Need Escrow Explanation

[BronxBets]

Hi.  I'm new here, and want to sell stuff, but I hear it's recommended that someone new like me should use escrow for such a service.  I know what the term means, but I don't quite understand the concept.  Could someone please give me an example?  Thanks.

[1714564206]

1714564206

[The Cryptovator]

The concept is that we need a middleman here when dealing with unknown people who aren't trusted enough. Its purpose is to make sure both parties, buyer and seller, are safe. Since you are a brand new user, someone won't trust you because you don't have enough trade history around the forum. So someone will escrow (hold) the funds. Once you deliver the elements, you will get your funds. The buyer should confirm receiving products. If the buyer refuses, even if he reviews the product, then you have to show appropriate proof that you sent the product. Then escrow will release your funds as well. In a critical case, escrow may ask other forum users  opinions.Of course, an escrow will get a fee from you.

[decodx]

Hi.  I'm new here, and want to sell stuff, but I hear it's recommended that someone new like me should use escrow for such a service.  I know what the term means, but I don't quite understand the concept.  Could someone please give me an example?  Thanks.

Let's say that you are seller and that you have agreed on the terms of sale with the buyer. Once you've both agreed to use a third-party escrow for your transactio, the buyer sends an agreed amount to the escrow. After escrow confirms receipt, you ship the goods to the buyer. After the buyer confirms receipt of the goods, the escrow releases the coins to you.

[Oshosondy]

Hi.  I'm new here, and want to sell stuff, but I hear it's recommended that someone new like me should use escrow for such a service.  I know what the term means, but I don't quite understand the concept.  Could someone please give me an example?  Thanks.

Escrow means middle man.

If you are the buyer of a goods and you do not know the seller, you can use escrow.
If you are the seller of a goods and you do not know the buyer, you can use escrow.

Example is on this forum, we have escrow providers: https://bitcointalk.org/index.php?topic=276897.0

They are still trustworthy than the buyer or seller that you do not know. Both of you, I mean the buyer and the seller will agree to use escrow and pay fee for charge depending on your agreement.

Escrow provider is the middle man
The buyer will give the middle man the money
The seller will give the middle man the goods
The middle man will deduct service fee, give the buyer the goods and also give the seller the money.

[Oilacris]

Hi.  I'm new here, and want to sell stuff, but I hear it's recommended that someone new like me should use escrow for such a service.  I know what the term means, but I don't quite understand the concept.  Could someone please give me an example?  Thanks.

Acts as a middleman, on which you seller and the buyer would really be making up transactions on which those payments would be held by that escrow and would really be released
on the time that the buyer had make out confirmation that he had recieved the goods or whatever things that he had bought which the escrow would really be releasing the payment
into that seller or simply means that transaction is really that less risky with this kind of set up but of course it would really be depending if the escrow person is really that trustable
and this is why its always recommended on making use of those known and reputable ones so that you would be able to avoid on getting scammed.
Given link already shown above with those trustable and reputable escrows here on the forum.

[PX-Z]

Enough with the explanations. With the link provided above, or even those currently known escrows today here, rarely accept smaller transactions like $20 below. I don't think someone there still accepts such small transactions. So sometimes buyer/seller take the risk transacting strangers online.

[albert0bsd]

Hi, i want to use this topic, to ask another question, if a sell/buy transaction is performed sucessfully with a escrow, Who need win more trust? i mean if am the buyer Who do I need to give positive feedback?

[PX-Z]

Hi, i want to use this topic, to ask another question, if a sell/buy transaction is performed sucessfully with a escrow, Who need win more trust? i mean if am the buyer Who do I need to give positive feedback?

You can give both, since you transacted both of them, but it's not required.

If escrows or seller/buyer required you or insist to give positive feedback, is something that trust farmers do, and its always be suspicious, especially to lower ranks, or untrusted users.

[Bitcoin_Arena]

Hi, i want to use this topic, to ask another question, if a sell/buy transaction is performed sucessfully with a escrow, Who need win more trust? i mean if am the buyer Who do I need to give positive feedback?

1. The escrow provider perhaps for the good service in handling the transaction between you, the buyer and seller.

2. Sending positive feedback to your trade partner is not a must.

3. Look at this scenario. If I am trading with you, I am a newbie and I go in first since my rank is newbie and can not easily be trusted. Can you send me positive feedback for going in first? Obviously, I had no choice but to go in first 
I would apply the same logic on trades facilitated over an escrow service

[wallet4bitcoin]

The concept is that we need a middleman here when dealing with unknown people who aren't trusted enough. Its purpose is to make sure both parties, buyer and seller, are safe. Since you are a brand new user, someone won't trust you because you don't have enough trade history around the forum. So someone will escrow (hold) the funds. Once you deliver the elements, you will get your funds. The buyer should confirm receiving products. If the buyer refuses, even if he reviews the product, then you have to show appropriate proof that you sent the product. Then escrow will release your funds as well. In a critical case, escrow may ask other forum users  opinions.Of course, an escrow will get a fee from you.

conclusively, an Escrow is just here to ensure that you get to close a transaciton successfully, leaving almost all doubts taken care of. Some fees maybe incurred in the escrow process but it isn't always the case with every escrow transaction anyways.

