India INR/BTC Market Maker Bounty 500 $BSQ

[flix1]

India INR/BTC Market Maker Bounty

To claim this bounty the contributor must make a market in Bisq INR/BTC for 1 month.
https://bisq.network/markets/?currency=btc_inr

This will involve:

1. Keeping at least 2 BUY and 2 SELL offers live during 1 month.

2. Attracting other traders to the market through marketing, communication, social media...

3. Completing at least 5 trades.

4. Report with feedback here on the details of the trades (payment method used, problems encountered, suggestions for improvement, fees paid, time it took to complete the trade).

5. Attend at least 1 live Bisq Growth call to answer questions and provide feedback on the experience.

Bounty: 500 $BSQ

[flix1]

For examples of similar bounties that were successfully claimed please see #138 and #160

[flix1]

India’s Supreme Court Lifts Banking Ban on Crypto Exchanges
https://www.coindesk.com/indias-supreme-court-lifts-banking-ban-on-crypto-exchanges

[RififiCastorjunior]

Bounty: 1000 $BSQ

some error here

[Aman-1412]

Hey everyone! Had a very successful first day of trading BTC-INR in India.

Instead of summarizing in paragraphs, I've created a tabular format of the trades:

Trade No.	Created by Me?	Type	Negative Spread	BTC	INR	Payment Method	Payment done via	Issues	Trade ID
1	Yes	Sell	Yes -10%	0.001	2591	Bank Transfer	UPI	None	DfQXpsVy-7e9fa27a-617a-4bfe-8c5b-693851d7b3bd-164
2	Yes	Sell	Yes -5%	0.005	13455	Bank Transfer	IMPS	None	JRWMXQUA-a975f7ce-0f62-4593-a364-d0f357076fcc-164
3	Yes	Sell	No 1%	0.01	28161	Bank Transfer	UPI	None	hut8ekd-de7df977-4716-43c0-8a0e-3eadf0f2e47b-164
4	No	Buy	Yes 5%	0.001	2925	Bank Transfer	UPI	None	3732180-ff6d3e34-6ce1-4d50-a2af-71657db49994-164
5	No	Sell	Yes -5%	0.001	2642	Bank Transfer	IMPS	None	8759409-09822ee6-fe43-454c-85b4-855f0c7b5537-164

---

We had 4 people participating in these 5 trades. Out of the 4 traders, 3 of them(myself included) used a UPI app for the payment. UPI supports A/c+IFSC bank transfers along with the standard VPA transfers. The 4th person used their bank's IMPS transfer.

Pretty successful I think. Just need to maintain/increase this volume.
As I mentioned before, I can see 1 other person trying to create offers with a markup. I took 2 of their offers(1 buy and 1 sell) to encourage them, even though I took a loss which I don't really mind. It's about jump starting the market anyway, so I was/am prepared for taking some losses until we have consistent liquidity. I have some more open offers, so spread the word traders!

On that note, special thanks to @flix1 for helping me with my initial bitcoins and @MwithM for advising me about trading/mining fees. Like I've mentioned before, I'm always learning something from the Bisq community. Thanks to everyone else involved in this for promoting the trades as well as the traders who are helping improve the liquidity! Hope to have more Indians trading on Bisq soon.

I have had my Bisq UI on my potato computer up and running for more than 24 hours now. I'll have to look into the docker bisq soon so I can utilize servers to keep my offers up 24/7.

Feel free to ask for any more information that you need. Happy to help however I can.
Let's keep the momentum going.

Cheers!

[pazza83]

Hi @Aman-1412

Looks great, I would recommend taking advantage of the low mempool fees.

The offers will be more economical for yourself to place when the mempool is low. The best price for placing offers is 10 sats v/b. You can see what the fee rate is in the bottom left corner of the Bisq app.

Also look into buying BSQ this gives you 50% off trade fees.

[Aman-1412]

Thank you @pazza83 !

I have 4 offers up already(which I created while the fee rate was 10 sats/vb) . I'm all out of btc with my earlier trades. I have some offers up to buy btc for INR. Just waiting for someone to accept my offers! :D

I keep them up as much as possible. Haven't had any takers since the first day, but I'm waiting patiently for someone to come around. Fingers crossed!

