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Title: Just getting started would really appreciate some help Post by: Vxxbear03 on June 22, 2013, 05:49:46 AM Hey guys,
I just started getting into bitcoin and im looking to do my first transaction, im ready to buy 2.1 BTC off this seller on LocalBitcoins, his user name is "Bauhaus" (in case any of you have had experience with him), I just have a few questions and i would apprieciate it if you just answered or pointed me in the right direction to find out, 1. How exactely does escrow work? I want to do a simple Western Union or any other bank transfer, but is escrow like the middle man? Do i send it to LocalBitcoins and they hold it first or what? Im very confused on this part only. I understand the BTC wallet and address its just the escrow im really unsure of and i cant find an indepth tutorial from A-Z, if someone has one it would really help. Thanks in Advance, Vx Title: Re: Just getting started would really appreciate some help Post by: lazydna on June 22, 2013, 05:53:02 AM Hey guys, I just started getting into bitcoin and im looking to do my first transaction, im ready to buy 2.1 BTC off this seller on LocalBitcoins, his user name is "Bauhaus" (in case any of you have had experience with him), I just have a few questions and i would apprieciate it if you just answered or pointed me in the right direction to find out, 1. How exactely does escrow work? I want to do a simple Western Union or any other bank transfer, but is escrow like the middle man? Do i send it to LocalBitcoins and they hold it first or what? Im very confused on this part only. I understand the BTC wallet and address its just the escrow im really unsure of and i cant find an indepth tutorial from A-Z, if someone has one it would really help. Thanks in Advance, Vx escrow is you send it to a trusted member, both parties send funds to the trusted member. trusted member assures both parties have the agreed upon items and he facilitates the exchange for a fee. do not straight up trade money with strangers. sending first if like giving money to a random stranger and waiting for him to return with whatever you bought. Title: Re: Just getting started would really appreciate some help Post by: Vxxbear03 on June 22, 2013, 05:56:26 AM Thanks for the reply,
who would the trusted member be in this situation, do i have to pick one? or is it LocalBitcoins that is the trusted escrow holder. Thanks, Vx Title: Re: Just getting started would really appreciate some help Post by: mprep on June 22, 2013, 11:47:09 AM Thanks for the reply, John K. is one of the most trusted members around here.who would the trusted member be in this situation, do i have to pick one? or is it LocalBitcoins that is the trusted escrow holder. Thanks, Vx |