►
Description
Chris Beams, Bisq cofounder, presents a workshop delivered at HCPP 2020 covering core principles of decentralized exchange for bitcoin. This workshop includes a demo of Bisq in which 2 users complete a trade to buy and sell bitcoin for EUR.
Deck:
https://docs.google.com/presentation/d/1ROsppr4N_1DGGzE6a8nw38mIG30CfsY_jDD9UxRZzZU/edit?usp=sharing
HCPP 2020 Workshops Listing:
https://www.paralelnipolis.cz/event/hcpp20/#workshops
A
B
A
A
A
So,
let's
dig
into
security
a
little
bit.
Security
requires
non-custodial
management
of
funds,
like
we
often
say
in
the
bitcoin
space,
not
your
keys,
not
your
coins,
and
while
this
is
widely
accepted,
fairly
widely
understood
when
it
comes
to
storing
our
bitcoin
and
sending
our
bitcoin
that
we
shouldn't
use
custodial
wallets
like
hosted
bitcoin
wallets,
but
rather
we
should
keep
control
of
our
own
keys.
A
It's
not
so
widely
understood,
or
it's
still
all
too
widely
accepted.
That
custodial
management
of
funds
is
a
necessary
evil
when
it
comes
to
exchanging
our
bitcoin
for
fiat,
money
or
or
other
altcoins,
etc,
and
that's
just
not
the
case
as
we'll
see
properly
implemented.
A
decentralized
bitcoin
exchange
should
make
it
possible
for
you
to
stay
in
complete
control
of
your
funds,
never
relinquishing
control
to
a
trusted.
Third
party.
A
Customer
laws,
part
of
the
so-called
bank
secrecy,
act,
laws
that
dictate
that
entities
like
centralized,
bitcoin
exchanges
and
all
banks,
and
so
on
must
record
copious
amounts
of
information.
Unnecessary
infra
amounts
of
information
about
their
users
in
a
centralized
way,
creating
honey
pots
of
information
that
can
be
stolen
and
otherwise
taken
advantage
of
by
hackers
and
thieves
and
other
forms
of
crooks
and
there's
absolutely
no
benefit
for
you
as
a
person
wanting
to
engage
in
trading
bitcoin
in
divulging.
That
information
is
nothing
less
than
doxing
yourself
and
it's
not
necessary.
A
A
Indeed,
a
properly
implemented,
decentralized,
bitcoin
exchange
should
make
it
impossible
for
there
to
be
any
kyc,
centralized
collection
of
information
and
so
on.
Likewise,
privacy
means
local
storage
of
personal
data,
whether
that's
your
bank
account
information
where
you're
going
to
be
doing
the
fiat
side
of
trading
or
that's
your
trading
history.
A
What
have
you
that
ought
to
all
be
stored
locally
on
your
own
machine?
You
may
want
to
have
that
information.
They
want
to
know
your
trading
history
etc,
but
that
information
there's
no
good
reason
for
anybody
else
to
have
that
information
from
your
perspective
and
when
all
of
that
information
is
centralized,
that
creates
extreme
incentives
again
for
thefts
and
hacks
now
avoiding
kyc,
avoiding
enabling
local
storage
of
personal
information
requires
decentralization.
A
A
A
A
Just
peer-to-peer
software-
and
here
we
have
the
example
of
local
bitcoins,
the
famous
example
of
local
bitcoins,
which
is
based
in
helsinki,
and
finland,
produced
a
law.
You
act
on
virtual
currency
service
providers
that
dictated
that
local
bitcoins
and
any
other
entity
like
them
must
collect
kyc
and
style
information
from
all
of
their
users.
A
A
And
freedom
requires
censorship,
resistance,
many
know
the
famous
case
of
wikileaks
being
banned
by
coinbase
right,
a
bitcoin
exchange,
no
less,
not
to
mention
being
blocked
by
all
the
major
credit
card,
processors
like
mastercard
and
so
on.
