Escrow services

[guybrushthreepwood]

Anyone can explain how to use escrow service?

Easy:

Choose one both you and the other person agree on.
Buyer sends money to the escrow
Seller sends item to you
Escrow releases money to the seller once you have confirmed you have recieved it.

[DannyHamilton]

Anyone can explain how to use escrow service?

Easy:

Choose one both you and the other person agree on.
One sends money to the escrow
seller sends item to you
escrow releases money to the seller.

You missed some important steps:

• Choose one both you and the other person agree on.
• Send the escrow provider a message requesting their service
• Make sure you get your response directly from the requested escrow provider (do not accept a message forwarded to you from the other party, or a message that comes from a userID that is different but similar looking to the escrow providers.)
• If you know how to do so, it is best to verify the digital signature from the escrow provider
• Inform the escrow provider of all the details of the transaction (who the parties are, how much BTC, exact release conditions)
• Review the escrow agreement that the escrow provider sends and make sure that there aren't any mistakes or mis-understandings
• Bitcoin provider sends bitcoins to the address indicated in the escrow agreement
• All parties wait for the transaction that funds escrow to confirm
• Product or service provider delivers as agreed
• Bitcoin provider confirms to the escrow service that they have received the expected product or service
• Escrow provider sends the bitcoins to the address provided by the product or service provider

[guybrushthreepwood]

Well I was just trying to explain the bare bones basic process of how an escrow works. Most people will probably just go the simple route especially with smaller payments.

[Muhammed Zakir]

I can see Escrow in Blockchain wallet and in some transaction too. So can you tell me how to do that? I didn't mean a public note but a real Escrow heading for that transaction. Thanks!

  ~~MZ~~

[btcguys]

What if something happens to person providing escrow service. Is there any backup option?

[DannyHamilton]

I can see Escrow in Blockchain wallet and in some transaction too. So can you tell me how to do that? I didn't mean a public note but a real Escrow heading for that transaction. Thanks!

  ~~MZ~~

Not sure what you are referring to.  Can you provide a link?

What if something happens to person providing escrow service. Is there any backup option?

That depends on the escrow provider.  Some providers are better than others.

I make sure that the clients have information on how to reach me by US Postal Service as well as by telephone (in case the bitcointalk website goes down.  All of my escrows are held with paper wallets, and I provide information for my estate on how/where to access the paper wallets used for my escrows, along with records of the release conditions for all active escrows.  If I should pass away or become incapacitated, it should still be possible for my estate to release escrow on my behalf (although it may take a few weeks for them go through all of my affairs and to be absolutely certain that they are releasing escrow properly).

[Muhammed Zakir]

I can see Escrow in Blockchain wallet and in some transaction too. So can you tell me how to do that? I didn't mean a public note but a real Escrow heading for that transaction. Thanks!

  ~~MZ~~

Not sure what you are referring to.  Can you provide a link?

Sorry! I couldn't find a tx id to show you how it look. You might have seen it.  I am just uploading the pic, see if you can understand it. If I see any tx id with Escrow, then I will post in the thread.
                                               

  ~~MZ~~

[techgeek]

I can see Escrow in Blockchain wallet and in some transaction too. So can you tell me how to do that? I didn't mean a public note but a real Escrow heading for that transaction. Thanks!

  ~~MZ~~

Not sure what you are referring to.  Can you provide a link?

Sorry! I couldn't find a tx id to show you how it look. You might have seen it.  I am just uploading the pic, see if you can understand it. If I see any tx id with Escrow, then I will post in the thread.
                                               

  ~~MZ~~

Very good on pointing that screen cap.

I would of missed it myself lol.

[Kakmakr]

Are there a minimum or maximum these escrow service providers may hold?

Any laws prohibiting them from going over these limits?

[Coef]

Are there a minimum or maximum these escrow service providers may hold?

Any laws prohibiting them from going over these limits?

Nope, but generally speaking, you won't use escrow for a very-small trade and you won't trust a person too much (say, for holding thousands of bitcoin).

Nope. There are no laws or regulations limiting the escrow size. Everybody could be an escrow, so be careful choosing a trusted person.

[DannyHamilton]

Are there a minimum or maximum these escrow service providers may hold?

I've held funds for amounts as small as 0.01 BTC.

I've held funds for amounts as large as 140 BTC.

Each escrow provider will set their own limits (if any) on what they are willing to hold.

I hold all funds on paper wallets that are generated offline.  I personally guarantee the security of the funds against loss, theft, and double-spending.  Therefore, I won't accept funds for an amount so large that I can't pay the amount myself if something should unexpectedly destroy the paper wallet, or if the wallet (or contents) are stolen.

Any laws prohibiting them from going over these limits?

You'd have to check the jurisdiction where the escrow provider resides (if they are willing to tell you where they reside) to find out what laws (if any) apply to them.  In general, most of the escrow providers on this forum are un-registered, un-licensed, and are ignoring any laws that might apply to any licensed, registered, escrow service.  In many cases, this may be illegal in their jurisdiction, and there is a risk that if local authorities discover their "business", that they could be arrested and prosecuted.  This could (obviously) result in significant delays in the release of any escrow that they may be holding at the time of their arrest.

I do not operate as a "business".  I charge nothing for holding funds, and therefore act more as a trusted friend holding on to some bitcoin for you. I hold funds only for members of the bitcointalk.org community.  Occasionally people who value my friendship and my trustworthiness will send me a gratuity to demonstrate their appreciation. These tips are graciously accepted.