Trusting Bitcoin Services and Businesses

1

BTCPay

This is your typical business or website where you pay for the good or service before you get it and have little to no recourse if the service is not provided. Pretty normal, you're risking whatever you're spending in a transaction. Examples include every merchant business accepting bitcoin, the merchants using BTCPay Server and non-custodial exchanges like bullbitcoin. This is also a very good model with limited risk, but often little recourse.

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2

Bisq

This is a bitcoin service which spreads responsibility across a number of actors for success or failure. It's not nearly as good as trusting yourself and relies on third parties to protect your interests. Examples include Liquid, RSK peg, Multisig custodians, BISQ escrow. These services often delve into shitcoins and when they do should be avoided like any other. The risk in these cases is often not exceptionally limited, include custody, and your recourse relies on third parties if any exists at all.

#Cryptocurrencies #Cryptocurrency Exchange #Crypto 370 social mentions