A
If
you
own
your
keys,
you
can
send
them
to
wikileaks
or
anybody
you
like,
and
nobody
can
stop
you
so
that
same
principle
of
censorship,
resistance
that
is
so
vital
to
bitcoin's
ethos
and
ability
to
survive
in
this
world
is
just
as
important
for
a
decentralized
bitcoin
exchange.
A
A
A
A
So
bisque
is
one
project.
That's
made
it
its
mission,
doing
just
that.
It's
free
and
open
source
software,
it's
built
on
top
of
bitcoin,
and
it's
it
has
a
custom
peer-to-peer
network
that
operates
on
top
of
tor.
So,
inheriting
all
of
tor's
own
censorship
resistance,
and
it's
not
a
company,
it's
not
run
by
a
company.
It
doesn't
operate
in
any
jurisdiction
whatsoever,
it's
governed
by
a
dao
or
a
decentralized
autonomous
organization.
What
we
call
the
bisk
dao.
A
And
biscay's
primarily
about
bitcoin
to
fiat
exchange,
that's
the
hardest
problem
of
all
trading
bitcoin
for
other
cryptocurrencies
or
tokens
or
altcoins
or
stable
coins.
Or
what
have
you
is
relatively
easy
to
do
because
it
can
be
done
with
atomic
swaps
and
so
on.
It
can
be
done
in
a
in
a
trustless
or
near
trustless
way,
and
but
the
trading
from
bitcoin
to
fiat
problem
is
indeed
a
hard
problem,
because
it
requires
that
we
interact
with
the
legacy
financial
system
one
way
or
the
other,
and
that
means
interacting
with
banks.
A
So
there's
going
to
be
trust
involved,
but
it's
private.
It's
it's
raison
d'etre
right
like
why
why
it
was
built,
was
to
solve
that
problem
of
getting
in
and
out
of
fiat
in
a
secure
and
private
and
censorship-resistant
way.
So.
A
Lots
of
monero
trading
on
disk
and
there's
a
variety
of
other
altcoins
available,
but
outside
of
the
the
the
main
fiat
trading
pairs
and
the
monero
pairs.
A
Everything
else
is
small
potatoes,
so
those
are
the
main
trading
pairs
it's
built
for
those
who
want
the
highest
degree
of
control,
the
highest
degree
of
security,
privacy
and
freedom
when
they're
trading
their
bitcoin.
It's
also
a
great
place
for
market
makers.
People
who
want
to
come
along
and
make
their
bitcoin
available
for
sale
at
you
know
a
premium
for
the
service
of
providing
that
that
liquidity
and
to
make
a
little
profit
in
the
process.
So
we
certainly
encourage
and
have
plenty
of
market
makers
doing
just
that
on
disk.
A
We
give
them
all
the
controls
that
they
need
to
make
that
possible.
But
it's
not
ideal
for
day
traders,
algorithmic
traders,
people
who
are
trying
to
beat
the
market
doing
lots
of
trading
throughout
the
you
know
throughout
a
given
day
or
just
simply
expecting
to
trade.
Very
often
it's
the
spirit
is
much
more.
A
You
know
this
is
an
exchange
built,
for
you
know
real
people
if
we
need
to
get
in
and
out
of
fiat
for
you
know
that
are
privacy
oriented
for
whatever
reason
you
know
you
need
to
pay
their
rent
or
what
have
you
or
they're,
looking
to
just
safely
accumulate
bitcoin
over
time
say
so,
as
we
get
into
the
hands-on
portion
of
this,
we're
essentially
going
to
be
walking
through
the
steps
that
you
can
find
at
our
getting
started
guide,
which
is
a
all
new
resource.
A
So,
first
of
all
biscuits
desktop
software.
So
the
first
thing
you
would
do
is
download
it
for
whatever
your
platform
may
be,
install
it
just
like
any
other
app
and
run
it,
and
you
would
watch
it
boot
up
and
make
its
connections
and
so
on
and
so
forth.
