Bitcoin Forum

Hi all,

Just wanted to spread the word around about https://bitsquare.io/.  It support INR and has following advantages:

- No need to pay 1-2% to exchanges
- No need to worry about scams like in localbitcoins
- No need for documents/approval
- No long waiting time for money deposit/withdrawal from exchange
- Has mechanism for buyer/ seller protection
- No risk of losing coins due to hacks like on bitfinex


Its easy to download and has client for different O/S. Urge everyone to try it out.

Thanks all

AFAIK, escrow commission still exists on bitsqaure.io and those escrows are mostly anonymous. So, it is natural that people will trust LocalBitcoins official escrow over some anonymous escrow.

There is fundatemental different from localbitcoin, which why its is decentralized

- Both buyer and seller are required to deposit 0.01 BTC that are locked in a multisignature contact, which incentives both to remain honest
- The arbitration is not required in many changes, and the fees is very less
- Only your trading partner (and your selected arbitrator in case of a dispute) can ever see your payment information details. The data exchanged between users is encrypted and signed

Reading https://bitsquare.io/faq/ is highly recommended

Could you throw some light on the management involved of this site and where it is based? Also how are you involved with this site and have you traded and if yes from how long?

There is no management involved, its decentralized project like bitcoin.

Just a thought. What happens if there is a MIM scam involving bitsquare transactions?
Example https://bitcointalk.org/index.php?topic=1604317.0

TLDR: Somebody transfers fiat to your bank account. You transfer bitcoins out. Transaction completed (So you think).
Then a police complaint is made, saying that the money transfer was for a car that you had to sell and you have now scammed that person.

Thats one reason I still prefer the centralized exchanges like localbitcoins. That is the reason I am willing to pay that extra fees. For this problem, I have recently started increasing the minimum number of trades requires for a person to trade with me at a higher number.

Doesn't that happen to localbitcions too? the scenario that you cited.

I was going through your website there is no information about dev team as well as company or organisation related details at least some genuine Linkedin profile make us to believe in this platform .

I doubt police could really help you with a possible scam involving BTC. As OP mentioned, do BTC trade with whom you trust (escrow where possible) as these transactions are not reversible.