What is escrow and how does it work?

[vickersja]

Hello.  I have a few miners listed on eBay that I may want to move over here.  But in reading through some of posts for sale, it seems escrow is common and people are asking others to escrow for them.

How does that work in terms of miners?  Thank you.

[1714063544]

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[1714063544]

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[1714063544]

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[OliverC]

Very easy.You agree with someone on a price for the unit you are selling,and then you and buyer make group chat (PM) with reputable escrow here from the forum (philipma1957,ognasty,stryfe....) and when buyer sends funds to escrow,he confirms that,you send miner to the buyer.Buyer receives it,test it and confirm to escrow that everything is as advertised and escrow release funds to you.If anything goes wrong escrow holds the funds until resolved.

[vickersja]

Excellent, thank you for the detailed explanation.  So really escrow is more for members who do not yet have an established relationship or just as a way to feel safe about a transaction.

[OliverC]

It’s always good to use escrow unless you really know the person,although that person’s account might be hacked and imposter is trying to scam you so ALWAYS use escrow

[MoparMiningLLC]

those that provide the escrow services are those individuals that have been here for quite some time, who have been involved in deals/trades/sales and have always shown themselves to be trustworthy.

I am one of the newer individuals offering escrow services and I also have 100% positive ratings (as do the other escrow providers) I hope to escrow more dealings and increase that trust as well.

The fee paid for escrow will ultimately be quite a bit cheaper than the fees you pay for eBay - that and most often the buyer pays the escrow fees.

Let me know if I can be of service if you do bring those over here to the forums to sell

[vickersja]

those that provide the escrow services are those individuals that have been here for quite some time, who have been involved in deals/trades/sales and have always shown themselves to be trustworthy.

I am one of the newer individuals offering escrow services and I also have 100% positive ratings (as do the other escrow providers) I hope to escrow more dealings and increase that trust as well.

The fee paid for escrow will ultimately be quite a bit cheaper than the fees you pay for eBay - that and most often the buyer pays the escrow fees.

Let me know if I can be of service if you do bring those over here to the forums to sell

Thanks.  So I see the fees are usually set by the person offering the escrow service and payable by the buyer.  True?

Also, is PayPal a standard method of payment?  I don't yet have an ample supply of Bitcoin and want to hold as much as I can for the rebound.

[OliverC]

Only crypto should be way of paymant.With PayPal you can get chargebacks 5 months later

[chaser15]

Also, is PayPal a standard method of payment?  I don't yet have an ample supply of Bitcoin and want to hold as much as I can for the rebound.

No, but for that, you just need to talk with your chosen escrows and see if you can arrange a deal with them using Paypal as a medium transaction.

But I've never seen an escrow here accepting a deal like that. Seems it requires extra work.

But no harm trying. Just choose the reputable ones.

[MoparMiningLLC]

those that provide the escrow services are those individuals that have been here for quite some time, who have been involved in deals/trades/sales and have always shown themselves to be trustworthy.

I am one of the newer individuals offering escrow services and I also have 100% positive ratings (as do the other escrow providers) I hope to escrow more dealings and increase that trust as well.

The fee paid for escrow will ultimately be quite a bit cheaper than the fees you pay for eBay - that and most often the buyer pays the escrow fees.

Let me know if I can be of service if you do bring those over here to the forums to sell

Thanks.  So I see the fees are usually set by the person offering the escrow service and payable by the buyer.  True?

Also, is PayPal a standard method of payment?  I don't yet have an ample supply of Bitcoin and want to hold as much as I can for the rebound.

yes - the fees are set by the escrow service - and typical for the buyer to pay - unless seller offers to pay - has happened but more often to not it is the buyer that pays it.  My fee is 1%

and typically no, the payment is not with paypal. to do so would mean the escrow would have to pay 2.9% fee and then the seller would also pay a 2.9% fee - If i recall, 2.9% is the paypal fee for receiving funds.


as the seller, you would not be paying though - but if you were the buyer, you could always just use the USD in your paypal account to buy btc to make a purchase without touching what you are hodl'ing.

[philipma1957]

Also, is PayPal a standard method of payment?  I don't yet have an ample supply of Bitcoin and want to hold as much as I can for the rebound.

No, but for that, you just need to talk with your chosen escrows and see if you can arrange a deal with them using Paypal as a medium transaction.

But I've never seen an escrow here accepting a deal like that. Seems it requires extra work.

But no harm trying. Just choose the reputable ones.

No paypal

 Usually I take most  coins

BTC
LTC
BCH
Doge
ETH   I don't care for ETH
ZEC
XMR


I charge 10 usd minimum  or 2%  on deals under 1000.

I charge 1.5%  on 1000 usd or higher.

I also charge tx fees  what ever they are no extra.

  This why Doge is really good as fees are  small.

I don't care whos pays the escrow fee.  buyer or seller just need to agree  which one pays it.

I get all funds.

shipping
gear
tx fees.

Seller ships
buyer gets it
buyer checks it out
Buyer says it is good
I pay seller minus the fees.