And
when
that's
finished,
you
would
land
at
a
screen
like
this.
Looking
in
this
case
at
the
bisque
offer
book.
A
So
in
a
moment,
I'll
play
a
recorded
demo
between
myself
and
another
contributor
steve
where
I'm
gonna
exchange.
I'm
gonna
sell
some
of
my
bitcoin
in
exchange
for
euros
because
I
need
to
pay.
My
rent
and
steve
is
gonna,
play
the
role
of
a
first-time
bisque
user
who's
looking
to
buy
some
bitcoin
and
take
a
trade,
but
first,
let's
take
a
little
tour
of
of
disk
just
so
you
have
a
sense
of
what
you're
looking
at
in
the
recorded
demo.
A
So
again
here
we're
on
the
main
page
of
of
the
bisc
application,
and
the
first
thing
I
want
to
look
at
is
the
trades
tab,
and
here
you
can
see
for
all
of
the
currency
pairs,
that
this
supports,
all
the
different
fiat
euro,
usd
british
pounds
etc
and
all
of
the
alt
coins
that
are
supported
and
so
on.
A
B
A
A
So
right
now,
there's
about
50
bitcoin
total
on
offer
on
the
platform
so
that
there
are
open
offers
that
total
up
to
50
bitcoin
and
that's
about
400
offers.
So
you
can
see
the
the
leader
there
with
the
in
terms
of
number
of
offers.
Is
euro
trades
so
keep
in
mind
that
one
and
one
side
of
every
trade
on
disk
is
bitcoin
right,
so
these
would
be
trade.
These
would
be
offers
to
buy
or
sell
bitcoin
for
euro
euro
and
usd
are
nearly
always
at
the
top
right
quickly.
A
A
Now,
let's
say
like
I'm
going
to
do
in
my
in
the
demo
that
you're
about
to
see
that
I
want
to
sell
some
bitcoin,
so
I
would
click
on
that
sell
bitcoin
tab
and
now
I'm
looking
at
the
list
of
all
the
existing
offers
that
other
people
have
made
that
I
could
take.
B
A
Their
offer
right,
so
I
could
click
that
button
and
take
their
offer
and
that's
very
convenient
for
me
right
in
this
case.
In
our
terminology,
I
would
be
the
taker
of
an
existing
offer,
and
that
means
that
it's
just
as
as
easy
as
it
can
be.
I
just
open
up
bisque
and
I
just
come
along
and
take
an
offer,
that's
great
for
me
now.
A
Some
of
these
are
grayed
out,
see
what
happens
if
I
try
to
click
on
this
button
tells
me
that
I
don't
have
a
matching
trading
account
I'll
need
to
set
up
a
payment
account
using
this
payment
method.
So
I
want
to
just
dig
into
a
little
bit
of
detail
on
this
before
we
dive
into
the
demo,
because
this
is
where
the
demo
starts.
B
B
A
That
ubiquitous
really
means
of
exchanging
euros
across
banks.
Basically,
everybody
uses
it
and
I
do
have
in
disk
an
account
set
up
which
I'll
show
you
in
just
a
moment
that
allows
me
to
do
save
trading,
but
I
don't
have
an
account
set
up
for
these
other
payment
methods
like,
for
example,
revolut.
A
A
But
this
is
the
end
result
of
it
that
I've
typed
in
my
information
and
so
on,
making
it
possible
if
I
were,
to
make
or
take
an
offer,
to
buy
or
sell
bitcoin
to
exchange
this
information
with
my
counterparty
and
only
with
my
counterparty
such
that
they
can
pay
me
right
if
I'm
selling
my
bitcoin.
They
need
this
information
in
order
to
be
able
to
send
the
euros
to
me
to
pay
for
the
bitcoin
that
they're
buying
from
me.
