Bitcoin Forum

Hi Guys,

I've been using bitcointalk for buying goods and services using bitcoin for a while now. Most of my trades on negotiated through telegram. But one of the thing that I have found to be trouble some is finding a reliable and easy to use escrow service. Most of the time i just end up not using an escrow at all due to all the hassle, and sometimes this comes at a cost.

It seems natural to me that an telegram bot escrow service that allows you to easily open an escrow directly in telegram chat during the conversation of a trade would greatly simplify the process of trading.

I was wondering if you guys also experience this inconvenience? And if not what do you guys find to be the most reliable and easy to use escrow service?

Thanks!

EDIT Dec 17 2019

Thanks for all the great feedback!

I've always found it troublesome finding getting in touch and setting up an escrow on bitcointalk, maybe its because i'm rather new, but I have trouble sending PM, and the ones i managed to get through don't always respond quickly, which is understandable since this is not their full-time job).

The problem i wanted to solve with the escrow bot is to automate the communication and process of establishing an escrow, rather than the trust factor itself since like many of you guys mentioned, that can only come with reputation and time.

A solution i was thinking is a telegram bot that enables existing reputable escrow accounts here on bitcointalk to register as escrow managers. When someone wants to initiate an escrow, they can simply specify things such as escrow amount, release address, etc, and the escrow will be automatically created and matched with a registered escrow manager. Most escrows can be completely automated (created, and released without disputes), and the manager only need to intervene in case of a dispute.

This solution leverages the existing reputable status built into bitcointalk, but simplifies the escrow process for buyers, sellers, and escrow managers.

I'd rather use services on this forum, to be honest because it's more verifiable. You can use a bot to escrow but who will manage it? Eventually, it will come to control. You might be able to use a multi-sig address with it but you'll still get exposed to a third-party who's probably anonymous most of the time.

Or, do you think you can build that bot?

Even if such a bot is developed, there has to be a human controlling the escrow. You cannot depend on a machine to do everything for you when it comes to securing someone's money. Of course you can make the process smoother but I dont know of any such bot being developed and would not trust it unless someone is trusted enough in this forum is making it. Open source of course.

Its very easy to use an escrow of this forum for trades, fact is many dont approach them for certain reasons and get scammed when they send first. Dont be one of them.

As mentioned above forum escrow is the most reliable because the held thousand of dollars worth in Bitcoin.
You can refer this link to a list of escrow services here, Recommended bitcointalk escrow services (https://bitcointalk.org/index.php?topic=2439910.0) or Few Trusted Escrow Provider (https://bitcointalk.org/index.php?topic=5047302.0). But I suggest you research first their past transactions.

Be careful about using telegram because that messaging platform is easy to fake and might easy to manipulate. You don't know if maybe you are talking with one the same person that has many accounts. Don't let you are one of their next victims.

It can simplify the process but the risk is still there. They can easily pretend early on to gain trust in the cryptosphere and then just exit scam when big money is involved, so it is still prone to abused, IMHO.

Someone pointed out the link where to find trusted escrows in this community, I suggest you try them out and see for yourself. Most of them have been here and chances of them screwing you up is slim.

In our local board, one guy creates Telegram exchange bot, where people can exchange crypto for fiat, something like localbitcoin. Fiat transfer will be used by ATM. There were no positive responses from the community, escrow is a very sensitive service, I would never trust any bot or newcomers in this business. Telegram is okay for communication, but I am not sure how is safe for any financial service.
btw, we already have several trusted members on this forum who's provide escrow service.

First time I read about escrow bot, and it's not convincing to create one, we do not know who manages these bot and if there is a team they should prove first that their bot is working perfectly and if something goes wrong they can do a refund of the escrow, or insure the funds of both parties, I prefer escrowing here than using a bot.

I wouldn't trust such service especially if it is created specifically for telegram. Telegram itself is designed for scammers to prevail since it is built on anonymity that kind of service combined with telegram's anonymity simply makes it more untrustworthy. Aside from that are you really willing to trust your money for escrow on a bot rather than a real middleman? How about if something comes up with the deal do you think the bot will respond more smoothly compared to a trusted escrow service? I don't think so there are still limits on what a bot can do compared to a human being who is used too giving that service. I know that finding the right escrow service is hard but I think once you get to know an escrow service well here in BCT then I don't think you will have any problems with your future trades here.

Thanks for all the great feedback!

I've always found it troublesome finding getting in touch and setting up an escrow on bitcointalk, maybe its because i'm rather new, but I have trouble sending PM, and the ones i managed to get through don't always respond quickly, which is understandable since this is not their full-time job).

The problem i wanted to solve with the escrow bot is to automate the communication and process of establishing an escrow, rather than the trust factor itself since like many of you guys mentioned, that can only come with reputation and time.

A solution i was thinking is a telegram bot that enables existing reputable escrow accounts here on bitcointalk to register as escrow managers. When someone wants to initiate an escrow, they can simply specify things such as escrow amount, release address, etc, and the escrow will be automatically created and matched with a registered escrow manager. Most escrows can be completely automated (created, and released without disputes), and the manager only need to intervene in case of a dispute.

This solution leverages the existing reputable status built into bitcointalk, but simplifies the escrow process for buyers, sellers, and escrow managers.

Why do you think that finding an escrow here is a hassle?
There are many well reputed escrows on this forum and they charge really negligible fees.

Back to your suggestion, what will make people trust such bot? Will the process be 100% automated or it will require the intervention of a third party (bot owner)?

edit (just noticed your reply): So basically, your bot will make it easier to find an escrow and get in touch with him?

it's kinda similar to how localbitcoin and other p2p trading platforms work.

I think reputable escrows here will not be interested in that kind of idea. And I believed, it's not an easy thing to do.

Maybe if the demand for using escrow here will noticeably growing, there might be a consideration. For now, a manual escrow is way safer. And besides, not all the time people are dealing with crypto payment transactions through direct trades. Since we are talking about a certain product (you are buying products as you have mentioned,), try to find reputable companies, stores or merchants instead that accept crypto-payment so you don't need to find an escrow service for that purpose.

P.S. Since this was on Project Development, do you just share your concern or you are considering building a specific bot program or service for this?

I'm looking to build the product and trying to identify a product market fit.

You definitely have a very good idea and might have a demand for it as well but, it is not going to satisfy all the cases. An escrow is not just about the transactions but the authenticity of the transactions. Your bot may escrow a deal of PayPal to BTC and execute it securely but wouldn't guarantee that the other party will not reverse the payments. Same applies for a deal involving a project, your bot will not be able to verify if the developer delivered all that was asked for.

I’d steer clear of anything Telegram related when dealing with real money.

I wouldn’t want another middleman (the bot and/or whoever hosts it) to be another possible attack vector when manually talking with a truste escrow does the same. When dealings with money, I really choose security rather than convenience. So that would be a no for me.

That's not true judging by your post history. Maybe you have an alt here which you use for trades, I don't know.
Well, I won't want to use a bot that could possibly be attacked by hackers. It isn't even safe to involve your funds with bots.