Bisq is a decentralized, open‑source desktop app created by Manfred Karrer for buying and selling bitcoin directly with other people. It routes all traffic over Tor, uses a built‑in non‑custodial wallet and has no sign‑ups or KYC. Trades span many national currencies and payment rails, and the project is funded and governed through a community DAO with the BSQ token rather than a company.

What separates Bisq is its security and incentive design for fiat‑to‑BTC P2P. Each trade locks both sides’ refundable security deposits in a 2‑of‑2 multisig escrow. Account‑age and signing rules gradually raise per‑trade limits to reduce chargeback risk, and a small amount of bitcoin is required up front to cover fees and deposits. Trading fees are transparent and lower if paid in BSQ. It’s desktop‑first by design; the mobile app is for notifications.

User feedback highlights Bisq’s strengths in privacy, censorship resistance and self‑custody, along with clear, step‑by‑step trade flows and a multi‑stage dispute process if things go wrong.

The trade‑offs are thinner liquidity depending on region, wider spreads than convenience brokers, the need to already have a little bitcoin, and settlement times tied to the chosen fiat method and counterparties’ availability. Some users note that disputes can take time, and that desktop performance varies by setup.

Bisq’s target audience is privacy‑minded bitcoiners and anyone who needs a resilient, non‑custodial fiat ramp. The roadmap is to keep the marketplace permissionless while improving UX and resilience: Bisq 2 introduces a simpler “Bisq Easy” path alongside the familiar multisig protocol, support for multiple privacy networks, and optional use of Liquid for faster, lower‑fee settlement.