How to Use Escrow in a Bitcoin Trade

[Alvin_talk]

Many people hear about escrow but don’t know how it really works. Since Bitcoin can’t be reversed once sent, escrow helps you avoid getting scammed. Here’s the simple process:

-You and the seller agree on the trade.

-Instead of sending BTC direct, you send it to an escrow wallet (Na middle man escrow be)

-The seller delivers what you paid for.

-Once you confirm, escrow releases the BTC to the seller.

If there’s a problem, escrow settles it and returns the coins to the right person.

I suggest you only use trusted escrow with reputation on Bitcointalk or known platforms like Binance P2P. always confirm the real address, and don’t pay extra release fees.

Escrow might look like an extra step, but it saves you from losing your coins. Do you guys use escrow often, or only when you don’t fully trust the other party?

[Nathrixxx]

To use a more reliable escrow, get one reputable exchange and you're done with that aspect, because that is what they serve, also on this forum, we have a number of reputable members that can serve as escrow for us in case we are using a physical p2p or having a transaction with someone outside the forum or within the forum.

escrow service providers
https://bitcointalk.org/index.php?topic=5047302.0

[EL MOHA]

I suggest you only use trusted escrow with reputation on Bitcointalk or known platforms like Binance P2P. always confirm the real address, and don’t pay extra release fees.

Escrow might look like an extra step, but it saves you from losing your coins. Do you guys use escrow often, or only when you don’t fully trust the other party?

Since this is Nigeria local board I will make the correction that binance doesn’t supports transactions involving the local naira as such there is no P2P currently on binance for Nigerians same way it’s also not supported by other exchanges too, but as long as the exchange supports Naira transactions it will definitely be good for P2P.

Escrow are usually the best way of protect your funds against dealing with total stranger but the problem is most at times is looking for a perfect escrow. You would have to look for someone who you trust and also the other party has to also trust the escrow too, don’t be fooled to always accept escrows from the other party because there are scams where both escrow and the buyer/seller are working together. So it also has its risk too

[Amphenomenon]

Escrow might look like an extra step, but it saves you from losing your coins. Do you guys use escrow often, or only when you don’t fully trust the other party?

A third party can be an escrow in a business in fact escrow are part of third party . The CEX we are using for p2p are acting as an escrow/middle man, except maybe  when you trade with a local vendor or someone here then you are not using an escrow since when only buyer(s) and seller(s) are the only ones available in a business then there is no escrow there but this should be done where trust and reputation has been firmly built because no one will help you find/get your stolen coins back.

[Smartvirus]

Bitcoin by design was meant to operate without the need for escrow, na why we get this p2p but e only work better when you and the person you Dey transact with na known associate or una Dey see eye for eye. If e no be like that, you go find out say, escrow Dey very important in trading Bitcoin for goods, services or fiat. Some person go Dey reason say, the escrow Dey charge fee and go wan risk am and by pass, omo, make you just carry for mind say, all your money fit enter the wind just like that and if na watin no go Dey you okay, e better make you always Dey use the services of escrow and make e no be escrow way you no Dey familiar with o, person way get reputation for the business else, them fit collabo for your head make you no know.

[Gragebox]

Escrow might look like an extra step, but it saves you from losing your coins. Do you guys use escrow often, or only when you don’t fully trust the other party?

A third party can be an escrow in a business in fact escrow are part of third party . The CEX we are using for p2p are acting as an escrow/middle man, except maybe  when you trade with a local vendor or someone here then you are not using an escrow since when only buyer(s) and seller(s) are the only ones available in a business then there is no escrow there but this should be done where trust and reputation has been firmly built because no one will help you find/get your stolen coins back.

In most P2P trades, CEXes act as a trusted escrow or middleman that ensures both parties complete the transaction safely. Without an escrow, such as when trading directly with a local vendor or someone you know, trust and reputation become the main factors. It is always a risk to trade without that third-party protection, especially online. Once your coins have been stolen or sent to the wrong address, no one can recover them. This is why using escrow services is one of the safest ways to handle crypto transactions.

[CryptSafe]

Escrow service sometimes dey save the stress of being scammed and if person dey use, e good make person use reliable source like for this platform wey we get plenty reputable members well  established here. Majority of them get official service announcement thread wey dey easy to locate, or better still person use any of the notable exchanges wey dey popular to do their p2p service at least that one get assurance.

One thing I will advise is this: do not trust anyone to meet with them face to face to transact with them. If you must do such, then it should be on a neutral ground, and you must be very alert and security conscious because you never can tell who they have come with to trail you to your residence.

[Cryptomultiplier]

The importance of using Escrow services far outweighs the risk involved and as a function of the Blockchain P2p system, it is always used so as to ensure security, despite the size of transaction to be made.
The cost however of using an escrow service for smaller dollar amounts is discouraging and that's why it is mostly applied for larger dollar transactions.

While escrow services are good especially where there is less trust mostly as regards P2p transactions, the disadvantages of using escrow services clash with the core ideology of cryptocurrency's working principles of which revolves around certain issues with the CEX of choice, cases where humans stand as middle man and issues with DEX smart contract.


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[Amphenomenon]

Escrow might look like an extra step, but it saves you from losing your coins. Do you guys use escrow often, or only when you don’t fully trust the other party?

A third party can be an escrow in a business in fact escrow are part of third party . The CEX we are using for p2p are acting as an escrow/middle man, except maybe  when you trade with a local vendor or someone here then you are not using an escrow since when only buyer(s) and seller(s) are the only ones available in a business then there is no escrow there but this should be done where trust and reputation has been firmly built because no one will help you find/get your stolen coins back.

In most P2P trades, CEXes act as a trusted escrow or middleman that ensures both parties complete the transaction safely. Without an escrow, such as when trading directly with a local vendor or someone you know, trust and reputation become the main factors. It is always a risk to trade without that third-party protection, especially online. Once your coins have been stolen or sent to the wrong address, no one can recover them. This is why using escrow services is one of the safest ways to handle crypto transactions.

Yea, although there are/can be an alternative to a third party escrow like a cryptographic function and other techniques to handle this and they are being used by other non kyc and DEX. I think more will come but all these boils down to regulation in that region notably.