What is Bitcoin Core and Escrow?

[Ayebabara]

I have been seen bitcoin core at the newest feeds bar but I don't know the meaning so I will like forum experts to explain in detail to me the meaning of bitcoin core and Escrow. I am not in rush to learn things in the bitcoin ecosystem but in the gradual process. Escrow: I have been seen it in the service board and I don't understand the team, so experts should do well to explain it as well.

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[jackg]

Bitcoin core was the original bitcoin client. It remains the most common full node implementation (meaning the helps the network by storing the blockchain - a database containing every transaction that's been mined on the network).

Escrow is what's done during trading to protect both sides of the trade. An escrow is middleman who keeps track of where the transaction is at to reduce the chances of one side being scammed (they're usually someone more experienced and/or more reputable).

[Welsh]

Expanding on jackg's post, with a little bit of opinion based information; If you don't intend on running a node, you probably don't need to use Bitcoin Core. Unless, you have another use for downloading the entire Blockchain. Other than that, you can try something like Electrum which doesn't require downloading the whole Blockchain, which depending on your internet, and computer hardware can take some time. It's not uncommon for some users to be downloading it days later.

Then, in the same light as the above; Escrows aren't a required service to use, but are highly recommended. However, it does involve trusting a third party which some users might be trying to escape from, which presents a big dilemma. Since, most users here will want to use a escrow in their trades, to keep some sort of security. I tend to think that it should be the buyers discretion whether escrow is used or not, but of course can be insisted on both sides.

[owlcatz]

here is some very good/valid information about Electrum in this other new thread.

https://bitcointalk.org/index.php?topic=5430077.0

PS - DON'T use paper wallets...

[BlackBoss_]

In 2019 Satoshi Nakamoto aka. satoshi in this forum, wrote about Escrow but its use nowadays is different.

Escrow is a service from a person, a company that plays as a third party, a middle man in order to hold bitcoin for one trade between a buyer and a seller. When a seller receives payment from a buyer, the Escrow provider will release bitcoin to the buyer to finish that trade.

Escrow provider can do that service free or with fee upon agreement with seller and buyer.

Recommended bitcointalk escrow services

[Doan9269]

In addition to what has been said, escrow service is provided by exchanges, they ensure that transaction is being made successful without cheating any of the parties involved, if you're the seller, then an escrow service providers will receive your coins you intended to sell and also received the confirmation of ourchas from the buyer in which whenever you confirmed the recipient of the money transferred by the buyer the escrow willl release you the coins purchased as well, but you need to be reliable with the person that performs you this service.

If you're the type that want to invest on huge amount of bitcoin investment they you can make use of bitcoincore also if you are privacy conscious, this deals with full node and you will be privately secured, other means as well were secured but this happen to be the best of choice than cold storages.

[Eternalman]

I don't know much about bitcoin core, but I can help you with Escrow.

Escrow means: it is a document kept in the custody of a third party according to google. But that document doesn't have to be kept in the custody of a centralized third party.

Now there are many tools that deploy smart contracts that do essentially what escrow can do on blockchains. So, your escrow will be deployed on the blockchain, and only you and the other person can have access to it. So, I think that will be more popular than traditional escrows.

[_act_]

I don't know much about bitcoin core, but I can help you with Escrow.

There is nothing hard to know about bitcoin core, it is a wallet that has the whole blockchain download, wallet and routing which it is using to send validated information about transactions and blocks that are mined to other nodes. People are using it because they want to have privacy, some people are using it because they want to be the part of the the nodes of the bitcoin network, but there are many other ways to have your own node.

[Eternalman]

I don't know much about bitcoin core, but I can help you with Escrow.

There is nothing hard to know about bitcoin core, it is a wallet that has the whole blockchain download, wallet and routing which it is using to send validated information about transactions and blocks that are mined to other nodes. People are using it because they want to have privacy, some people are using it because they want to be the part of the the nodes of the bitcoin network, but there are many other ways to have your own node.

So, essentially it is just a device that keeps the information about transactions on bitcoin blockchain, turns out. So, why? then to make a device to keep all that on a device? what is the benefit or the purpose of it? I think it would have been much easier and more efficient to keep it online and enable access through browsers no?

[Razmirraz]

Everything has been explained perfectly by @jackg, hopefully it can provide new insight specifically for you and generally for other users who still don't know What is Bitcoin Core and Escrow.
I think you've found the answer, to prevent more spam from happening on this topic, you can lock it immediately.

[PX-Z]

Well, honestly speaking, if you are just asking the "meaning" of anything, google is always there to give you detailed answers.
Utilize the use of internet, not everyday you will be newbie to be spoon-feed'ed.
It will be considerable if you are asking the technical aspects of it/them, but for a mere definition/meaning?

[Ayebabara]

Well, honestly speaking, if you are just asking the "meaning" of anything, google is always there to give you detailed answers.
Utilize the use of internet, not everyday you will be newbie to be spoon-feed'ed.
It will be considerable if you are asking the technical aspects of it/them, but for a mere definition/meaning?

Done that but I was trying to know more from the forum users. Because of different explanations. Thanks very for everyone who explan the two concepts with their own understanding. Sometime I prefer someone explanation or definition than the robot machine definition. Though the terms are not hard for some users but for newbies like me, who has no knowledge about the terms use in cryptocurrency is a big problem to me. That is why the things I am doing right is to study the different concepts, terms and meaning of the bitcoin and other Cryptocurrency terms.