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It is a BTC/FIAT peer-to-peer exchange over lightning. It simplifies matchmaking and minimizes the trust needed to trade with a peer.
RoboSats is an open source project (GitHub).
AdequateAlice01 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 Bob confirms he sent the fiat to Alice. Once Alice confirms she received the fiat, she tells RoboSats to release the satoshis to Bob. Enjoy your satoshis, Bob!
At no point, AdequateAlice01 and BafflingBob02 have to trust the bitcoin to each other. In case they have a conflict, RoboSats staff will help resolving the dispute.
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 failures. This limit will be raised as the Lightning Network matures. There is no limits to the number of trades per day or number of simultaneous Robots you can use.
RoboSats will never ask you for your name, country or ID. 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 adviced.
The buyer and the seller never have to trust each other. Some trust on RoboSats staff is needed since linking the seller's hold invoice and buyer payment is not atomic. In addition, disputes are solved by the RoboSats staff.
While trust requirements are minimized, RoboSats could run away with your satoshis. It could be argued that it is not worth it, as it would instantly destroy RoboSats reputation. 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 most likely 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, in the window between the buyer confirms FIAT SENT and the moment the seller releases the satoshis, the fund could be lost.
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 user token.