Bitcoin Forum

People have been telling me to use bitcointalk escrow and I have been denying their request, telling them I prefer Localbitcoins escrow



Please I need to know how escrow works here for Bitcoin

Easy, you contact one of the people listed here: https://bitcointalk.org/index.php?topic=855778.0
Follow the instructions in their ANN thread. I think the list is kind of outdated but I believe monbux, OgNasty and Tomatocage are still offering their services.

Thats why am afraid.   Are they not a common person as well?


People can change any fucking time

Sure they can, but they've dealt with thousands of Bitcoins at this point. If you can't trust them then you might as well not trust anyone here.
People would much rather trust them than you (due to your account rank level).

Yes.  People can.  Including you. You have a choice.  You can either meet up with someone in such a way that you can provide adequate security for yourself and exchange in person, or you can find a third party that you BOTH trust to manage the exchange.


You are aware that localbitcoins "can change any fucking time" also, right?

There is always going to be a human element if you are going to be transacting with other humans.  It seems as if you are trying to sell Bitcoins though because you are talking about using localbitcoins as an "escrow".  In all reality that would be cool if it was run by some non-partisan AI that would be able to help two parties come to an agreement and help the transaction along... but that time isn't here just yet; and unfortunately localbitcoins is run by humans as well.

Better to find someone who has really good trust ratings that seems to be a decent person and ask them to manage a multisig wallet to help the transaction go smoothly as possible between you and the other person.

That is why there is a third person that is between the buyer and the seller and I think this is simply normal here in the thread that an escrow has been use and Emoclaw does have the list of the escrow he might want to look at before engaging in a transaction a trusted third party is needed. First Buyer and Seller agree to terms, Second Buyer pays the trusted Escrow, Third Seller ships merchandise to Buyer, Forth Buyer accepts merchandise, and Fifth Trusted Escrow pays the Seller to simplified how escrow works.

It's very easy how it works, if you want to waste time to learn until you understand it.

LocalBitcoins' built-in escrow is just LocalBitcoins holding the funds for you.  It's exactly the same as anyone else holding your funds and LocalBitcoins could run off with a huge amount of funds.

The difference between LocalBitcoins escrow and forum members' escrow is that it would be much easier for LocalBitcoins to selectively scam.  If the escrows on here scammed a single person, that person would be all over the forum proving their PM conversations and that the escrow hadn't paid after the deal was completed.  No one would use their service anymore.

People have specifically trusted thousands and thousands of Bitcoin with these escrows (https://bitcointalk.org/index.php?topic=855778.0).  OGNasty has escrowed around 20,000 Bitcoin, including many very large transactions at once.

You are on a bitcointalk.org forum and you want to look at local Bitcoin, you are really not good at handling Bitcoins then. Anyways coming to your questions escrow here works, in a way that you send your coins to a reputed escrow dealer. For me Yahoo62278 is one of the most trusted guys, there are many but for me he's the go to go guy, cause he's active literally each hour, though he has not got escrow thread, he does. You need to pm him. For more escrow dealers just type escrow and you will get them. But be careful if you are not selecting a reputed dealer. So in short you send coins to escrow dealer, then when the deal is complete he release the funds. Oh yes one important thing they charge fees, nothing is free here. Being a newbie all will ask for escrow.

I think bitcointalk escrow works like a third party mediator.  It enables both party to trust the mediator to remove doubt to the other party.  This means both party need to trust other people for the transaction to be completed.  And when you hire an escrow you need to pay for the escrow fee.  This fee should be discussed by the two party on who will pay it.  Depends on what is agreed, Escrow will handle the payment then will be released if the goods or stuff is delivered.  Sometime both payment and goods are sent to escrow and escrow will send them to the designated party.

no shit sherlock

It works like any other escrow service but it is better here because people have a reputation to maintain. Yes people can change any time but history has proven the bitcointalk escrows are better than localbitcoins. Shit can happen in any situation and circumstances, that is why unpredictable things happen in everyone's lives. I think SebastianJu and achow offer a good service to try for you.

Thanks Guys, will  try some out