Thread by @econoalchemist

Part 5 of a 5-part series: buying non-KYC #bitcoin at an ATM & installing, securing, & using @bisq_network

A thread for total Bitcoin beginners who want to start buying non-KYC #bitcoin

2/43 This thread is the short version of a more detailed article that can be found on the @BitcoinMagazine website: bitcoinmagazine.com/guides/bitcoin…

3/43 And also on my blog here: econoalchemist.com/post/bitcoin-w…

4/43 If you followed parts 1-4 of this series, you should be prepared to start buying non-KYC #bitcoin. This thread will show you how to buy a small amount of #bitcoin at an ATM machine, install & setup @bisq_network, & use the #bitcoin to fund your first Bisq trade.

5/43
Step 1: Buy #bitcoin at an ATM

@CoinATMRadar offers a website & mobile app you can use to find an ATM near you. Have cash in hand & your mobile #Bitcoin wallet ready.
coinatmradar.com

6/43 Typically, if you're buying between $1-$500 the only requirement will be a phone number for a text verification. Consider using a burner phone number for this to preserve your privacy & not have any #Bitcoin ATM txs potentially traced back to you via your service provider.

7/43 The basic steps are as follows:
a) Touch screen to begin
b) Select Bitcoin
c) Input a phone #
d) Verify text code
e) Display receiving address QR code
f) Insert cash
g) Print receipt
h) Funds to arrive in your wallet 1-3 hours typically

Here is a video of the whole process:

8/43 Get at least 0.0075 BTC from the ATM, may need to make multiple trips. Use this to fulfill your security deposit on your first @bisq_network trade. This should be enough to fund the security deposit & cover the trading/miner fees.

9/43
Step 2: Download Bisq

It's a decentralized p2p network of #bitcoin traders. Buyers & sellers can find each other over Tor to trade safely without the coordination of a central authority or the need to expose sensitive KYC info to corporations.
bisq.network

10/43 Keep in mind that your trade is only available to the rest of the p2p network when your instance of the @bisq_network is running & connected to the internet. You may want to install this on a computer that you can leave running.

11/43 After downloading, install it by running the executable (Windows) or by other methods if running MacOS or Linux. If you're familiar with verifying software, do so at this point. I recommend you learn about PGP by checking @BitcoinQ_A's guide: bitcoiner.guide/verifysoftware/

12/43 After you have run the @bisq_network installer, followed the prompts, & agreed to use; then Bisq is going to connect to a few Tor nodes & connect to a few Bitcoin nodes, this can take a couple minutes. Once everything is synchronized, you should see something like this:

13/43
Step 3: Setup a Bisq Bitcoin Wallet

You will need a @bisq_network #Bitcoin wallet so that you can fund your security deposits for your trade escrow requirements. This wallet will be setup similar to the other wallets discussed in previous parts of this guide.

14/43 Navigate to the "Account" Tab, then the "Wallet Seed" tab. You will receive a warning that it's recommended to make a backup of the @bisq_network files on your computer. Then you'll receive a warning that you have not created a password, you will do that in the next step.

15/43 You should be looking at 12-words. Write down your seed words on a piece of paper along with the wallet date. You will need both pieces of info to restore your @bisq_network wallet in an emergency.

16/43 The same best practices apply to this wallet as you learned with the other wallets:
*This is the most important step*
a) Write down your words in order on a piece of paper.
b) Secure this piece of paper as if it were gold or jewelry.

17/43 Do not screen-shot these words. Do not save these words in a computer or on your phone. Do not say these words out loud. Never share these words with anyone for any reason. Your #bitcoin is only as secure as your 12-words & wallet date combined.

18/43
c) Double check your work.
d) You will also need your wallet date from above for a complete secure backup.

19/43 Once you get more serious about #Bitcoin, consider securing your seed phrases in metal instead of paper:
econoalchemist.com/post/backup

20/43 After you have secured your seed & date, you can set your wallet password. This will encrypt your @bisq_network wallet data on your computer. This is different than your seed words & is not a BIP39 passphrase.

Navigate to the Wallet Password tab now:

21/43 Set a strong password that can't be guessed, at least 8 characters. You will be warned that this will encrypt your wallet data on your computer & that you will need your password to view your seed words in the future. Password will be required at login hereafter.

