Considering setting up as UK escrower... Need advice/feedback!

[Craynon]

Hi,

I'm fairly newish to the forums but between OTC, localbitcoins, the forum and BitBargain I reckon I've proven myself to be a fairly trustworthy trader. However, my trading volume is not massive and I don't currently have the time to scour the markets for new deals to increase my volume.

So, as a way to stay involved with bitcoins and help the community, I was thinking of setting up as a UK escrower. I will be running this service for free and hopefully I will receive tips for my services (longer or riskier escrows may incur a prearranged charge).

I will issue GPG signed contracts and in the case of a dispute I will assess all evidence available to work out whats happened.

I was thinking of doing two kinds of escrow:

1. I take Bob's BTC and Alice's fiat and once I have both, release to appropriate parties (two-tailed)
2. Or, I take either Bob's or Alice's fiat or BTC then when they confirm they have received payment, I release the currency in escrow (one-tailed)

If I was to do this, would anyone actually consider using me? If not, why not?

Also, would people expect me to jump any legal hurdles? I intend to fully register and comply with UK AML/MLR before beginning this service and will conform with EU guidelines (taking details from people involved in high-value transactions)

Any feedback would be much appreciated!

Craynon

EDIT: As mentioned further down, I will initially only accept UK Bank Transfers for the fiat end. I will look into other methods (Dwolla, OKpay) if there is the demand for it

I will also escrow altcoins. I have full support for LTC already and other coins can be used if I install a client on my secure linux box. I will be prepared to do this so long as the amount being escrowed isn't tiny

[1715622635]

1715622635

[grue]

fiat, as in? paypal, bank transfers? If you're dealing with any method that is ripe for fraud (paypal, credit cards, (maybe) wire transfers), you might be scammed yourself.

[Craynon]

Huh, I guess I missed out a pretty important point there!

As a UK based individual, I will only initially be accepting GBP by bank transfer. I will look into handling OKPay, Dwolla etc so I'm not restricted to the UK, but this is not my goal currently.

I will also escrow altcoins if required. Litecoins I'm already set up to do, for other coins I will install secure clients on linux box if the amount being escrowed is not tiny