Bitcoin Forum

Hi i tought that would be Nice to share with you the idea.
Crypto Are perfect way to provide escrow service for sellers buyers and other services.
For example: big city like London one person want to sell furniture but there is issue with trust so i tought i start to provide with 2% fee escrow service If we grow bigger then i can hire more people so that we can provide all kind of escrow service with crypto.

Yes there is some escrow services existing but i think it would be better to create one that is much better and everybody Will trust this service.

I figured that crypto can be perfect way to make it safe aswell and no third party distrubtion.

I think i can work allmost 24/7 enough to make this thing to work.

The more experinced and smarter guys here then i am could be the judge here over my idea.

I am not exactly sure what you are proposing. Do you want to act as an escrow for physical establishments? I don't think there's a market for such service.

Why would they trust you instead?

If you're not known in your locale, there won't be any person to trust you with their transactions. It's better for these establishments to just let their customers trust them and have their transactions agreed upon each other.

Especially if the company or establishment has an office located in a certain area. The customers has to go first and let them have it checked first before thinking of paying the service or product they want to purchase.

But if you really want to be into that service, just like the escrows in the forum, you need to built up trust and reputation.

How do you imagine it is possible to solve this problem through crypto, and why do you say "no third party distribution"? Aren't you the third party? Or do you want to create a DApp that will serve as an escrow service? Can you describe how it should function?

No no people don't want really those difficult solutions and words like DAPPs.

My idea:
You want to sell something let's say u send by post to receiver so the buyer will transfer money to escrow If both sides agree all good i'll realese the funds.

So i'll be doing like investigation over the deal probably art deal i could organize even experts to visit real life location and verify that the art work is real becouse it's huge problem there is so many fake ones.
And If i do good Job my reputation will grow fast and people will know that whatever deal they have in their mind they can use my service.

I see that the way that they could trust me with anything Even with some confidential type of deals.

So one ESCROW that everybody knows you can always trust 100% hughly pro and confidential.
In future any employers who been hired will need to sign the very strict contract so If they share info about deals or clients they get punishment.

Once again you think it's not good idea ?

The problem is; do you have the skill set to investigate these sometimes complex cases? Escrow is a difficult job, since a lot of the time you can't really decipher who's lying, and who's telling the truth. So, you need to come up with definite rules that you stick too, and remain unbiased through the process.

However, there's also a bigger problem here. It sounds like you'll be doing this manually, without any sort of previous experience. What makes you a good escrow? Why would someone use you, instead of using software that has been designed to eliminate risk for all parties.

If you could come up with a way of doing a trustless escrow, therefore you never gaining access of the funds, then you'd be onto a winner. However, that's definitely not something that's easy to achieve. Also, do remember a lot of places require a escrow license if you wish to act as a escrow.

I have experince as forum escrow and second admin not the owner but i was second judge.
But in this time we did not have the crypto we used other ewallets one of them was liberty reserve wich deals we brokered between the forum members.
With btc and stable coins i see the escrow business could be Even better.

Off course Im not perfect and i don't know everything but i can learn during the process at least i have previous experince.
btw..i can hire all the experts who i need to use for investigations If there is something what i need help with from someone who knows more about some things.

I can be the kingpin of escrow the Escrowbar 😁 ok it's joke but yeahh Im serious about it.

What do you think the online stores are for? Your planned services is quite different from Crypto-currency escrow. Normally crypto-currency escrows deals with crypto-currency and Fiat(exchange) but you are planning on going on other commodities.

Also what would your service be based on, you can’t claim to be an escrow of all commodities especially those you aren’t familiar with, I don’t know but I believe you need to go back an think this through again.

I don't want to break the party, but the forum has quite a number of escrows with very good reputation, especially as they've handled huge number of bitcoins in the many years they're in the business.
The main points of escrow are trust (ie reputation) and experience. At least on this forum, sorry, but you are too new to even discuss about trust.

The only open point remains "bringing customers" for this escrow "business". But at least here, from what I know, the people offering escrow services are being contacted (privately) and they decide they can handle all that's needed to be escrow or pass.

In your case (furniture), the problem can become very ugly. Let's say you are... somewhere in the world, preferably on an island with nice climate ;) and the furniture selling business went bad.
You will have to get track of the furniture that may or may not exist, that may have been received or not by the other party (and hidden) and see who will get the money.
What if the furniture has been delivered and the buyer doesn't admit it and the transport company doesn't give you any papers on that (you are not a law enforcement authority and have no warrant)? What you do?

As Welsh said it very good: being escrow needs skill and experience. And your example for a "job" was something that I'd expect any sane crypto escrow avoid.
So no trust and imho not enough experience. Hence I'd recommend you think this all over again, much better.

I think you are trying to solve a problem that already has a solution.
What features have you that will make people use your escrow in the physical establishment?
I think there is pay on delivery. If the seller delivers furniture to me, I'll pay them.

