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Bitcoin Forum > Economy > Trading Discussion > What is an escrow account ?
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GAUMZEE (OP)
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November 30, 2017, 07:40:30 AM
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What is an escrow account how does it work what are its uses & benefits ?
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November 30, 2017, 07:47:13 AM
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Quote from: GAUMZEE on November 30, 2017, 07:40:30 AM
What is an escrow account how does it work what are its uses & benefits ?

Let's say I'm looking to buy a domain from you and I don't have backup  you'r are going to send me over the domain credentials that's when " ESCROW " enters the action, seems none of us has done any kind of deal and we can't trust our money to each other, escrow is a trusted thirdparty that is willing to " HOLD " my bitcoins in his escrow address til you send me over the domain. When I got the " DOMAIN " secured he will release the "BTC" to your address.
I made this post with many "  " cuz this is completely an hypothetical case
Maveth13
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November 30, 2017, 07:55:01 AM
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An escrow is a third party that holds the funds for transactions of two parties, this 3rd party would ensure that none of the two parties would scam the other.
There's a lot of reputable escrows here in the forum, and I think it's actually better to hire an actual person as an escrow rather than using various sites out there. I'm not sure if this is updated but, here's a list of escrows.
https://bitcointalk.org/index.php?topic=855778.0
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January 05, 2018, 09:16:42 PM
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Quote from: CircularLoGic on November 30, 2017, 07:47:13 AM
Quote from: GAUMZEE on November 30, 2017, 07:40:30 AM
What is an escrow account how does it work what are its uses & benefits ?

Let's say I'm looking to buy a domain from you and I don't have backup  you'r are going to send me over the domain credentials that's when " ESCROW " enters the action, seems none of us has done any kind of deal and we can't trust our money to each other, escrow is a trusted thirdparty that is willing to " HOLD " my bitcoins in his escrow address til you send me over the domain. When I got the " DOMAIN " secured he will release the "BTC" to your address.
I made this post with many "  " cuz this is completely an hypothetical case
Thanks for this, really helpful. Been tryna know what this means for a while now.. So, an escrow is like a trusted 3rd party who handle funds during a contract.. Cool
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