A
Good,
so
with
that
brief
tour
of
this
complete,
let's
jump
into
the
demo
now
this
is
like
I
mentioned
a
moment
ago,
a
recorded
demo
between
myself
and
steve
another
this
contributor
and
the
reason
that
we
pre-recorded
this
was
so
that
we
could
fast
forward
through
certain
indeterminately
long
delays
like
the
bitcoin
blockchain
confirmations
that
are
necessary
as
we
make
and
take
each
other's
offer.
A
Of
course,
that
should
take
on
the
order
of
10
minutes.
It
might
take
less
might
take
more,
but
we
didn't
want
to
make
you
wait.
10
minutes
or
more
just
to
walk
through
the
demo,
so
you'll
see
that
those
sections
fast
forward
quickly
and,
of
course,
the
other,
even
more
important
reason
for
being
able
to
do
that
kind
of
fast
forwarding
is
for
the
bank
transfer
itself.
A
Well,
that's
going
to
take
on
the
order
of
days
because
that's
just
how
long
those
payments
take.
So,
of
course
we
wanted
to
fast
forward
through
that.
So
with
that
said,
let's
jump
right
in
you'll,
see
a
complete
end-to-end
trade.
Okay.
Chris
here
again
just
a
moment
ago,
you
saw
that
we
were
in
the
accounts
tab
and
you
saw
a
completely
set
up
account.
A
I
want
to
actually
show
you
here
in
the
demonstration
how
we
do
that,
and
so
I'm
going
to
click
on,
add
new
account,
and
we
know
that
we
want
it
to
be
a
sapa
account.
It's
going
to
be
transacting
in
euros
over
save
the
payment
system
and
I'm
going
to
type
in
my
name,
and
you
know
usually,
when
you're
doing
this
kind
of
thing,
you're
doing
it
on
a
website
you're,
sending
this
information
to
a
server
to
a
third
party
to
an
exchange
etc.
A
So
you
know
you
should
be
feeling
nervous
right
now,
right,
except
this
information
isn't
going
anywhere.
It's
only
going
to
live
right
here
within
my
this
client.
The
only
time
it's
going
to
leave.
My
machine
is
when
I'm
actually
going
to
transact
with
steve,
who
you'll
see
in
a
few
moments,
but
until
then
it's
all
local.
So
I'm
going
to
paste
in
my
iban.
A
For
any
for
any
clever
people
out
there,
that's
a
fake
iband
number,
it's
not
my
actual
bank
account.
Okay,
so
and
that
account
is
an
austrian
account
and
I'm
gonna
say
that
I
accept
trades
from
everybody
in
the
european
union.
I'm
not
going
to
restrict
it,
but
this
does
allow
you
to
do
that.
A
If,
for
some
reason
you
didn't
want
to
accept
payments
from
particular
countries,
you
could
uncheck
those
boxes
and
your
offers
would
be
unavailable
to
them
and
you
wouldn't
be
able
to
take
offers
from
those
countries,
okay,
so
just
before
we
actually
save
this
and
move
on
just
notice.
This
limitations,
so
the
maximum
trade
duration
for
a
safer
trade
is
six
days
and
that's
because
that's
actually
the
maximum
amount
of
time
that
say
the
transfers
take.
So
sometimes
they
happen
within
just
a
day
or
two,
but
they
always
resolve
within
six
days.
A
So
when
you're
doing
these
trades,
it's
a
good
idea
to
you
know
to
really
make
the
payments
as
quickly
as
possible
so
that
you
don't
run
out
that
time.
But
it's
you
know,
that's
not
a
problem
that
people
have
very
often,
but
that's
one
limitation.
The
other
limitations
we're
going
to
talk
more
about
this
in
a
bit
is
limitations
on
how
much
this
new
account
that
I
just
set
up
can
buy.