[pazza83]

Now we have 5 new payment methods for user in India it would be great to try and establish a sustainable INR/BTC market.

The new payment methods are:

• NEFT
• RTGS
• UPI
• PayTM
• IMPS

[VlVEK]

@pazza83 @flix1 thanks for adding UPI - this would be the most used payment method for INR trades

i have done 4 out of the 7 INR trades since inception & have also accessed other markets using INR

INR trades are expected to be less than $100 each on an average hence the transaction cost is an important factor to trade

btc trades at anywhere around 5-15% premium on CEX's due to the high forex charges levied by indian banks this discourages selling btc on bisq at a discount

CEX's charge a flat 0.0006 btc to withdraw which discourages people to self custody and we have a very small number of indians who self custody their bitcoin - getting the first btc outside of CEX is a challenge

we should try & educate people on the best practices to self custody & reduce transaction costs on bisq

• using 1 sat/byte to transfer to trade wallets (luckily mempool is empty now)
• picking up trades when fees is 10sat/vbyte on bisq as suggested by you
• using bsq to save fees (are smaller stacks of bsq available?)

i'm open to more ideas and suggestions to overcome these challenges so that we can head towards a sustainable INR market on bisq

[MwithM]

There's a market to buy small amounts, under 50 BSQ. https://bisq.wiki/Trading_BSQ#Buying_small_amounts

[pazza83]

Hi @VlVEK

It is great that you are keen to help towards a sustainable market for INR.

INR trades are expected to be less than $100

Please can you let me know why this is? At current prices trades of 100 USD will cost the maker 1.63% of the trade amount in mining fees. Trades of about $500 will cost the maker 0.3% of the trade amount in mining fees.

Here are a couple of good resources of reducing trading fees:

• https://www.youtube.com/watch?v=_cSpJdWVD-k
• https://bisq.network/blog/trading-trends-august-2020/

I think the best way to make the INR / BTC market sustainable is for market making on Bisq to a be profitable activity. The more profitable it is the more you, and other users will continue to market make.

I would love to chat to you on Keybase to find out more about how you intend to increase trade volume and to give you some ideas. My username there is: pazza

[shubhvachher]

I'd love to be a part of this initiative although I am new to Bisq myself. Have been at CEXs all this while and looking to learn about decentralised exchanges. Want to be a market maker for India. The main question of course being @pazza83 's : How can I do this profitably on Bisq. Will read up all the resources above. My username on keybase is wazirx_rates

[shubhvachher]

INR trades are expected to be less than $100

Please can you let me know why this is?

Most Indian trades are small valued; atleast most of the first ones will be. So we must be able to support the maker of the offers with as little marker/trading fee as possible.

[shubhvachher]

I would love to chat to you on Keybase to find out more about how you intend to increase trade volume and to give you some ideas. My username there is: pazza

I'd love to be added to this discussion! @pazza83 @VlVEK

[shubhvachher]

CEX's charge a flat 0.0006 btc to withdraw which discourages people to self custody and we have a very small number of indians who self custody their bitcoin - getting the first btc outside of CEX is a challenge

Do you really think so @vivek ? A one time large transaction out should suffice. About 50,000 INR out in BTC at one time maybe?

[shubhvachher]

I'm glad to see the India market grow and have recently joined as a market maker. Check out the flourishing market and make your own trades @ALL @VlVEK @Aman-1412

[Giszmo]

How's India doing? I noticed zero open offers as of now.

[pazza83]

Yes, it has been disappointing.

The Indian government even introduced a 'crypto tax' which I would think would make more people look for decentralized alternatives.

Maybe it is just missing a market maker. Lots of Indian twitters users where excited about Bisq including UPI as a payment method but it has not translated through to trade activity.

[flix1]

I'm guessing high tx fees are an issue at the moment, as well as the usual request for mobile app.

I would not make too much promotional effort until the launch of Bisq2 with Bisq Easy, lightning, etc.

Still... it only takes 2 to trade. It should not be that hard to attract a handful of users.

[flix1]

Bisq2 launch is coming up soon. Since that should reduce the mining fees issue, we can give this bounty another chance as it was never claimed.