The Bisq Decentralised Exchange: On the Privacy Cost of Participation

[2007.07048] The Bisq Decentralised Exchange: On the Privacy Cost of Participation Skip to main content Search Submit Donate Log in Search arXiv Press Enter to search · Advanced search Computer Science > Cryptography and Security arXiv:2007.07048 (cs) [Submitted on 14 Jul 2020 ( v1 ), last revised 15 Aug 2026 (this version, v2)] Title: The Bisq Decentralised Exchange: On the Privacy Cost of Participation Authors: Liam Hickey , Martin Harrigan View a PDF of the paper titled The Bisq Decentralised Exchange: On the Privacy Cost of Participation, by Liam Hickey and Martin Harrigan View PDF HTML (experimental) Abstract: The Bisq Trade Protocol and the Bisq Decentralised Autonomous Organisation (DAO) are core components of Bisq, a decentralised cryptocurrency exchange. The Bisq Trade Protocol systematises the peer-to-peer trading of Bitcoin for other currencies and the Bisq DAO decentralises the governance and finance functions of the entire exchange. However, by following the Bisq Trade Protocol and interacting with the Bisq DAO, participants necessarily publish data to the Bitcoin blockchain and broadcast additional data to the Bisq peer- to-peer network. We examine the privacy cost to participants in sharing this data. Specifically, we use novel address clustering heuristics to construct the one-to-many mappings from participants to addresses on the Bitcoin blockchain and augment the address clusters with data stored within the Bisq peer-to-peer network. We describe address clustering heuristics for both the Bisq Trade Protocol and the Bisq DAO. We show that the heuristics aggregate activity performed by each participant: trading, voting, transfers, and so on. We identify instances where participants are operating under multiple aliases, some of which are real-world names. We identify the dominant transactors and their role in a two-sided market. We conclude with suggestions to better protect the privacy of participants in the future. Comments: 15 pages, 2 figures Subjects: Cryptography and Security (cs.CR) Cite as: arXiv:2007.07048 [cs.CR] (or arXiv:2007.07048v2 [cs.CR] for this version) https://doi.org/10.48550/arXiv.2007.07048 Focus to learn more arXiv-issued DOI via DataCite Submission history From: Martin Harrigan [ view email ] [v1] Tue, 14 Jul 2020 14:14:50 UTC (361 KB) [v2] Sat, 15 Aug 2026 10:15:45 UTC (287 KB) Full-text links: Access Paper: View a PDF of the paper titled The Bisq Decentralised Exchange: On the Privacy Cost of Participation, by Liam Hickey and Martin Harrigan View PDF HTML (experimental) TeX Source view license Current browse context: cs.CR < prev | next > new | recent | 2020-07 Change to browse by: cs References & Citations NASA ADS Google Scholar Semantic Scholar DBLP - CS Bibliography listing | bibtex Martin Harrigan export BibTeX citation Loading... BibTeX formatted citation × loading... Data provided by: Bookmark Bibliographic Tools Bibliographic and Citation Tools Bibliographic Explorer Toggle Bibliographic Explorer ( What is the Explorer? ) Connected Papers Toggle Connected Papers ( What is Connected Papers? ) Litmaps Toggle Litmaps ( What is Litmaps? ) scite.ai Toggle scite Smart Citations ( What are Smart Citations? ) Code, Data, Media Code, Data and Media Associated with this Article alphaXiv Toggle alphaXiv ( What is alphaXiv? ) Links to Code Toggle CatalyzeX Code Finder for Papers ( What is CatalyzeX? ) DagsHub Toggle DagsHub ( What is DagsHub? ) GotitPub Toggle Gotit.pub ( What is GotitPub? ) Huggingface Toggle Hugging Face ( What is Huggingface? ) ScienceCast Toggle ScienceCast ( What is ScienceCast? ) Demos Demos Replicate Toggle Replicate ( What is Replicate? ) Spaces Toggle Hugging Face Spaces ( What is Spaces? ) Spaces Toggle TXYZ.AI ( What is TXYZ.AI? ) Related Papers Recommenders and Search Tools Link to Influence Flower Influence Flower ( What are Influence Flowers? ) Core recommender toggle CORE Recommender ( What is CORE? ) Author Venue Institution Topic About arXivLabs arXivLabs: experimental projects with community collaborators arXivLabs is a framework that allows collaborators to develop and share new arXiv features directly on our website. Both individuals and organizations that work with arXivLabs have embraced and accepted our values of openness, community, excellence, and user data privacy. arXiv is committed to these values and only works with partners that adhere to them. Have an idea for a project that will add value for arXiv's community? Learn more about arXivLabs . Which authors of this paper are endorsers? | Disable MathJax ( What is MathJax? ) We gratefully acknowledge support from our major funders , member institutions , , and all contributors. About · Help · Contact · Subscribe · Copyright · Privacy · Accessibility · Operational Status (opens in new tab) Major funding support from

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