Escrow Question.

[MatTheCat]

I have started doing a little Bitcoin trading on LocalBitcoins.com

Some guy ordered almost 2000GBP of Bitcoin from me. He released the payment into Escrow, however, the payment has not cleared in my bank account.

I trust that the guy is in order (99% anyways), but for such a large amount, I don't want to risk releasing the Bitcoins only for the 'cheque to bounce' on me.

Annoyingly for him, those 2000GBP of BTc are now worth around 1900GBP. UnFKNacceptable if he was wanting to send money somewhere or make a purchase.

Although I am not the one who is being hit in the pocket here, this also annoys me and leaves a bad taste in my mouth.

Looked all over the web for answers on this and can find jack shit, so:

IS IT SAFE TO RELEASE BITCOINS ON LOCALBITCOIN IF THE PAYMENT IS MARKED AS 'MADE/COMPLETE'

cheers.

[Kluge]

The payment hasn't cleared. Your transaction is obviously not complete. (unless I completely misread that)

[MatTheCat]

The payment hasn't cleared. Your transaction is obviously not complete.

Right, so the LocalBitcoin 'Funds Released to Escrow' message only means that the buyer has asked the process to go ahead, although he may not have the funds in his account, in which case.......

[AndrewWilliams]

All it means is that he marked it as complete.

Until you can verify it was indeed completed by looking at your bank account online and seeing the transaction as completed, don't release the Bitcoins.

Some sellers ask the buyers to send a picture of the deposit receipt slip to prevent problems.