Quote from: Igebotz on June 25, 2025, 08:59:18 PM

Quote from: Felicity_Tide on June 25, 2025, 07:45:09 AM

I personally haven't used a dex before, but I want to assume that users also carry out a normal bank transfer when paying for a coin, and receives a payment when selling, right?.

If someone pays to your own bank which I believe is registered under the surveillance of the same governmen, then there is literally no privacy there. I want to assume that the essence of using a dex for p2p as far as Nigerians are concerned, is to limit our identity that we issue out(like in the KYC).

I might be wrong, but that's my own opinion.

The purpose of using decentralized p2p like Bisq is to completely buy Non-KYC Bitcoin, no registration, no KYC, you just create an ad and wait for a potential seller - If I send fiat to you and you send your coin to my noncustodial wallet, no 3rd thirty, no KYC, it is considered a Non-KYCd coin and can't be link to my personal identity..

You can also get Non-KYCd coins through Bitcoin ATM with credit cards ( you can also buy Non-KYCd credit cards) without ID. Trading on Bisq or other DEX p2p platforms are way more complicated and takes time due to low trading volumes.

I'm still wondering how the Bisq exchange works and the mechanism they put in place to ensure people are not cheated in their P2P operation since the coins are not held by a third party. My worry is on the fiat transaction, that is if a user can redeive the funds and refuse to confirm and in such situation, how is the issue reolved. I have heard about the platform but I have not used it for once.