On April 23, 2021, Bisq reached 100,000 operations carried out on its platform. In the last year, the exchange has almost doubled the trading volume of its users, which can be read as a sign of growing interest in the privacy it offers to trade.
Bisq is a decentralized exchange that allows users to buy bitcoin with local currencies even without registering. Among its main characteristics, privacy stands out, and this is a strength that attracts more and more people, as reflected by the growing choice of this platform over others.
In this exchange house, the data shared in the transactions, as well as the banking information, are not stored on a server nor are they exposed to the public, but rather each user runs their own software, which is also open source. In addition, the platform is built on the Tor network, which makes it possible to hide the IP address.
As indicated in the official Twitter account of the exchange, the first 50,000 transactions were carried out in the span of 3 years and 10 months; instead, the next 50,000 were made in a considerably shorter period: 1 year and 2 months. The first operation was on April 19, 2016.
Also, according to what the data published by the company itself indicates, the maximum volume of operations in dollars occurred in March 2021, when it touched USD 4 million.
Technical improvements on the platform
Parallel to the growth of Bisq, its experts are thinking of new tools and updates to enhance its functions. As developer Wiz commented on his Twitter account, the exchange is working to support Liquid – a sidechain anchored to the bitcoin blockchain – as a base protocol; that is, they will mount the same Bisq protocol on Liquid.
In this way, they would add a third layer that would be added to the bitcoin blockchain and the Bisq protocol on bitcoin. The advantage for users would be that, if there was congestion in the network, for example, they could send LBTC – the token anchored to the Liquid protocol – instead of BTC and trade it.
On the other hand, Wiz also explained that Bisq seeks to reduce operations from four on-chain transactions to just one, which will allow lowering the commissions of the bitcoin layer for users who prefer to continue using this method. Also, operation on the second layer network will continue to be available.
New possibilities and expectations for Bisq in the future
As reported by CriptoNoticias, in February 2021 Bisq added cash payment by mail as an alternative for the purchase of cryptocurrencies on its platform. Following the steps indicated by the exchange, user privacy – which is given such a high priority in the company – is not compromised at all, according to what they say.
Bisq, which two years ago established its DAO (decentralized autonomous organization, for its acronym in English), has several projects for the short and medium term. In this sense, company representatives told in a YouTube broadcast that they plan to add more than 20 new payment methods and incorporate new informal ways to purchase BTC and BSQ, the token used on the platform. In addition, they are looking for trained experts for various other innovation projects.