Escrow Guide

[adamantasaurus]

Hey Everyone,

Just wondering since I've never escrowed before I would like/need to in the future. Is there a guide on how to escrow somewhere around here?

Thanks

[player514]

Hey Everyone,

Just wondering since I've never escrowed before I would like/need to in the future. Is there a guide on how to escrow somewhere around here?

Thanks

I'm not too sure about a guide, but escrow is a pretty simple and effective concept. Basically, you bring another trusted member into your 2 man deal. Say you're trading an Amazon gift card for Bitcoin and dont want to be scammed. You send the Bitcoin to the escrow and the other person will directly send you the Amazon card. When you confirm that the card is working and test it out, you can tell the escrow to release the funds to the other guy.

There are services in this section. Just use the search function to find an escrow. I offer services too, so let me know if you'd like me to escrow for you.

[isoneguy]

I would be very careful with forum escrow as multiple of them have ripped off users.

[shadow_hammer]

I would be very careful with forum escrow as multiple of them have ripped off users.

I've never escrowed before, but I've heard about Multisignature wallets. Don't they prevent Escrows ripping users off? Are they not used a lot?

For OP or anyone that doesn't know what that is here is an article:
https://en.bitcoin.it/wiki/Multisignature
TLDR: Basically you create a wallet that requires more than one key (similar to a password) to move funds. Theoretically you could have a key, the seller/recipient have a key and the escrow have a key and require at least two keys to move the funds. That way the money is held until either the user or escrow confirms the transaction is ok, conversely the Escrow could give the key to the seller/recipient in case the buyer/sender is the one ripping off.

At least that is my takeaway, if anyone with more experience could weigh in I would greatly appreciate it and I think OP would too

[Opsondell]

I do not buy the I deal of this escrow, because if the service has been released and it works well then and later tell escrow that it doesn't work out that they shouldn't released the money. Man you get screw from there, with my own opinion escrow do scam too and not 100% sure.

[TheCoinFinder]

Now if you have understood how to deal with someone on internet from above article referance ink, you might be thinking of trusted escrow members around this forum?
Bitcointalk has has a few reputed escrows you can choose one for your deals here https://bitcointalk.org/index.php?topic=855778.0

[CIF]

Now if you have understood how to deal with someone on internet from above article referance ink, you might be thinking of trusted escrow members around this forum?
Bitcointalk has has a few reputed escrows you can choose one for your deals here https://bitcointalk.org/index.php?topic=855778.0

Could someone comment/point towards trusted escrows on this forum?

[illusioNiZt]

This might be something you are looking for https://bitcointalk.org/index.php?topic=1938190 you can use the thread to contact any of them they are pretty trusted/active members of the forum stay safe.

[Kemarit]

Hey Everyone,

Just wondering since I've never escrowed before I would like/need to in the future. Is there a guide on how to escrow somewhere around here?

Thanks

I haven't seen any universal guide here in the forum. I might be wrong though.

But basically here's how it goes.

1. A Buyer and a seller agrees to terms. i.e. seller wants to buy a domain from buyer
2. Buyer then put the money to an escrow
3. Seller then transfer all information to the Buyer
4. Buyer checks everything and approves
5. Buyer notify the Escrow that everything is perfect. Instruct the escrow to pay the Seller
6. Escrow now pay the Seller

So escrow in essence is like a middleman. A broker between two parties. But there is a fee if you will hire a escrow, they only charged a certain percentage of the total escrow amount. But its better to get one than scam by the other party.

You can check this thread for more info:
https://bitcointalk.org/index.php?topic=855778.0
https://bitcointalk.org/index.php?topic=276897.0

Goodluck!!!

[xIIImaL]

Hey Everyone,

Just wondering since I've never escrowed before I would like/need to in the future. Is there a guide on how to escrow somewhere around here?

Thanks

As seeing your rank and concern about your expectedness. I am really sorry to say that you cannot take as escrow in signature, bounty, ico or simple trades. Please look the link below provided. There is already many people in forum doing and they have trust from the other people involves in the trade with them. Please shoot a pm to Lauda or Ognasty to teach about that.

https://bitcointalk.org/index.php?topic=855778.0

[kodtycoon]

First you must to have a good reputation where you want to become escrow, if you have a good reputation you will be easy to trust with others so that others will trust you to save their funds to you. The difficulty of being an escrow is to build a positive trust in yourself, if we already have a positive trust all will be easy.

[adamantasaurus]

First you must to have a good reputation where you want to become escrow, if you have a good reputation you will be easy to trust with others so that others will trust you to save their funds to you. The difficulty of being an escrow is to build a positive trust in yourself, if we already have a positive trust all will be easy.

Lol I wasn't asking how I could be an escrow I was wondering how I setup escrow between me and another party I didn't know how it worked. I sell a lot of different things and I would like to have a trusted escrow that I could use regularly once my sales build up. But I know how it works now, and I should have worded my original post better. Thanks for all the input and suggestions though

[Slowhand26]

so Escrow is a bit off or not safe when it comes to selling codes? please correct me if I am wrong. Because if the buyer just got the code and used it and tell to the seller that code isn't working, then the fee will be on hold and chance to have it returned to the buyer. Or is there an agreement or something especially for this kind of "one time use" stuff?

