Bitsquare how it works (for non tech users)
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Description of how Buyer and Seller's bitcoin move within the built-in wallet and multisig address.
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Bitsquare how it works (for non tech users)
- 1. Bitcoin Seller’s View (Maker) Bitcoin Seller Bitcoin Buyer Available Balance Reserved Fund Locked in Trades (⅔ MultiSig) Trade Amount 1.0000BTC Security Deposit 0.0100BTC Mining Fee 0.0002BTC Trading Fee 0.0005BTC Trade Amount 1.0000BTC Trade Amount 1.0000BTC Security Deposit 0.0100BTC Security Deposit 0.0100BTC Create Offer Offer Accepted Transaction Completed B l o c k c h a i n Block chain Blockchain （-0.0002BTC Mining Fee) Mining Fee 0.0002BTC Arbitrator/Token Holder (0.0003BTC)
- 2. Bitcoin Buyer’s View (Maker) Bitcoin Seller Bitcoin Buyer Available Balance Reserved Fund Locked in Trades (⅔ MultiSig) Security Deposit 0.0100BTC Mining Fee 0.0002BTC Trading Fee 0.0005BTC Security Deposit 0.0100BTC Security Deposit 0.0100BTC Create Offer Offer Accepted Transaction Completed B l o c k c h a i n Blockchain （-0.0002BTC Mining Fee) Mining Fee 0.0002BTC Arbitrator/Token Holder (0.0003BTC) Fiat Banking System or Altcoin Network Release Bitcoin upon receipt of Fiat/Altcoin
- 3. Amount needed to deposit into Bitsquare wallet ❏ Trade Amount: 1.0000 BTC ($652.90) ❏ Trading Fee: 0.0005 BTC ($0.32, Maker) ❏ Security Deposit: 0.0100 BTC ($6.53) ❏ Bitcoin Mining Fee: 0.0002 BTC ($0.13) ❏ Total 1.0107 BTC ($659.88) Note: 1BTC = $652.90 (as of Oct 22, 2016) Bitcoin Seller’s breakdown
- 4. Amount needed to deposit into Bitsquare wallet ❏ Trading Fee: 0.0005 BTC ($0.32, Maker) ❏ Security Deposit: 0.0100 BTC ($6.53) ❏ Bitcoin Mining Fee: 0.0002 BTC ($0.13) ❏ Total 0.0107 BTC ($6.98) Note: 1BTC = $652.90 (as of Oct 22, 2016) Buy Bitcoin Buyer’s breakdown