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Author Topic: ESCROW - what it is and how to use it.  (Read 521 times)
threeip
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July 23, 2013, 05:30:20 PM
 #1

ESCROW - If you don't know what it is or how to use it, this thread is for you.

Quote from: wikipedia
An escrow is:
an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually-agreed conditions by the transacting parties.

Quote
The word derives from the Old French word escroue, meaning a scrap of paper or a roll of parchment; this indicated the deed that a third party held until a transaction was completed

Basically:
A third party is used that both buyer and seller trust to mediate any dispute. Usually, in a cash-for-BTC trade, the escrow agent will hold the BTC on behalf of the party receiving cash, and once the cash has been confirmed received, the escrow agent will release the BTC to the correct party.

If the cash doesn't go through/other issues, the escrow agent can return the BTC. This protects the BTC-seller as his transaction is irreversible, and often the cash transaction is not.


Here is a list of people who escrow - remember than anyone can post in this list, only use an agent you trust! I can personally recommend John K.
Escrow list
https://bitcointalk.org/index.php?topic=108716.0




(please provide feedback or edits for this OP and hopefully we can sticky it?)

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ninjaboon
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July 24, 2013, 08:50:41 AM
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Yes, JohnK is the man to use for manual escrows.
He is from the same country as me.
But if you need an automated escrow, then see my sig.

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