A
A
The
longer
that
the
network
knows
about
this
account
and
the
network's
going
to
know
about
this
account,
not
by
the
details
of
the
information
that
I
just
put
in
up
here,
but
by
assault
that's
been
generated
in
this
account
creation
process,
so
that
is
going
to
be
broadcast
to
the
network.
The
network's
going
to
know,
hey,
we've
seen
this
account.
A
I
understand
and
it's
reminding
me
to
set
up
a
password.
I
haven't
done
that
in
this
demo.
App.
Of
course
you
want
to
do
that
in
the
real
world
all
right,
so
we
have
an
account,
and
that
means
that
we
can
now
that
I
can
now
actually
go,
make
an
offer
to
sell
bitcoin.
So
let's
do
that
and
now
I
want
to
create
an
offer.
A
So
let's
just
talk
a
little
bit
about
my
use
case.
You
know
why
do
why
do
people
do
this?
Well,
people
could
want
to
sell
bitcoin
for
any
reason,
of
course,
but
you
know
one
real
world
use
case.
Is
you
know
you're
somebody
trying
to
do
just
as
much
as
you
can
in
bitcoin?
Maybe
you
get
paid
in
bitcoin,
you
have
most
of
your
savings
in
bitcoin.
A
Whatever
the
case
may
be,
you've
still
got
to
interact
with
you
know,
fiat
currencies
chances
are
your
landlord
wants
his
rent
paid
in
euros,
not
in
bitcoin
right.
So
if
we
so,
let's
take
the
case
that
you
know
the
use
case-
that
I
need
to
pay
my
rent
yeah.
So
I'm
going
to
create
an
offer
to
sell
enough
bitcoin
to
pay
my
rent
and
let's
sell
as
much
as
I
can,
with
this
new
account.
A
A
So
you
might
mark
up
the
price
a
little
bit
and
and
make
a
bit
of
profit
from
that
trade,
because,
after
all,
you're
providing
quite
a
service
you're,
providing
liquidity
to
the
marketplace
of
potential
buyers
who
want
to
just
show
up
in
disk
and
be
able
to
take
an
offer
quickly.
So
it
makes
sense
that
people
are
willing
to
pay
a
little
bit
extra
above
the
market
price
to
do
that.
A
Now,
if
you
really
want
to
sell
quickly,
you
could
mark
down
the
price
below
the
market
price
and
you
could
say
look
this
is
a
fire
sale.
I
need
money
right
away
and
I
want
somebody
to
take
it
immediately,
so
I'm
going
to
sell
it
below
the
market
price.
In
my
case,
just
for
the
purposes
of
this
demo,
I'm
going
to
keep
it
at
0,
so
we're
going
to
sell
just
right
at
the
market
price,
which
is
currently
9,
200,
six
euros.
A
It's
also
possible
to
make
a
range
of
the
amount
that
you'd
like
to
sell
somewhere
between
a
minimum,
say
0.01
and
a
maximum
of
0.0625
again
just
to
keep
things
simple,
I'm
going
to
keep
those
values
the
same,
and
then
you
as
the
as
the
offer
maker
have
the
opportunity
to
set
the
value
of
the
security
deposit
that
both
you
and
your
taker
are
gonna
are
going
to
contribute
into
this
trade,
and
you
know
this.
This
is
a
default
value
and
I'm
gonna
keep
it
at
that
default
value.
A
But
that's
just
another
way
of
letting
market
forces.
Do
their
thing
you
might
set
the
security
value,
the
security
deposit
value,
much
higher,
say
as
a
signal
to
counterparties
out
there
that
you're
really
serious
you're
not
going
to
mess
around
you're
not
going
to
lose
that
security
deposit.
A
A
You
have
an
option
in
disk
to
pay
your
trade,
your
bisque
trading
fees
in
bitcoin
or
in
bsq,
which
is
a
colored
coin
that
we
built
on
top
of
bitcoin
that
helps
fund
internally,
the
bisque
dao.
That
is
beyond
the
scope
of
this
demo,
to
explain
all
that.
