Escrow

[The 4ner]

I hear a lot of talk about it. Can someone shoot me a link to the website and explain a little about what it does? I'm a noob and am concerned with security especially after reading a long article regarding what to look out for when trying to avoid being scammed.

[BlindMixerDR]

Escrow is not "a website". Escrow means to arrange a trade so that the money is given to independent third party (escrow agent) before the product is shipped. When the buyer confirms receipt of product, escrow agent releases money to the seller. If there is a dispute, the escrow agent needs to decide who should receive the money or how much each side should receive.

[The 4ner]

Thanks for this. But then who acts as the third party?

[BlindMixerDR]

Thanks for this. But then who acts as the third party?

Someone who both buyer and seller trust. If you need escrow, make sure the escrow agent has good feedback from other users and make sure to not trust them with more bitcoins than the reputation is worth to the agent. (I mean, if I make 50BTC each month being escrow agent, then you can trust me with 1BTC escrow, but not with 500BTC)

[Neverest]

http://lmgtfy.com/?q=escrow

[nebulus]

Many senior members on this forum do escrow for free.

[jabulani]

aaaah, i always though it had something to do with escrow encryption (Facepalm) total noob.

[Aztec]

http://lmgtfy.com/?q=escrow

heh. Cheeky

[The 4ner]

Thanks for this. But then who acts as the third party?

Someone who both buyer and seller trust. If you need escrow, make sure the escrow agent has good feedback from other users and make sure to not trust them with more bitcoins than the reputation is worth to the agent. (I mean, if I make 50BTC each month being escrow agent, then you can trust me with 1BTC escrow, but not with 500BTC)

Makes sense. Thanks for the help!