Im new to this whole bitcoin movement. I already learned my first lesson, which is nobody likes using paypal for btc lol. But can someone explain to me what is escrow? I tried googling it and found nothing so I figured id ask you guys
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Basically, it goes like this:
1. The buyer gives the money to a person (the escrow) that both the buyer and the seller trust.
2. The seller sends the buyer the items.
3. The buyer authorizes the escrow to release the money to the seller.
Escrow usually includes arbitration. If the seller doesn't uphold his end, the buyer asks for the money back from the escrow. If the buyer doesn't authorize the release the money, the seller asks the escrow to release it anyway.