Escrow, has so far proven to be the way and manner people transact and has had more subscribers than the regular processess involved in conventional sales/purchases transactions.

[sheenshane]

Hi.  I'm new here, and want to sell stuff, but I hear it's recommended that someone new like me should use escrow for such a service.  I know what the term means, but I don't quite understand the concept.  Could someone please give me an example?  Thanks.

AFAIK, most escrow members here didn't accept physical transactions, it's might because it's a hassle for them.
It could be in digital transactions but not the physical stuff.

Hi, i want to use this topic, to ask another question, if a sell/buy transaction is performed sucessfully with a escrow, Who need win more trust? i mean if am the buyer Who do I need to give positive feedback?

For the first transaction, isn't necessary.
But if it's frequent, you can give them both.

[Dunamisx]

Hi.  I'm new here, and want to sell stuff, but I hear it's recommended that someone new like me should use escrow for such a service.  I know what the term means, but I don't quite understand the concept.  Could someone please give me an example?  Thanks.

As it has already been explained to you above, that is how escrow works, a trusted intermediary between a seller and a buyer, who ensures trading and exchange is successfully achieved without any side being affected, there are a couple of some reputable members of the forum who person this same service, but if you finds it difficult to get one, it is better you make use of an exchange for your trading.

[robelneo]

Hi, i want to use this topic, to ask another question, if a sell/buy transaction is performed sucessfully with a escrow, Who need win more trust? i mean if am the buyer Who do I need to give positive feedback?

You don't need to do that if the other party asks for it you can decline, if he asks you to post positively in his trust profile, you can post on the service thread that he made a transaction and everything went smoothly but you have no obligation to add him to your trust list, especially if the account is new but if you completed three or five transactions and you will do more transactions its ok to add him to his trust list because he has proven his trustworthiness.

[NotATether]

Escrows are used to protect yourself from scammers, because especially in cryptocurrency there's a lot of people who will just take the money and run, although scamming is a problem at large with just about every web 2.0 site.


Escrows charge a flat fee or a percentage for facilitating the trade so they are best used when you need to make a large purchase or sale.

[wallet4bitcoin]

Escrow makes transactions safe and easy. Eliminating possibility of being scammed and paying or having to pay twice for a particular commodity.

I guess it's the main reason why escrow service came into being in the first place, to further guarantee smooth and successful transactions.

[yahoo62278]

Hi, i want to use this topic, to ask another question, if a sell/buy transaction is performed sucessfully with a escrow, Who need win more trust? i mean if am the buyer Who do I need to give positive feedback?

I wouldn't recommend giving positive trust out for a small $20 transaction. I usually have to have quite a few successful transactions or large sums of money before i'll hand out a positive to a person. Whether you decide to leave a positive or a neutral try to leave a reference as well so the transaction can be proved.

[examplens]

If OP still following this discussion, I would suggest looking at the Zenland platform https://zen.land/
It's Web3 an Escrow service, I think it is still possible to try the service on testnet networks, which is a recommendation for someone who wants to know more about it.
Also, they are active here on the forum, so I assume that user support can be expected here as well. They seem like a good choice for smaller transactions.

[coupable]

Enough with the explanations. With the link provided above, or even those currently known escrows today here, rarely accept smaller transactions like $20 below. I don't think someone there still accepts such small transactions. So sometimes buyer/seller take the risk transacting strangers online.

Afaik, some platforms offers escrow services. Either with confirmed reputable members, or via an escrow app integrated within the platform. Those apps should support smaller amounts but consider that you won't be able to negotiate the fees.
I can recommend this app called mixin.safe which has a good reputation here in bitcointalk. However i can't tell about it's actual reputation after it was subject to a successful hack attempt  recently, although its signature campaign is still running. Do your own researches before using it.

[joniboini]

I can recommend this app called mixin.safe which has a good reputation here in bitcointalk. However i can't tell about it's actual reputation after it was subject to a successful hack attempt  recently, although its signature campaign is still running. Do your own researches before using it.

Are you sure they offer escrow services? As far as I can tell they are more like a custody solution or wallet service. Even if that is true, I'd suggest not using them if security is your main concern. Hiring reputable members to escrow your needs with multi-sig is probably better compared to relying on a third party in my opinion.

[KingsDen]

Funny enough the escrow that is practiced in this forum, which is what is explained to OP is different from the original escrow Satoshi discussed in the bitcoin white paper. What is being explained to OP which involves third party is what we now regard as escrow.

I can recommend this app called mixin.safe which has a good reputation here in bitcointalk. However i can't tell about it's actual reputation after it was subject to a successful hack attempt  recently, although its signature campaign is still running. Do your own researches before using it.

Mixin being hacked or having the history of hack attack is not a good reason to play down their reputation. It is difficult to see a project that suffered a hack of such amount and still in the market. The hack overcome should be a big plus to them and not otherwise.