[bisq-network/bisq] Monero to fiat trades using BTC as the multi-sig (#5285)
pazza
notifications at github.com
Mon Mar 8 03:38:50 CET 2021
XMR/BTC is the most liquid market on Bisq and generates most of the revenues.
XMR/Fiat would be popular and is commonly asked about for example: this [Reddit post](https://reddit.com/r/bisq/comments/lzmc64/why_cant_we_buy_monero_directly_with_fiat/)
On Monero communities people are also frequently asking about how to buy XMR using fiat and get referred to a centralized exchange such as [Kraken](https://www.kraken.com/en-gb/learn/buy-monero-xmr) or to a P2P marketplace such as [Local Monero](https://localmonero.co)
Bisq is developed so that BTC needs to be one of the trading pairs. There seems to have been some discussion about adding XMR as a trading pair but whilst their was general agreement that this would be good, the resources needed to develop it made it low on list of priorities.
## Idea
My idea is to do a half way house to see how popular XMR/Fiat would be.
Take the most 2 liquid markets for fiat in Bisq USD and EUR and give them XMR/USD and XMR/EUR pairs respectively.
BTC can still be used in the multisig.
Sellers of XMR would deposit 115% BTC to cover trade amount and security deposit. When trade complete seller would receive their full security deposit back.
Buyers of XMR would deposit 15% BTC to cover security deposit. When trade complete buyer would receive their full security deposit back.
## Benefits
The benefits to trading XMR/fiat could be as follows:
- Introduces a new revenue source for Bisq, traders that would otherwise utalize the above two platforms or similar.
- Allow Bisq to experiment with XMR/USD and XMR/EUR pairs with reduced dev resources.
- If they proved popular then the above could potentially be developed to provide XMR as a base pair.
Let me know your thoughts.
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