When there are issues  bad gear, no gear etc  We talk it out and fix it.

escrow setup how I do it:

 favors buyer until buyer says it is good.
 favors seller once buyer says it is good.

Ie  after a 1 to 2 day inspection time if buyer says it works all problems are now the buyers.


I am good at doing them, but>


Escrow is a duty to support  the community.
Escrow is a hard job.

So many scammers  try to beat escrow agents in many ways.

One of the most annoying attacks  is ask  for escrow  then spend  a few days talking terms over .  Then do no deal.
I have had 30 like that in a week.  involves  100 or more answered pm's  all for zip nada.

[vickersja]

those that provide the escrow services are those individuals that have been here for quite some time, who have been involved in deals/trades/sales and have always shown themselves to be trustworthy.

I am one of the newer individuals offering escrow services and I also have 100% positive ratings (as do the other escrow providers) I hope to escrow more dealings and increase that trust as well.

The fee paid for escrow will ultimately be quite a bit cheaper than the fees you pay for eBay - that and most often the buyer pays the escrow fees.

Let me know if I can be of service if you do bring those over here to the forums to sell

Thanks.  So I see the fees are usually set by the person offering the escrow service and payable by the buyer.  True?

Also, is PayPal a standard method of payment?  I don't yet have an ample supply of Bitcoin and want to hold as much as I can for the rebound.

yes - the fees are set by the escrow service - and typical for the buyer to pay - unless seller offers to pay - has happened but more often to not it is the buyer that pays it.  My fee is 1%

and typically no, the payment is not with paypal. to do so would mean the escrow would have to pay 2.9% fee and then the seller would also pay a 2.9% fee - If i recall, 2.9% is the paypal fee for receiving funds.


as the seller, you would not be paying though - but if you were the buyer, you could always just use the USD in your paypal account to buy btc to make a purchase without touching what you are hodl'ing.

Makes perfect sense.  Thank you.

[Regulater]

those that provide the escrow services are those individuals that have been here for quite some time, who have been involved in deals/trades/sales and have always shown themselves to be trustworthy.

I am one of the newer individuals offering escrow services and I also have 100% positive ratings (as do the other escrow providers) I hope to escrow more dealings and increase that trust as well.

The fee paid for escrow will ultimately be quite a bit cheaper than the fees you pay for eBay - that and most often the buyer pays the escrow fees.

Let me know if I can be of service if you do bring those over here to the forums to sell

Thanks.  So I see the fees are usually set by the person offering the escrow service and payable by the buyer.  True?

Also, is PayPal a standard method of payment?  I don't yet have an ample supply of Bitcoin and want to hold as much as I can for the rebound.

yes - the fees are set by the escrow service - and typical for the buyer to pay - unless seller offers to pay - has happened but more often to not it is the buyer that pays it.  My fee is 1%

and typically no, the payment is not with paypal. to do so would mean the escrow would have to pay 2.9% fee and then the seller would also pay a 2.9% fee - If i recall, 2.9% is the paypal fee for receiving funds.


as the seller, you would not be paying though - but if you were the buyer, you could always just use the USD in your paypal account to buy btc to make a purchase without touching what you are hodl'ing.

Makes perfect sense.  Thank you.

PayPal is already an escrowing business so you would not need an escrow to use PayPal. Do not believe anyone telling you to use an Escrow along with PayPal as that is pointless. You use an escrow with crypto/wire or you use PayPal.

[philipma1957]

those that provide the escrow services are those individuals that have been here for quite some time, who have been involved in deals/trades/sales and have always shown themselves to be trustworthy.

I am one of the newer individuals offering escrow services and I also have 100% positive ratings (as do the other escrow providers) I hope to escrow more dealings and increase that trust as well.

The fee paid for escrow will ultimately be quite a bit cheaper than the fees you pay for eBay - that and most often the buyer pays the escrow fees.

Let me know if I can be of service if you do bring those over here to the forums to sell

Thanks.  So I see the fees are usually set by the person offering the escrow service and payable by the buyer.  True?

Also, is PayPal a standard method of payment?  I don't yet have an ample supply of Bitcoin and want to hold as much as I can for the rebound.

yes - the fees are set by the escrow service - and typical for the buyer to pay - unless seller offers to pay - has happened but more often to not it is the buyer that pays it.  My fee is 1%

and typically no, the payment is not with paypal. to do so would mean the escrow would have to pay 2.9% fee and then the seller would also pay a 2.9% fee - If i recall, 2.9% is the paypal fee for receiving funds.


as the seller, you would not be paying though - but if you were the buyer, you could always just use the USD in your paypal account to buy btc to make a purchase without touching what you are hodl'ing.

Makes perfect sense.  Thank you.

PayPal is already an escrowing business so you would not need an escrow to use PayPal. Do not believe anyone telling you to use an Escrow along with PayPal as that is pointless. You use an escrow with crypto/wire or you use PayPal.

Yeah paypal  really protects buyers for a long time.  So escrow people here such as myself don't get involved on a paypal deal. Last thing I need is to escrow a paypal deal and have to deal with paypal 175 days later.