[bisq-network/proposals] Monero Bisq User Research Project (Issue #349)

[UX-P]

Hi all,
Happy New year!

A summary report on Monero Bisq users and non Bisq users based on  research via social media and survey results. (Recommendations in italic).

### **Members of the Monero community are very active on social media.**
Monero is regarded as an ideal medium of exchange due to its fungibility. The community often pitch the idea of financial privacy, freedom from fiat and being a bankless society, praising Monero for being a truly anonymous digital coin. Having said that, research shows that a wide group of users continue to use CEX platforms. It provides that ease of use, instant trades, low fees and a level of privacy that they find acceptable. These platforms are often used by those who utilise Monero as a currency and therefore require Monero immediately or regularly.
It seems to be unclear to users what Bisq has to offer, some are not even aware that Bisq trades XMR.

- _Add an XMR tab on the Bisq landing page_

### **Non Bisq users prefer a scheme where BTC isn’t involved at all**
This is more where Haveno fits in. A large portion of the Monero community would like XMR as a base coin and are generally uncomfortable using Bitcoin, one user saying they would not use Bisq for XMR if it required them to have Bitcoin.
Haveno appeals to the [catman621](https://github.com/UX-P/Monero-user-profile/blob/main/Bisq%20Monero%20User%20profile.pdf) persona. Whereas, Bisq is aimed at those who hold XMR rather than use it regularly. catman621 prioritises the speed in which they receive Monero and cheap transaction fees, unless this changes, Bisq will remain unappealing to this group. 

### **The main reasons as to why Monero traders use Bisq / Bisq USP**

- Trading fiat and crypto currencies without having to rely on centralised exchanges 

- Privacy, no KYC

- Access to a Decentralised platform 

- High level of privacy and anonymity

- Support P2P movement

- Open sourced

- Tor hidden

### **Bisq requires a less complex user journey, or it should be made clear that the platform is aimed at expert users.**
When asked how Bisq can improve, 66% of survey participants mentioned the user interface. In its current state, Bisq is not an exchange aimed for beginners, those who use the platform will admit that the interface is not very intuitive. 

- _The information architecture is not too comprehensible to the average trader, the UI is uncomfortable to use as it is not familiar. The UX web standard principle ‘Match between system and real world’ states that the design should use familiar wording and icons with little to no internal jargon._ 

 
### **Bisq is slow**
50% of survey participants reported the interface as being slow, resulting in technical issues.

- _The Bisq UI should accommodate for the waiting periods by providing clear loading indicators at all relevant touch points or adopt a more social aspect to Bisq so that waiting periods are much less tedious. e.g., link directing to Keybase/Matrix while users await for transactions to complete._ 

 
### **There have been requests for Bisq to integrate a Monero wallet.** 
While using CEXs, it seems that withdrawing from an exchange platform is preferable within the Monero community. When asked on the Monero subreddit if users prefer internal wallets vs external wallets, 100% of redditors replied holding their own keys is the main priority. Walletless and decentralised platforms such as Bisq actually incorporate many of the community's beliefs and it is important that Bisq promotes this concept accordingly.

-  _Promote the fact that Bisq allows users complete control over their own keys and encourages users to not leave their coins anywhere outside of their control._

 
### **BTC is required for the security deposit**
This poses an issue for the majority of the Monero community but is not key for Bisq’s initial target market. Bisq users already have Bitcoin obtained from external means or from Bisq, and will already have the ability to make a trade.

A common obstruction is a user not having Bitcoin in the first place to begin trading on Bisq.  A user claiming ‘this is actually what stops me from using Bisq’.

- _Direct users to the keybase ‘#buy-bitcoin’ channel via the UI. Warn potential users that these trades are made under the user's discretion and that Bisq will not be held liable for any incomplete trades. Disputes are handled between the peers with no internal mediation intervention. Highlight the positives such as no KYC, untraceable BTC trade to help users get started on Bisq and made by reputable Bisq users._ 

 
### **BTC is traceable and transactions are visible on the blockchain.**
There is a misinterpretation of Bisq and its connection with the Bitcoin blockchain. Monero users have a general issue with Bitcoin’s transparency, however, they are comfortable with the Litecoin blockchain due to its provision of cheaper fees and faster transactions.

- _Atomic cross chain swaps will help to widen the Bisq audience and provide the high level of confidentiality that some Monero users are seeking. It gives the trader authority over their own trade and fully incorporates a bankless society where users can buy and then spend Monero privately. However, this must be implemented in a smooth, understandable way as users would like atomic swaps to be more user friendly._

- _It would be great to have atomic swaps described in more simpler terms, an explanation condensed into how this would be implemented into Bisq and how it benefits Monero users._

  
### **Users would like a Fiat >XMR option.** 
Monero users would like Bisq to use an XMR base currency to bypass BTC. However, there is the understanding that in order to trade Fiat > XMR on Bisq, a substantial amount of BTC is still required for the deposit.
Those who demand Fiat > XMR with Monero as a base coin do not necessarily hold BTC or want BTC and therefore are not Bisq’s main target audience. Bisq’s audience have Bitcoin and trade BTC to XMR irregularly or have enough Bitcoin to use as currency to trade XMR in large amounts.

- _Fiat>XMR with Bisq’s target audience, will encourage regular trading while enabling users to continue using Bitcoin as a store of value._ 

 
### **CEXs are also very active on social media, particularly Reddit.** 
However, with the existing problems circling around these exchanges, the promotion of DEXs is required. It is necessary for contributors and traders to join in on discussions using a variety of social media channels to show a good level of involvement in the community. 
As mentioned in the competitors analysis, Bisq’s reputation has been tainted. This can be rectified by having contributors, traders, developers answer all Bisq related questions on social media, correct misinterpretations and help with incomprehension. For example, questions such as ‘How do I buy Monero with Bitcoin?’. This provides a good opportunity for Bisq to be recommended as a reliable DEX.
 
_The Monero social media channels where Bisq has been mentioned are: Discord, Reddit, Matrix, Mastadon and Keybase._


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