start. You can set your own price and wait for buyers to come to you. Waiting for buyers to take your offer is an especially good practice on certain centralized exchanges. Many such exchanges charge higher fees for those taking an offer, and lower or even zero fees for those making offers.
Speaking of fees, many exchanges also charge a flat withdrawal fee. Time the Market Check what price other sellers are asking for and set your own accordingly. You can actually deposit three types of major crypto currency with them, this would be Litecoin, Dogecoin and Bitcoin. With the screenshot above, this shows that you can use your OKPay account not just to transfer FIAT money, but you can now use it as an e-wallet for crypto currencies.
This is one of the advantages that people see in using OKPay, they are one of the current e-wallet services that has been around for some time now and their reputation of being stable would be the reason why people would use them as wallets for Bitcoins.
There are exchange websites out there that sell Bitcoin using OKPay accounts. There are also trade websites in which sellers would post Bitcoin for OKPay transactions, it would actually depend on which you would need the services for. Of course, there are also people that are not convinced on how OKPay operates, you can read more about what they say about the service through this link here.
But only a handful of those wallets has been accepting crypto currencies and OKPAy would be one of those websites. There are also a lot of reputable wallets that can store your Bitcoin, may it be a hardware wallet or a website.
Sell bitcoins okpay fees 25 dalbeth place hamilton
Selling Your Cryptocurrency For CASH - 4 Methods
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