guidi08 (OP)
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June 10, 2013, 02:52:38 AM |
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when someone is going to do a trade, i always see the buyer ask if the seller use escrow.. i understood that is a way to be safe in the trade, but what is exactly this and how do i use it?? tks
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Blazr
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June 10, 2013, 02:55:26 AM |
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An escrow is a person trusted by both parties who holds the BTC for the trade until the buyer receives the goods. If there is a dispute the escrow will provide mitigation and try to resolve the issue, if it cannot be resolved then he will decide who gets the BTC.
People usually provide escrow services for a very low fee or donation, even in some cases people will do it for free.
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lch
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June 10, 2013, 02:59:33 AM |
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buyer <--deal--> seller buyer --btc--> escrow seller --good--> buyer escrow --btc --> seller
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guidi08 (OP)
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June 10, 2013, 03:00:46 AM |
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hummm... but if me and the seller doesnt have a person who both trust?
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AliceWonder
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June 10, 2013, 03:06:35 AM |
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hummm... but if me and the seller doesnt have a person who both trust?
If one of you doesn't trust the person or service then don't use the service. If that means the transaction doesn't happen it doesn't happen.
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Eva Braun
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June 10, 2013, 03:10:33 AM |
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hummm... but if me and the seller doesnt have a person who both trust?
A member with a high post count in the thousands should be plenty trustworthy for anything below 10 btc.
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guidi08 (OP)
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June 10, 2013, 03:21:22 AM |
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alright.. thanks everyone...
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Welsh
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June 10, 2013, 03:23:20 AM |
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hummm... but if me and the seller doesnt have a person who both trust?
A member with a high post count in the thousands should be plenty trustworthy for anything below 10 btc. No...No..no...Don't judge on post counts, a few users with very high post counts have scammed. Use someone trusted in the community. Use the trust service for a example. John K is very well known escrow service provider.
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lch
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June 10, 2013, 03:29:01 AM |
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I don't have a reputation but would be willing do an escrow if asked to.
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TomUnderSea
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June 10, 2013, 03:30:32 AM |
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hummm... but if me and the seller doesnt have a person who both trust?
A member with a high post count in the thousands should be plenty trustworthy for anything below 10 btc. 875 posts to go...
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Every little BTC helps. 14P3TfbttSpQ3BxUjwrUrmNU6F4mB9aMS5
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AliceWonder
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June 10, 2013, 04:19:38 AM |
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I wouldn't use an escrow unless I knew the legal address of the person / business holding the coins. That's just common sense.
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Blazr
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June 10, 2013, 04:36:42 AM |
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I wouldn't use an escrow unless I knew the legal address of the person / business holding the coins. That's just common sense.
You might not need to trust the escrow as much as you think. You can do a 2 of 3 tx. These can be awkward to do as there is no GUI for it yet, but basically how it works is the BTC are paid to an address where each person has their own private key for it (one for buyer, one for seller, one for escrow), you need 2 of the 3 private keys to spend the money. This way the escrow cannot take the coins and run. The only way the BTC can be spent is if any 2 people agree to the transaction.
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ryan1894
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June 10, 2013, 04:38:00 AM |
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You can use something like NashX
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ranlo
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June 10, 2013, 04:40:44 AM |
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I wouldn't use an escrow unless I knew the legal address of the person / business holding the coins. That's just common sense.
You might not need to trust the escrow as much as you think. You can do a 2 of 3 tx. These can be awkward to do as there is no GUI for it yet, but basically how it works is the BTC are paid to an address where each person has their own private key for it (one for buyer, one for seller, one for escrow), you need 2 of the 3 private keys to spend the money. This way the escrow cannot take the coins and run. The only way the BTC can be spent is if any 2 people agree to the transaction. I've never even heard of that before. How does this work, or how do you do it?
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Blazr
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June 10, 2013, 04:46:33 AM |
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I've never even heard of that before. How does this work, or how do you do it?
It isn't used much as it hasn't been fully integrated into the client yet. It's only possible to do it from the API and even then it's complicated. https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_Calls_listHave a look at addmultisigaddress, createmultisig I came across this site recently that supposedly makes it easier to do this: http://www.bitescrow.org/Haven't tried it out yet though.
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ranlo
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June 10, 2013, 04:49:00 AM |
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I've never even heard of that before. How does this work, or how do you do it?
It isn't used much as it hasn't been fully integrated into the client yet. It's only possible to do it from the API and even then it's complicated. https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_Calls_listHave a look at addmultisigaddress, createmultisig I came across this site recently that supposedly makes it easier to do this: http://www.bitescrow.org/Haven't tried it out yet though. Thanks for the info! This is kind of cool, but the site is pretty confusing. They really need a guide that helps better explain who gets what and exactly what steps they need to take.
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JSMill
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June 10, 2013, 04:51:57 AM |
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Interest stuff Blazr, thanks.
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ArcticWolf
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June 10, 2013, 05:53:37 AM |
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Id just use John K, that man is easily the most trusted escrow in the business. Check his trust rating.
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AliceWonder
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June 10, 2013, 06:14:29 AM |
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I wouldn't use an escrow unless I knew the legal address of the person / business holding the coins. That's just common sense.
You might not need to trust the escrow as much as you think. You can do a 2 of 3 tx. These can be awkward to do as there is no GUI for it yet, but basically how it works is the BTC are paid to an address where each person has their own private key for it (one for buyer, one for seller, one for escrow), you need 2 of the 3 private keys to spend the money. This way the escrow cannot take the coins and run. The only way the BTC can be spent is if any 2 people agree to the transaction. So in that scenario, once the buyer receives and is happy they send key to seller and escrow person only needs to be involved when there is a dispute. That seems like a nice system.
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guidi08 (OP)
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June 10, 2013, 04:52:07 PM |
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wow thats really nice.. so http://www.bitescrow.org/ is a service to be used by the escrow?
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