[bisq-network/proposals] Proposal to increase liquidity on Bisq by allowing each offer to have multiple payment methods and currencies associated with it. (#288)
pazza
notifications at github.com
Thu Dec 17 04:05:25 CET 2020
This proposal builds on top of @wiz's proposal #201
### Description
For Fiat/BTC trades Bisq currently requires each offer to be associated with one payment method and one fiat. This is a limiting factor to liquidity. A trader whishing to place multiple buy / sell offers of the same amount needs to create multiple offers.
Liquidity would be increased in an offer for a specific amount of BTC could be offered using multiple markets / payment methods by placing only one offer.
### Current trade protocol limitations
Currently the trade amount of BTC and the security deposit need to allocated at the time of offer. This means that any proposal needs to work within this restraint.
This proposal is in keeping with those restraints.
### Opportunities of increasing perceived liquidity
Allowing each offer to have multiple ways for trader to take the offer would increase perceived liquidity.
Currently in Bisq Alice can make an offer to sell 0.01 BTC with a 0.006 BTC security deposit on ONE market using ONE payment method. This add 0.01 BTC to the liquidity on ONE market.
This proposal would allow Alice to make an offer to sell 0.01 BTC with a 0.006 BTC security deposit on MULTIPLE markets with MULTIPLE payment methods. This would add a perceived liquidity of 0.01 BTC to MULTIPLE payment methods on MULTIPLE markets. As each offer can still only be taken the once the actual liquidity (BTC available for trade) would remain unchanged.
The limit to the above would only be the number of available payment methods and the number of compatible markets.
This would have a dramatic increase in the perceived liquidity of Bisq. Ie less traders complaining their where no offers in their markets or on their preferred payment methods.
### My Liquidity Definitions
I am using these terms in a descriptive terms, therefore, I thought it would be good to define what they mean to myself.
- Actual liquidly - amount of BTC reserved in makers offers. Currently on the platform as I type this there is ~30 BTC reserved.
- Perceived liquidly - The sum of the amount of BTC shown to be available on each market. Should this proposal be implemented, perceived liquidly would increase by a multiple of a minimum of 10. Giving a perceived liquidity of ~300 BTC show as being available.
>Example:
>
>Alice is based in Switzerland she can now sell 0.01 BTC using the following markets / payment methods:
>
>CHF; National Bank Transfer [Bank 1], National Bank Transfer [Bank 2], Revolut, TransferWise
>GBP; Faster Payments, Revolut, TransferWise
>EUR; SEPA [Bank 1], SEPA [Bank 2], SEPA Instant [Bank 1], SEPA Instant [Bank 2], Revolut, TransferWise
>USD; National bank transfer, Revolut
>
>Etc, etc, Alice could create an offer in every single available market on Revolut and TransferWise
>
>Using this strategy Alice could turn her one offer appear anywhere up to 30 times without much effort.
### How can this be achieved
This can be achieved though allowing traders making an offer to specify multiple payment method and markets for each trade. They will also still be able to control deviation from market price for each offer, and choose whether or not to sell a variable amount of BTC as they can now.
I have designed this from a front-end users perspective. I do not have knowledge of the code to know if this is possible on the back end.
### Proposed offer screen designs
Please see proposed designs for the new offer screens as they will do a better job of explaining how this can be achieved than my words.
#### Sell BTC (Fixed trade amount)
#### Sell BTC (Variable trade amount)
#### Buy BTC (Fixed trade amount)
#### Buy BTC (Variable trade amount)
### Notes on usability
The above examples are all shown with multiple offers / currencies. This adds complexity to this screen.
Please note however that when you load up the screen you will see pretty much what you already see now. You will then select your currency, and then select your payment type. The result will be a more simpler user experience that allows for additional complexities.
This would both meet the needs of trades still wanting to make just one offer and also traders that would like to make multiple offers at once.
### Notes on altcoins (XMR / BSQ)
I did not consider altcoins for addition.
- XMR has the added complexity of auto confirm.
- BSQ has no option for pricing as a deviation from market amount.
- Others could work but I have not given them any consideration
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Reply to this email directly or view it on GitHub:
https://github.com/bisq-network/proposals/issues/288
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