Closed pazza83 closed 2 years ago
Think USD is an important market to help grow. Generally more US users on Twitter etc and think Bisq being a better option for the plebs, would get more coverage/exposure in terms of branding by making more options for them. Increased liquidity. Surprised EUR is bigger tbh.
I agree. Most trades are done on Zelle and I think there should be more options. 95% of the people in the US have access to a bank account so adding ACH and Wire transfers should increase accessibility.
Domestic Wire Transfer has been scored for inclusion to Bisq:
Essential | Desirable | Definite No’s |
---|---|---|
Very low risk of chargeback | ||
Way to verify the sender in the received payment | ||
Trade time less than one week | ||
Singular Fiat currency | ||
Large user base | ||
High usability and great user experience | **< high amount usability~~ | |
No KYC required for sending and receiving payments | **No KYC required for sending and receiving payments, allows users to trade with upmost privacy. Minimal identifying information as possible (no names, email, phone etc required)~~ | |
Low risk of scam attempts | ||
Traders can provide evidence of payment / receipt and Verification of payment can be made using PageSigner or similar | ||
No minimum limits | ||
Large payment limits up to 2 BTC | ||
Likely to increase liquidity | ||
Low risk of mediation | ||
Low risk for traders from government agencies | ||
Fees should not be a barrier to trading | ||
No changes needed to trade protocol |
Score: 22/32 Percentage: 68.75%
I am proposing that Domestic Wire Transfer to be added as a national currency payment method.
@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how Domestic Wire Transfer will be mediated / arbitrated. If you have any objection please let me know by 31 May 2021.
Date proposal being made: 01.05.21 Date feedback to be provided by: 01.05.21
Name of payment method: Domestic Wire Transfer
Required fields (eg)
Country: USA Account owner full name Account owner address Bank name Bank account number Wire Routing number
Signing required: No
Regions accepted: USA
Currencies accepted: USD
Bisq Limits: eg 0.25 BTC
Trade window: 3 days
Any relevant information for mediators / arbitrators: No
Any relevant information for devs: No
Any relevant information for users: No
Screenshot of expected GUI: TBC
Here is the XD for Domestic Wire Transfer - USA, it should be straight forward to add:
When adding Domestic Wire Transfer as a payment method in Bisq users should make sure they are aware what it will costs to send and receive a wire transfer.
Please send payment only to the payment details provided in the BTC Seller's account.
Please ensure you are aware of what it will cost you to send a wire transfer.
Please checked that the payment is received from the BTC Buyer's account.
Please ensure you are aware of what it will cost you to receive a wire transfer.
Wiki completed: https://bisq.wiki/Domestic_Wire_Transfer
Domestic Wire Transfer - USA
Background
For US users wanting to trade on Bisq using bank transfers (excluding thrid party methods like Zelle and Chase) they have two options:
Currently neither of these payment methods can be added to Bisq.
There is a workaround where they can be added as 'National Bank Transfer' however this is not ideal due to differences in fees and trade times.
It is a bit like a EU user using National Bank Transfer for a SEPA transfer, or a UK user using Faster Payments transfer. It does work but it is a poorer user experience.
I am proposing to add both Wire and ACH as separate payment methods in Bisq to improve user experience and hopefully increase trade volume.
Why
Domestic Wires Transfers are one of the two bank transfer payment method in the the US.
Region
USA
Currencies
USD
Chargeback risk
Low
Size of user base
300 million people have access to a bank account with Wire or ACH transfers.
Data requirements
Verification
TLSNotary
Duration
1 business days. Therefore, recommend 3 days as trade time.
Fees
Anything from $15-30
Users will be aware what it costs to send / receive an ACH transfer.
They are generally lower cost but slower than Wire Transfers.
Fraud risk
Low
Payment amounts
Within 0.25 BTC limit