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COURSE 2 - 7. Robosats

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QUICK INFO:

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  • About decentralized exchanges:

    • Decentralized exchanges are peer-to-peer exchanges that do not require KYC: they allow for better privacy (and therefore security) than centralized exchanges ;

    • Disadvantages: usually you need to have already some sats; less liquidity; higher prices; slightly more difficult than centralized exchanges (such as Relai and Kraken for example);

    • Main decentralized exchanges:

      • Robosats (Tor browser: perfect for Tails) - used in this guide

      • Bisq (desktop app: not available in Tails)

      • Hodl Hodl (any browser).

INSTRUCTIONS for robosats.com


Please note: to buy some sats in robosats.com you need to have a Lightning Network (LN) wallet with already some sats. If you don't have them, you can borrow them from a friend (it's necessary to do it only the first time, and the amount can be minimum) or you can buy them in a centralized exchange / defi app.


In Tails: “Applications” > “Tor Browser” > robosats.com > “Start” > “Generate token” > copy this token and save it for this session > “Continue” > note your robot identity > “Offers” (this is to select among existing offers. If you want to create your own offer, click “Create”) > click “Buy” (if you want to see, “Sell”. Here we’ll assume that we’re buying) > select currency you want to use (e.g. USD or EUR) > select method of payment > (optional: select host) > select the offer on the grounds of the following parameters:


  • seller online/not online: purchases from sellers that are online are usually quicker;

  • amount: the fiat-value of sats the seller is willing to sell;

  • payment method: the payment methods the seller accepts;

  • expiry: the amount of time that remains before the offer expires (max 24 hours);

  • timer: the amount of time the seller gives to complete the order once the buyer has taken the offer;

  • price: the fiat/btc price

  • bond: the amount of sats (in terms of percentage of the amount traded) that the seller requires that you block as guarantee. If everything goes fine, these will be automatically released to you at the end of the trade. In case of dispute, the host is involved in judging the case.

  • premium: the difference between the price asked by the seller and the market price (usually between 2% and 8%).


> after selecting the offer, you are in the offer page with the details of the offer > send the bond with Lightning Network (LN) via QR code > in your LN wallet, create an invoice with the exact amount of sats that you will receive from this trade (this exact amount is shown by RoboSats); send it to yourself in Tails (simplest way to do it is via encrypted email); and paste it in the relative field in the robosats.com page > “Submit” > a chat opens with the seller (you might have to wait for him/her to be online); when you’re both online, he will send you in this chat his payment details > you make the payment > you inform him and click “Confirm” > when the seller receives the payment, you are informed that the trade is completed. After a few minutes, you should see the sats in your LN wallet.

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