RoboSats is a simple and private open-source P2P exchange that allows you to trade bitcoin for national currencies using the Lightning Network. With its focus on privacy, security, and ease of use, RoboSats is a great option for anyone looking for a more privat way to buy bitcoin.
🎉 Key Features
Here are some key features of RoboSats:
- P2P: Peer-to-peer trading without intermediaries
- Open Source: Transparent and auditable code
- Tor Network: Anonymity and security through the Tor network
- No KYC: No know-your-customer requirements
- Self Custody: You control your own funds
- No Identity Reuse: A new identity for each trade
Its privacy focused, allows Self custidy requires no KYC and runs over Tor by default.
📱 Getting Started
Before you can start using RoboSats, you'll need to set up a few things:
- Download and install the Tor browser: Tor is available for all major operating systems and provides a high level of data protection.
- Set up a Lightning wallet: RoboSats transactions are processed through the Lightning network. For this guide, we'll be using Phoenix wallet, a non-custodial wallet that allows you to manage your own private keys.
- Install a note-taking app: You'll need a note-taking app to temporarily store data during the purchase process. I'm using Standard Notes, a free, privacy-focused note-taking app with end-to-end encryption.
💸 Fees
RoboSats charges a 0.2% fee on all trades, which is split between the buyer and seller:
| Role | Maker | Taker |
|---|---|---|
| Buyer | 0.025% | 0.175% |
| Seller | 0.025% | 0.175% |
The fees help improve the platform, support development, and prevent malicious attacks. Additional external fees may apply for on-chain transactions, Lightning Network routing, and on-chain payouts.
Furthermore there is usually a Premium to the market price associated, which is displayed next to the offer.
âš¡ Buying BTC
Now that we've covered the basics, let's walk through the process of buying BTC with RoboSats.
First, open the Tor Browser and visit the RoboSats website. When you open the website, a new identity will be created, which represents the token to restore the trade. Copy and paste the key into your note-taking app.
Next, click on the
Shop Icon to view the open offers.You'll see a list of available trades, including the amount of BTC being offered, the price, and the payment method. Use the
Filter Options in the top bar to select the BUY, desired currency, and optional Payment Option. Select a suitable offer within the suitable amount range.Once you've selected an offer, input the amount you want to buy and tap on
Take Order to accept the offer. You'll also see a summary of the trade, including the amount of BTC you'll receive and the payment details.Now it's time to lock in the taker bond. Copy the invoice to the clipboard and paste it into your Lightning app. This will freeze the funds in your wallet until the trade is complete.
In my
Phoenix Wallet I paste in the the Lightning Invoice and tap on Pay to to lock the taker bond via Hodl Invoice. The description also explains, thatThis Payment WILL FREEZE IN YOUR WALLET, check RoboSats if the lock was successful. It will unlocked (fail) unless you cheat or cancel unilaterally.
Next, you'll need to provide an invoice to receive the purchased bitcoin. Paste the invoice with the exact amount and tap
Submit. You also have the option to receive the Sats to an on-chain bitcoin address if you prefer.After providing the payout invoice, you are able to exchange the payment details with the seller. Once you've made the payment, confirm payment to the seller and wait for the seller to confirm receipt of payment. This may take a some time, depending on the payment method and the seller's response time.
Finally, once the seller confirms receipt of payment, the trade is complete, and the bitcoin is transferred to your wallet.
🤼 Dispute
If a trade doesn't go as planned, you're protected. As a buyer, if you've sent fiat but the seller fails to release the agreed-upon sats, you can initiate a dispute. Providing proof of fiat payment to RoboSats staff can result in the release of the seller's escrowed funds and trade bond to you.
You can also cancel a trade after posting your bond by clicking the
Collaborative Cancel button. If your trade partner agrees, there are no fees. However, if they want to proceed and you cancel anyway, you'll forfeit your trade bond.🎯 Conclusion
Robosats is personally my favorite option to acquire bitcoin for local currencies. Compared to other P2P exchanges like Bisq or Hodl Hodl relying on the reputation of users, RoboSats stands out for its trustless design. With a new identity for each trade and no registration required, RoboSats reduces the need to share personal information. Additionally, all communication takes place over the Tor network, adding an extra layer of security. And with the ability to trade over Lightning, you don't need to worry about UTXO management. Overall, RoboSats offers a private and secure way to buy bitcoin, making it a good option for those seeking a more discreet and privat way to acquire bitcoin.
Bisq Easywhere you can buy P2P, but don't need to post a bond to get started. I have also made a guide here