22/43
Step 4: Fund Your Bisq Bitcoin Wallet

Now that you have setup your #Bitcoin wallet, you can navigate to the "Funds" tab & then the "Receive Funds" tab under that. This is where you can find the QR code for your first @bisq_network receiving address.

23/43 Using the mobile wallet you deposited your funds from the #Bitcoin ATM, send those funds to this wallet now. Once you have received a few confirmations on your @bisq_network wallet deposit, you are almost ready to make your first Bisq trade.

24/43
Step 5: Setup Fiat Currency Payment Method

In order to make trades on @bisq_network you will need to setup a fiat currency payment method so that trading peers can agree to this payment method when trading with you. docs.bisq.network/payment-methods

25/43 Navigate to the "Account" tab, then the "National Currency Accounts" tab below that. Then you will want to click on the "Add New Account" button:

26/43 This will populate a drop-down menu where you can find all the supported fiat currency accounts in @bisq_network. Select the account that matches your available options.

27/43 Enter all of your info correctly. When trading on @bisq_network, your peer will need certain info about you in order to send you money out of band via the payment method selected. Depending on payment method, certain info about you will be exposed to your trading peer.

28/43 Select "Save New Account". You’re ready to start trading. Certain national currency accounts will initially be throttled to 0.01 BTC trades. These limitations vary depending on the account type.
More info on the account signing & aging requirements: docs.bisq.network/payment-methods

29/43
Step 6: Make or Take a Trade

Under the "Buy BTC" tab is the available offers to sell you #bitcoin. Filter this list by payment method or currency type. Mind the % over market price. Once you see a satisfactory offer, you can take it by selecting "Take Offer to Buy BTC".

30/43 You can make an offer to buy bitcoin by selecting the "Create New Offer to Buy BTC" button. Then you can enter your desired trade details such as your out of band payment method, the amount of bitcoin, the % + or - market price, & set a trigger price to turn the trade off.

31/43 For a 0.01 BTC trade there is a 0.006 BTC security deposit required. This is why you deposited the bitcoin from the ATM. Once posted, the security deposit/trading/mining fees will be transferred from your Bisq wallet. Once complete, you'll receive your 0.006+0.01 BTC back.

32/43 Follow the prompts to make your trade viewable to the other peers and leave your instance of @bisq_network and your computer running and connected to the internet until someone takes your trade.

33/43 Once your trade is taken, you will start receiving notifications in @bisq_network alerting you as to the trade's progress. Typically, each trade is given a predetermined amount of time to complete. And there is an option to send a message to your trading peer.

34/43 You can monitor your trades under the "Portfolio" tab. Your Open Offers are trades you have posted that are waiting to be taken. The Open Trades tab is where you will find your trades that are in progress. And the History tab is where you can find all of your trade history.

35/43 There is @bisq_network arbitration standing by in the event that something goes wrong with a trade. If you stick to the rules, follow the instructions, & operate within the time limitations then you should never have a problem.

36/43 Once your trade has completed, use the #bitcoin you purchased to fund more security deposits for more trades & keep this up until you have reached your goals. Consider sending your Bisq funds to Whirlpool to break the deterministic links to prior transaction history.

37/43 Buying #bitcoin at an ATM has a high premium, but you only need to do it with enough money to get your first @bisq_network trade funded. Then you have control over the prices you pay. You can set orders on Bisq below the market price & wait for peers to take your trade.

38/43 Even though there's no central authority with @bisq_network, you still expose minimal info to a stranger on the other side of the trade. I recommend taking every privacy precaution to protect yourself. Having an LLC is one way to interact with the world in a private manner.

39/43 There are a ton of features on @bisq_network that I did not cover here because I just wanted to show you the basics to get started. You can save on trading fees by using the Bisq token, BSQ and you can use mempool.space as a BSQ block explorer.

40/43 You can connect @bisq_network to your own #Bitcoin node. There is a mobile app you can use to receive notifications on the go of your trade progress. There is also a Bisq Wiki packed full of all the information you need to use Bisq. bisq.wiki/Introduction

41/43 @bisq_network is an open-source project, check out their website to learn more: bisq.network

42/43 If you ever have any questions, jump in the @bisq_network Telegram channel for community support: t.me/bisq_p2p

43/43 I hope this thread helped you with ideas on how to obtain non-KYC #bitcoin. If you read all 5 parts, I hope this has helped you understand the importance of self-custody, dangers of KYC, and how to securely install & use a Bitcoin wallet. econoalchemist.com/post/bitcoin-w…