I'm
going
to
leave
it
bitcoin
here,
but
you
can
find
out
all
about
that
in
our
documentation
on
our
website
and
so
on.
A
A
It
gives
me
all
the
details,
so
I'm
about
to
I'm
about
to
put
together
all
the
funds
for
this
trade
which
are
going
to
include
the
0.0625
bitcoin
that
I
actually
want
to
sell
my
security
deposit
again
23
of
that
value.
So
it's
going
to
be
0.01,
bitcoin
and
change
my
trading
fee,
just
a
few
thousand
sats
and
the
mining
fee
that
I'm
going
to
pay
trading
fees
happen
to
be
all
right.
Excuse
me:
bitcoin
mining,
please
happen
to
be
pretty
low
right
now,
so
that's
also
a
pretty
low
value.
A
A
And
before
starting
this
demo,
I
funded
this
bitcoin
wallet
with
0.2
bitcoin
from
a
different
external
wallet.
We'll
talk
more
about
this
in
a
bit
as
steve
plays
the
taker
steve
is
going
to
is
going
to
play
the
the
role
of
a
relative
newbie
to
visc,
doing
his
first
trade
and
he's
going
to
talk
more
about
what
it
means
to
pay
a
security
deposit.
A
A
A
A
A
Of
course
I
would
lose
my
trading
fee
when
I
do
that,
but
you
have
those
options
available
and
now,
if
we
jump
over
to
actually
see
that
offer
in
the
in
the
marketplace
right
if
I
click
on,
buy
bitcoin
now,
if
I
think
well
who's
going
to
see
this,
I
just
placed
an
offer
to
sell
my
bitcoin,
so
somebody
who
wants
to
buy
bitcoin
would
see
that
offer
to
sell
right.
So,
let's
see
if
we
can
find.
A
It
you
don't
see
it
because
I'm
looking
only
at
usd
so
let's
look
at
euro
offers
and
there
it
is
right
at
the
top,
so
looks
like
it
published
just
fine
and
now,
let's
just
take
a
look
at
this
right,
you
can
see
so
a
moment
ago
I
had
exactly
0.2
bitcoin
in
my
available
balance
and
now
that's
split.
A
I
have
a
reserved
balance
now,
so
those
funds
that
I
just
contributed
to
that
trading
wallet
well
they're
unavailable
for
use
right
now
right.
I
can
still
do
whatever
I
want
with
the
0.12
that
are
left
over,
but
this
is
reserved
until
that
trade
gets
taken
or
until
such
time
that
did,
I
you
know,
disable
it
or
what
have
you?
A
Okay.
In
the
meantime,
another
few
offers
are
showing
up
and
and
they're
they're
beating
my
price
they're
coming
in
under
the
market
price,
very
interesting
right.
So
now
I'm
actually
going
to
go,
create
another
offer
right
now
and
the
reason
I'm
going
to
do.
That
is
because
it
just
as
a
best
practice
when
I'm
creating
a
larger
offer.
A
I,
like
many
other
disk
users,
often
also
create
a
smaller
offer
and
I'm
going
to
create
a
smaller
offer
for
0.01
bitcoin
again
just
for
the
purposes
of
simplicity,
I'll.
Do
it
at
zero.
Well,
you
know
what
actually
what
people
do?
Is
they
mark
this
up
a
little
bit,
so
I'm
going
to
create
a
five
percent
above
market
price
which
will
get
me
97
euros
and
the
reason
I'm
going
to
do
this.
It
has
to
do
with
the
account
limits
that
I
mentioned
before.
A
We
create
those
account
limits,
as
a
protection
against
bank
account
scammers
and
talk
more
about
this
later
and
again,
it's
all
documented.
This
is
very
important
protection
in
disk,
and
what
that
means
is
that
brand
new
users
to
disk
can
only
purchase
0.01
bitcoin
their
first
time
out
and
as
they
do,
that
they're
and
they
complete
the
trade
successfully.