I think that's basically what escrow does, we have a lot of escrows services here,

You can find it here:   Recommended bitcointalk escrow services. (https://bitcointalk.org/index.php?topic=2439910.0)

As for physical stores, I suggest that you better check your locality first before becoming an escrow as you have describe, maybe the market is already saturated, just saying.

But what you describe seems even more complicated than what we have now. I don't see how you could be trusted "third party" in this scenario; wouldn't that just make PayPal and banks the same sort of middleman again? This is exactly what crypto is trying to avoid. There are no middlemen; the buyer and seller interact directly with one another via a blockchain. It's actually much easier this way!

Before I start, I would like to leave you a word of advice. "BE TEACHABLE". What you think you know now, might just be garbage. Just don't be too hesitant to thrash it if need be.

I've tried to pitch my tent on your wall of text but, its not making an all round sense expecally at the last line with the smart guys and you being the judge.

About being an escrow, it seems you just know the word and perhaps have an idea of it but not certainly how it works. You don't just come up and want to be an escrow. The cryptocurrency is a field that functions based on trusts and blockchain verifications. Escorts must of all comes into play when a buyer and seller don't have trust in themselves hence, they sort out some trusted party to act in that regard and clearly, you don't just fit the bill.

The first part of being an escrow is being trusted yourself. Find your path to being trusted and then, you could hope for escrow services.

Well I think you may face difficulties here, first --you don't have the credibility to act as an escrow because you don't have a reputation yet.
The question below was right ^{[Why would they trust you]}, you need to gain this first if you wanted to do this job because there are too many cases here an escrow becomes a scam even though are reputable one and handle thousands of dollar from their past transactions but yet it was ended up the terrible story. Another factor is how you can handle and manage the physical product to the online transactions.

Due to the nature of your escrow service, you will be on hand to verify the goods before payments are made. You will be working with tangible things like furniture and other things. not a digital escrow where one may send their crypto assets. If I may be right.

This type of escrow service, in my opinion, is unnecessary given that a buyer or seller has the option of independently verifying the physical properties to assess the legitimacy of the products or using the pay-on-delivery payment option.

If you wanted to make a physical escrow location, it'd likely be best to run a cafe, bank, hotel or pawnbrokers/jewellery store where it gets busy normally so transactions are well protected and you can gain trust out of that.

You likely won't get much trust online unless you're notable. You might also get little trust in person unless you're considered to have more to lose than the transaction is worth (either by material possessions - such as a building - or by building a reputation).

No, it won't work perfectly where I am or maybe where you live. Why use Escrow services when sellers and buyers can see each other face to face. Even if online transactions occur, buyers can use the payment method if the goods are already at their doorstep by cash on delivery (COD).
One of the advantages of the cash on delivery payment method is that it can minimize the buyer's losses, besides that COD can reduce the risk of the ordered goods not reaching the buyer's hands. For example, the seller is not convincing in selling his goods or there are indications of fraud.

I believe there are already such services, one of them is smartlink, the other is zen.land, so, you might be a bit too late, or perhaps not. But the fact is the decentrzlied escrow already exists, they are just not as mainstream because, well, I don't know why but they should actually be, because they are the safest escrow alternatives

I believe this has already been achieved, I know of zenland that does exactly what you describe plus, smartlink, but you will need to do a bit thorough research into them yourself find out more, as far I am I know I found zenland to be easy for newbies

Then how i make money in crypto?
I want to make 1000$ daily atleast then i see this crypto Has some point.

I don't know enough to be able to tell you how to make $1000 daily, but I know enough to tell you anyone who says so is a liar and a scammer. So, you should stay away from people like that.

I totally agree with you, that's why we launched Zenland (https://zen.land/ (https://zen.land/)). We had exactly the same idea about escrow on smart contracts and you can already start using it. We are giving everyone 1$ upon registration to test Zenland. Our escrow smart contracts are working with any products or services (any exchange of value) but still feel free to checkout our use cases https://learn.zen.land/kbtopic/use-cases/ (https://learn.zen.land/kbtopic/use-cases/).



Thank you @Eternalman for recommending us.

Hello everyone
Glad to be a part of this community)))

The problem would be the taxes since London will put a percentage of your profit or gains , not sure how many percent but its a bit high, and will be monitored by the government so this will be not a good idea at the moment , proper regulation should be in place if we really want it to happen, i remember by brother in law, were given a change everytime he purchase something, change via in bitcoin, after 2021 he just told me he always throw those paper, he regret it today.

