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Title: Multisig as escrow Post by: ThatRandom8543 on November 08, 2016, 01:55:27 PM I would like to know why no one ever uses a multisig wallet for escrow (eg for selling goods or service). The way I see it, it could be setup as 2 of 3 wallet, with the buyer, seller, and an trusted member here. That way, the buyer can create this multisig wallet with the buyer and someone here to act as a 3rd party, send the funds there, and the seller can send or deliver their goods or service, and once complete and everything is verified to be complete, the buyer and seller could either sign the amount, or the trusted member and the buyer, and vise versa. Not saying that a member here who have trading history in regards to being an escrow would just run away with the btc, its just something to make sure all parties are protected in away, and if there was ever some type of dispute between the buyer and seller, the 3rd person could possibly look into seeing who is right and who is wrong then go from there, instead of having one or the other taking the coins and leave.
EDIT: Sorry if this is the wrong place to ask this question. Title: Re: Multisig as escrow Post by: Jhanzo on November 08, 2016, 02:20:05 PM Some escrows such as SebastianJu and achow101 does multisig too.
I think it's due to the fact that not all users know how to do it (I'm talking about buyers/sellers too). And trying to learn how to use it just before you're going to use escrow can take time and may end badly if you rush it or get overly complicated. Some won't even try it because they think it's too complicated. At least that's what I think. |