claude-dev-suite P2P Bitcoin Exchanges (KYC-free)
Direct peer-to-peer Bitcoin trading without a centralized order book or KYC custody.
Bisq
- Java desktop app.
- Operates entirely over Tor.
- Decentralized order book via P2P network.
- Multisig escrow (2-of-2 with arbitrator).
- Fiat methods: SEPA, Zelle, Revolut, cash by mail, etc.
- Trades typically 0.01-1 BTC.
- BSQ token for fee/governance.
Maturity: very mature (2014+).
RoboSats
- Tor-only (also accessible via clearnet).
- Lightning-only (no on-chain).
- "Robot identity" — stateless, no account, just a per-trade key.
- Multi-language (12+).
- Fiat methods: SEPA, Wise, Revolut, cash, gift cards, others.
- Trades typically smaller (50-5000 EUR equivalent).
- Frontend simple HTML; sat-denominated.
Maturity: 2022+, growing.
Hodl Hodl
- Web-based.
- 2-of-3 multisig escrow.
- KYC-optional (most trades are KYC-free).
- Diverse fiat methods.
- Loans (HodlOptions) plugin.
- Trades range $50 to many thousands.
Maturity: 2017+, mature.
Compared
| Aspect | Bisq | RoboSats | Hodl Hodl |
|---|---|---|---|
| Network | Tor only | Tor (default) | Web (HTTPS) |
| Custody | Multisig | LN HTLC | Multisig |
| KYC | None | None | None (optional KYC) |
| Settlement | On-chain | Lightning | On-chain |
| Trade size | Medium-large | Small-medium | Small-large |
| Mobile-friendly | No | Yes | Yes |
Use cases
- First sats acquisition without exchange registration.
- Privacy-preserving off-ramp / on-ramp.
- Trades in censored jurisdictions.
- Avoiding KYC attestation chains in cluster-analysis.
Trade execution
Generic flow:
- Buyer sends fiat to seller off-chain (bank, cash, gift card).
- Seller releases BTC from multisig (or LN HTLC) once fiat received.
- Disputes: arbitrator (Bisq) or community (RoboSats).
Limitations
- Slower than exchange-based trading (per-trade time hours, not seconds).
- Lower volume — large trades hard to fill.
- Counterparty risk — KYC-free means no recourse if counterparty vanishes after fiat sent.