A
Their
account
gets
signed,
as
we
say
by
their
counterparty
and
their
limits
start
to
go
up,
and
their
limits
also
continue
to
go
up
as
their
account
ages,
as
it's
been
known
by
the
network
for
longer
and
longer
periods
of
time.
So
as
a
service
to
the
larger
bisque
community,
it's
a
good
idea
to
create
these
small
offers
and
it's
also
a
way
of
just
making
a
few
bucks
right.
A
So
this
is
something
that
people
commonly
do
I'm
going
to
do
this
and
we'll
see
in
a
moment
when
we
switch
over
to
steve,
who
again
is
going
to
play
the
role
of
a
brand
new
disc
user.
This
is
going
to
be
the
trade
that
he's
going
to
take
okay.
So
let's
do
that
we'll
run
through
all
the
same
pop-ups
and
inversions
that
we
saw
a
moment
ago
about
security
deposits
and
all
the
details
of
what's
going
to
get
contributed
to
the
trading
wallet
and
I'm
ready
to
do
it
so
transfer
funds.
B
A
A
B
All
right,
thank
you,
chris.
So,
as
chris
mentioned,
I
am
a
relative
newbie
with
bitcoin.
I've
made
some
dabbled
and
made
some
trades
on
local
bitcoins
before
they
at
kyc,
but
lately
I've
been
looking
for
another
option
and
I
heard
lots
of
great
things
about
bisc.
So
here
we
are
with
a
new
disk
install.
B
And
so
I'll
be
looking
to
take
a
saba
offer
to
buy
bitcoin.
If
we
look
here
at
the
list,
I
believe
this
is
the
offer
that
chris
just
made.
B
I
can't
take
this
offer
because
it's
above
my
buying
limit,
so
my
at
the
moment
since
I
just
created
my
account
this
morning,
my
limit
to
buy
is
0.01
bitcoin,
and
this
bigger
offer
from
chris
is
bigger
than
that.
So
I
cannot
take
that,
but
I
can
take
the
other
one
that
he
created
for
.01
bitcoin
down
here.
B
So
I'll
go
ahead
and
do
that
take
offer
to
buy
now,
unlike
chris,
I
do
not
have
my
bisc
wallet
pre-funded
playing
the
part
of
a
new
user,
so
my
wallet
is
currently
empty,
but
I
will
be
funding
it
from
an
external
wallet
which
I'll
show
you
in
a
moment
here.
This
screen
is
simply
showing
the
details
of
the
trade,
the
amount
of
bitcoin
I'm
buying
the
price
for
it
market
price,
for
it
the
amount
that
I'll
be
buying
in
euros
and
trade
fee
which
I'll
keep
in
bitcoin.
B
B
There
is
the
trading
fee
which
goes
to
disc
and
then
there's
the
the
mining
fees
for
for
the
transactions
themselves.
B
So
the
total
funds
I
need
are
here-
point
zero,
zero,
six
bitcoin
and
some
change
and
the
place
the
address.
I
need
to
send
these
funds
to
is
here,
so
I'm
going
to
hop
over
to
my
external
wallet
and
send
funds.
B
All
right,
so
so
at
this
point
I
think
it's
worth
mentioning
at
this
point.
The
bitcoin
that
I
just
sent
is
is
in
the
bisque
wallet.
The
transaction
has
not
been
confirmed,
but
it
is
going
to
be
in
the
disk
wallet
on
on
my
machine.
B
B
B
This
means
that
only
you
and
your
trading
peer
have
control
of
the
bitcoin
being
traded.
No
third
parties
we'll
touch
on
how
that's
possible
in
just
a
bit
once
I've
sent
payment,
and
once
chris
has
received
it,
a
payout
transaction
will
send
me
the
bitcoin.
I
bought
and
return
the
security
deposits
that
each
of
us
put
down.
