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It is a BTC/FIAT peer-to-peer exchange over lightning. It simplifies matchmaking and minimizes the need of trust. RoboSats focuses in privacy and speed.
RoboSats is an open source project (GitHub).
AnonymousAlice01 wants to sell bitcoin. She posts a sell order. BafflingBob02 wants to buy bitcoin and he takes Alice's order. Both have to post a small bond using lightning to prove they are real robots. Then, Alice posts the trade collateral also using a lightning hold invoice. RoboSats locks the invoice until Alice confirms she received the fiat, then the satoshis are released to Bob. Enjoy your satoshis, Bob!
At no point, AnonymousAlice01 and BafflingBob02 have to trust the bitcoin funds to each other. In case they have a conflict, RoboSats staff will help resolving the dispute. You can find a step-by-step description of the trade pipeline in How it works
Basically all of them. You can write down your preferred payment method(s). You will have to match with a peer who also accepts that method. Lightning is fast, so we highly recommend using instant fiat payment rails.
Maximum single trade size is 500,000 Satoshis to minimize lightning routing failure. There is no limits to the number of trades per day. A robot can only have one order at a time. However, you can use multiple robots simultatenously in different browsers (remember to back up your robot tokens!).
RoboSats will never ask you for your name, country or ID. RoboSats does not custody your funds, and doesn't care who you are. For best anonymity use Tor Browser and access the .onion hidden service.
Your trading peer is the only one who can potentially guess anything about you. Keep your chat short and concise. Avoid providing non-essential information other than strictly necessary for the fiat payment.
This is an experimental application, things could go wrong. Trade small amounts!
The seller faces the same chargeback risk as with any other peer-to-peer service. Paypal or credit cards are not recommened.
The buyer and the seller never have to trust each other. Some trust on RoboSats is needed since linking the seller's hold invoice and buyer payment is not atomic (yet). In addition, disputes are solved by the RoboSats staff.
To be totally clear. Trust requirements are minimized. However, there is still one way RoboSats could run away with your satoshis: by not releasing the satoshis to the buyer. It could be argued that such move is not in RoboSats' interest as it would damage the reputation for a small payout. However, you should hesitate and only trade small quantities at a time. For large amounts use an onchain escrow service such as Bisq
You can build more trust on RoboSats by inspecting the source code.
Your sats will return to you. Any hold invoice that is not settled would be automatically returned even if RoboSats goes down forever. This is true for both, locked bonds and trading escrows. However, there is a small window between the seller confirms FIAT RECEIVED and the moment the buyer receives the satoshis when the funds could be permanentely lost if RoboSats disappears. This window is about 1 second long. Make sure to have enough inbound liquidity to avoid routing failures. If you have any problem, reach out trough the RoboSats public channels.
In many countries using RoboSats is no different than using Ebay or Craiglist. Your regulation may vary. It is your responsibility to comply.
This lightning application is provided as is. It is in active development: trade with the utmost caution. There is no private support. Support is only offered via public channels (Telegram). RoboSats will never contact you. RoboSats will definitely never ask for your robot token.