[Monnt]

Now if you have understood how to deal with someone on internet from above article referance ink, you might be thinking of trusted escrow members around this forum?
Bitcointalk has has a few reputed escrows you can choose one for your deals here https://bitcointalk.org/index.php?topic=855778.0

Could someone comment/point towards trusted escrows on this forum?

Bitcoin itself can’t make use of Escrow, you just have to find a trusted person to act as the Escrow service, or whatever you may call. You send the amount to the guy acting as an Escrow, then he holds the funds, and the person you’re paying or doing business with will them forward the goods/package when they confirm you’ve funded escrow. Once you’ve got the package in good condition, you can tell the Escrow service to release/forward the funds to the receiving partner. But, who would agree to such a long process? The real fact is there is nothing like Escrow in Bitcoin. Unless exchangers like Xapo, Coinbaseetc decides to start offering such services to users.

[player514]

so Escrow is a bit off or not safe when it comes to selling codes? please correct me if I am wrong. Because if the buyer just got the code and used it and tell to the seller that code isn't working, then the fee will be on hold and chance to have it returned to the buyer. Or is there an agreement or something especially for this kind of "one time use" stuff?

It is definitely risky to deal with codes when you're making any transaction online for that reason. Generally, people can slightly get hints at whether or not someone is lying but this is really tough too. In the case where the code is used and it's claimed that the code is not working, the escrow could ask for proof of the code not working and try to see whether or not a scam was attempted.

[Slowhand26]

so Escrow is a bit off or not safe when it comes to selling codes? please correct me if I am wrong. Because if the buyer just got the code and used it and tell to the seller that code isn't working, then the fee will be on hold and chance to have it returned to the buyer. Or is there an agreement or something especially for this kind of "one time use" stuff?

It is definitely risky to deal with codes when you're making any transaction online for that reason. Generally, people can slightly get hints at whether or not someone is lying but this is really tough too. In the case where the code is used and it's claimed that the code is not working, the escrow could ask for proof of the code not working and try to see whether or not a scam was attempted.

yes I agree to this. Anyway, thanks for this thread. This is very helpful especially to us newbie. To be honest, what I was thinking about escrow is that they have a company or group of middleman that will facilitate the transaction and they have rules, tools, etc how to make it secure. And as I reading the thread, anyone can be an escrow, it can be someone here in the forum who call themselves "trusted middleman/escrow".

[dothebeats]

Now if you have understood how to deal with someone on internet from above article referance ink, you might be thinking of trusted escrow members around this forum?
Bitcointalk has has a few reputed escrows you can choose one for your deals here https://bitcointalk.org/index.php?topic=855778.0

Could someone comment/point towards trusted escrows on this forum?

The above link is the list of the most reputable escrows here around the forum. All you need to do is to look for their history and decide if they are to be trusted or not.

I would be very careful with forum escrow as multiple of them have ripped off users.

I've never escrowed before, but I've heard about Multisignature wallets. Don't they prevent Escrows ripping users off? Are they not used a lot?

For OP or anyone that doesn't know what that is here is an article:
https://en.bitcoin.it/wiki/Multisignature
TLDR: Basically you create a wallet that requires more than one key (similar to a password) to move funds. Theoretically you could have a key, the seller/recipient have a key and the escrow have a key and require at least two keys to move the funds. That way the money is held until either the user or escrow confirms the transaction is ok, conversely the Escrow could give the key to the seller/recipient in case the buyer/sender is the one ripping off.

At least that is my takeaway, if anyone with more experience could weigh in I would greatly appreciate it and I think OP would too

Then who would generate the Multi sig address? If the escrow himself generated the keys, there is a high chance that he also has control to all of the keys since he can just paste them off somewhere around his machine.

[shadow_hammer]

Then who would generate the Multi sig address? If the escrow himself generated the keys, there is a high chance that he also has control to all of the keys since he can just paste them off somewhere around his machine.

This is precisely why I wanted someone more experienced to weigh in. Great observation. Question, if theoretically an automated service existed that generated such a multisignature address, and then sent a key to each person in the transaction without revealing the other keys to any single individual, would it be more feasible?

[alani123]

You can check threads others have posted for lists of parties providing escrow within this forum. My advice would be to check who's active and ask if they'd accept escrowing your transaction. If they would, you can then start a message convo in this forum with all parties involved including the escrower.

[Joel_Jantsen]

Hey Everyone,

Just wondering since I've never escrowed before I would like/need to in the future. Is there a guide on how to escrow somewhere around here?

Thanks

The guide is simple,check the reputation of a member before using them as an escrow.Reputation just doesn't mean the green feedback's but total forum contribution.If you find some escrow service interesting,make sure you open a thread about them and see if the community suggests you to hire them as an escrow.Personally,avoid third party websites as much as possible.Hire an escrow depending on your trade.An escrow who deals with good wouldn't turn out to be as reliable if the trade goes wrong involving a script.

I would be very careful with forum escrow as multiple of them have ripped off users.

Avoid users with negative feedbacks like him.