Wow, 1000$ a day from crypto? That sounds like a totally realistic and achievable goal! I'm sure all you have to do is snap your fingers, and the money will just magically appear. I mean, who needs to put in any hard work or effort when you can just sit back, relax and let the money roll in? Good luck with that!  :D

Okay, let's cut through the sarcasm here. Making money from cryptocurrency is definitely possible, but it takes some effort. And there are lots of people that are making money from crypto right now (including me), but it's not easy. And it's not some kind of get rich quick scheme that will magically make you rich overnight. You have to be willing to put in the time and effort required, just like anything else in life that is worth doing well.

So you want to make quick money from crypto? Then how we can trust you with our funds? How may we make sure you will not skip the funds? If you don't see the point of crypto unless you can earn $1K per day then I don't see the point of this thread. I still not getting where you want to run your business. Are you wondering to create an escrow platform? I believe there are already. So the idea isn't new.

Yes. This idea of yours is equally not a bad one entirely, but one thing certain is that for people to use your escrow service, you just have to prove that you can be trusted, because developing an escrow service which charges 2% fee will be a good start, but all you have to do is either hire a developer to turn your ideas into live, while you do an intense marketing to expose your proposed escrow service for usage by those who will need the service of an escrow platform.

You will not have a trust issue if you buy those stuff on trusted merchants so best to see first their costumer feedback since it will save your time and money also you will not need any escrow with this.

And beside I can't trust a platform offering like this easily because they need to build a reputation first and to get that it need maybe many months or years for people to see them as worthy platform. To many scams happen and service like this most likely will not take easily by people who doubt and always do extra precautionary measures on their transaction.

There are at least two projects that I am aware of. The system you described, Openbazaar, was one of these. But regrettably, it stopped operating because of bankruptcy. I recently found LibertyTown (https://libertytown.org/), which is similar to it but emphasizes privacy more. In essence, both buyers and sellers are able to sell goods and services. Moderators are used to settle arguments in order to prevent fraud.

This is a good idea OP but I want to you focus more on how to facile any problem if anything happens, escrow service gets more intense if something goes wrong for example a fraud case, it will be on your neck since you are the middle man, I hope you get what I am aiming at here, find an answer to this then you are set.

Not necessary; he can use multisig to have a decision made by several different independent parties.

I don't see centralized escrow services gaining much traction in the coming years but I do think that smart contracts and multisig will be useful to manage trust for larger transactions.

Multisig has the added benefit of lots of multiple parties like a board of administrators to decentralize the need to trust any single entity.

Single party escrow is going to become obsolete in the future as smart contracts evolve.

You mean escrow service? I think even not related with crypto you can do that kind of service. Having escrow on bitcoin or crypto arent common here but otuside the real application maybe they will get confuse unless they got idea of it already. Surely many will get away with it or avoid it due to unfamiliarity.

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OP I am bit clueless of your idea but does it include you working on a product or purely escrow alone?

It would appear that the main point of this topic is how to earn $1,000 per day in cryptocurrencies. Looking at recruiting the best here in bitcointalk for your escrow service is ludicrous. The reputations of well-known escrow services here are built over time. It is not necessary for them to work for someone new in their field to be their boss. They won't even trust you bud.

Back to the primary concern of this topic. You should start a business that focuses on your area of expertise and passion. It doesn't have to be in cryptocurrency, as long as it has a chance to make $1,000 per day.

Everything still boils down to possessing the necessary skills and patience, though $1000 per day is a bit over the top and somewhat unrealistic, but just basically talking about making money through crypto requires skills and patience, nobody would pay you if you do not have anything to offer them, and if you do not have the patience to learn skills that you can offer, then it all comes down to the same fact that nobody is going to pay you a penny in the crypto market.

In your case, you clearly do not have any skill set for now, and it doesn't look like you have the patience to learn, you seem to want things pretty fast, something like a get rich quick scheme, mind you that it doesn't always end too well for people who quickly want to make money through crypto.

You want to make 1000$ daily, you want to charge 2%, and let's say the average deal settlement for this business would be 4 days, so you would need to roll over 200k over the said period, but let's make it easier and count it in 24h timeframes and that's just around 20 million a year since you gave an example for London, we look at B&Q and they have 12 million a year per shop or if we go big, Ikea has around 90 million.
So you think you could alone manage teh sales what shops with ~100-300 employees do?  :D


Hmm, you're the third party in this case!


You forgot to add with no capital whatsoever or risk, but yeah, you pretty much nailed it!

I didn't really get that.... Are you supposed to make us trust you as an escrow or what?? Or maybe you're just tryna let us know that you also have an idea about how the forum works?? Hmm, maybe not but this whole theory insinuates exactly the same point.
AFAIK, we have alot of trusted escrow in here and I don't think anyone would wanna try your idea -- of creating another general escrow that you feel it's safer by your own menial logistics.
Edit: I wonder why someone would just get up and decide to believe that we all haven't had an idea about how safe/ best we could trade?? Marvels me

Sandra 🧑‍🦰