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June 10, 2013, 05:09:24 AM |
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So I've started to buy more things with BTC, but I only trade with people on here that I fully trust. Recently, there are some people with positive feedback that I desire to trade with, but I don't trust 100%. I was curious as to how escrow works in the BTC world. I've used it in online auctions, etc, before, where there's usually an escrow site that you send money to, and someone send the product to, and after inspecting both, the company passes on each to the respective destinations. Alternatively, there are those that you send money to, and the seller send the product directly to the buyer and when the buyer receives the item, he has a certain amount of time to dispute, otherwise the money is released to the seller.
Questions: How exactly does escrow work in BTC?
Are there any reputable escrow sites out there?
Who usually pays for escrow (buyer, seller, split?)
How much can I expect to pay?
Thanks!
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