B
It's
important
to
note
here
that
all
payments
for
bitcoin,
whether
they
are
with
a
fiat
currency
or
an
alt
coin,
are
done
out
of
band
away
from
disk,
so
I'll
be
making
this
payment
on
my
phone
through
my
banking
app,
you
would
do
the
same,
regardless
of
whatever
payment
method
you're
using
whether
it
be
a
banking
payment,
a
an
altitude
payment
like
monero
or
whatever.
This
does
not
know
about
those
payments,
it
doesn't
integrate
with
any
of
those
services
or
blockchains.
B
You
merely
tell
a
risk
when
you've
made
the
payment.
So
as
soon
as
I
made
the
payment,
I
will
click.
This
payment
started
button
and
the
seller
chris
in
this
case,
will
mark
the
payment
as
received
once
he
has
once
he
can
confirm
that
he's
received
it.
A
A
I
got
a
notification
that
you
can
see
up
here.
Disc
told
me
when
steve
started,
to
make
the
payment
so
that
that
was
the
first
notification
and,
let's
click
that
to
see
that
status.
It's
again
just
telling
me
that
they
started
the
payments.
So
this
this
happened
when
steve
actually
initiated
again.
We've
waited
for
the
payment
to
go
through.
I've
checked
that
that
I
actually
received
it
in
my
bank
account
and
so
I'll.
Now
click
confirm
payment.
A
Receipt
notice
here
in
the
account
balances
that
I've
still
got
the
bitcoin
that
I'm
selling
and
my
security
deposit
reserved.
So
as
I
confirm
this
funds
are
going
to
get
released,
steve's
going
to
get
his
0.0625
bitcoin
that
he's
buying
and
we're
both
going
to
get
our
security
deposits
back.
Okay,
confirm.
A
A
A
B
Okay,
now
back
on
my
end
as
the
buyer,
the
bitcoin
buyer,
you
can
see,
the
the
multi-stick
payout
is
is
in
is
in
progress.
B
B
A
Okay,
welcome
back
from
the
demo
hope
you
found
that
valuable,
and
this
just
about
brings
us
to
a
close,
but
before
we
do
there
are
a
couple
of
topics
that
we
could
only
really
briefly
touch
on
in
the
scope
of
this
workshop
session
and
those
are
dispute
resolution
and
account
limits.
Dispute
resolution
is
all
about
what
happens
when
it's
not
on
the
happy
path.
You
saw
the
happy
path,
trade
between
stephen
myself,
everything
went
as
to
plan
per
the
protocol.
A
A
So
thank
you
to
everyone
attending
and
doing
this,
and
I'd
also
like
to
say
a
big
thanks
to
phinep
for
all
the
brilliant,
as
he
calls
it.
Bitcoin
bitcoin
propaganda
posters
that
we
used
with
his
permission
all
throughout
this
deck,
really
wonderful
stuff.
You
can
see
this
website
linked
there
below
I'd,
encourage
you
to
to
go
use
them
in
your
own
materials
if
you're
doing
something
like
this
really
fun
or
hang
them
up
in
your
house,
whatever
you
want
to
do.
A
Okay
and,
of
course,
a
big
thanks
to
the
hackers
congress
and
to
parallelney
paulus
for
putting
on
this
great
event
every
year.
Always
a
pleasure
and
website
here
is
no
kyc.
Only.Com
is
something
to
really
check
out
to
dive
deeper
into
the
reasons
why
kyc
is
a
bad
idea
and
resources,
no
kyc
resources
out
there
in
the
bitcoin
ecosystem.
A
Of
course,
our
discs
own
website,
where
you
can
find
everything
you
need
from
downloads,
to
guides
to
links
to
all
the
resources
in
our
ecosystem
and
if
you've
got
questions,
you
can
come
talk
to
us
on
key
base
in
the
bisque
team.
There
all
right,
thanks
again
for
your
attention
and
happy
trading.