Bitcoin Forum

Bitcoin Escrow Payments With Coinkite Multi-signature (http://blog.coinkite.com/post/124840306576/bitcoin-escrow-payments-with-coinkite)

Since Coinkite’s Multisig is very flexible, you can also invite others to participate. (https://coinkite.com/faq/multisig) A very common use of multisig is for escrow payments, with 2 or 3 or more parties involved. (https://coinkite.com/faq/escrow)

The simplest options is to setup a bitcoin rule of minimum of 2 parties to sign on a multisig wallet of 2 keys (2-of-2). That means once a deposit has been made on that wallet, both parties need to agree in order to move the funds.

A second option is a minimum of 2 parties to sign out of a 3 key wallet (2-of-3), in this case one would be the seller, another the buyer and a third would be an arbitrator. In this case if there is a dispute the arbitrator can sign with the buyer or with the seller, but cannot run away with the funds!

0 transaction fees!

It is very simple to accomplish this:

• Create Coinkite.com Account
• Create Multisig Wallet (i.e 2-of-2, 2-of-3 up to m-of-15)
• Invite Buyer/Seller (and maybe an Arbitrator)
• Initiator finalizes the account
• And you are ready to add the funds!
• Get started here (https://coinkite.com/signup)

Other Features

• Other participating parties can be anonymous and use Coinkite’s co-sign page to agree on transactions.
• Good privacy, it works well over tor (https://coinkite.com/faq/tor) and doesn’t require all parties to be Coinkite users.
• Proposed transactions on Co-sign pages remain open untill canceled or approved.
• All Conkite’s multisig features! (http://blog.coinkite.com/multisig)

https://i.imgur.com/rda5cCS.gif

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