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Author Topic: How does escrow work?  (Read 2699 times)
erikalui
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November 19, 2014, 08:41:31 AM
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I am new here and want to use an escrow service for selling my gift cards. How can I use this service? Is it that if I am selling my gift cards, will I give my gift card code to the escrow and the buyer will give the amount to the escrow and then the escrow will manage the transaction?

I checked this link: https://bitcointalk.org/index.php?topic=276897.0


Also, newbies and Jr. members are not allowed so I will need to spend some time here and then use the service which is fine.


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steeveGrube
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November 19, 2014, 09:06:25 AM
 #2

I am new here and want to use an escrow service for selling my gift cards. How can I use this service? Is it that if I am selling my gift cards, will I give my gift card code to the escrow and the buyer will give the amount to the escrow and then the escrow will manage the transaction?

I checked this link: https://bitcointalk.org/index.php?topic=276897.0


Also, newbies and Jr. members are not allowed so I will need to spend some time here and then use the service which is fine.


maybee you need to check for free escrow services...
there are a lot on bitcointalk...

BTC vendor send btc to escrow
BTC buyer send $ to escrow
escrow send btc to BTC buyer
escrow send $ to BTC vendor.
erikalui
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November 19, 2014, 09:16:28 AM
 #3

I am new here and want to use an escrow service for selling my gift cards. How can I use this service? Is it that if I am selling my gift cards, will I give my gift card code to the escrow and the buyer will give the amount to the escrow and then the escrow will manage the transaction?

I checked this link: https://bitcointalk.org/index.php?topic=276897.0


Also, newbies and Jr. members are not allowed so I will need to spend some time here and then use the service which is fine.


maybee you need to check for free escrow services...
there are a lot on bitcointalk...

BTC vendor send btc to escrow
BTC buyer send $ to escrow
escrow send btc to BTC buyer
escrow send $ to BTC vendor.

Ok thanks. Will check it out Smiley
Elwar
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November 19, 2014, 09:29:39 AM
 #4

The escrow service is there to ensure that the transaction is completed.

You sell something to the buyer. He sends his bitcoins to the escrow service. You send the product to the buyer. Buyer verifies receipt of the item. Escrow service releases the item to you.

If there is a dispute the escrow service becomes a judge and decides who gets the bitcoins.

The next step in Bitcoin is to use multi-signature transactions so that the escrow service never actually holds the bitcoins but can determine who will receive them.

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steeveGrube
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November 19, 2014, 11:14:26 AM
 #5

basic escrow functionality

a simple schema...
read domain like everi kind of goods...

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November 19, 2014, 12:57:09 PM
 #6

you can find users here that will do escrow for you some for free and some with a little bit of money.

erikalui
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November 19, 2014, 01:04:18 PM
 #7

The escrow service is there to ensure that the transaction is completed.

You sell something to the buyer. He sends his bitcoins to the escrow service. You send the product to the buyer. Buyer verifies receipt of the item. Escrow service releases the item to you.

If there is a dispute the escrow service becomes a judge and decides who gets the bitcoins.

The next step in Bitcoin is to use multi-signature transactions so that the escrow service never actually holds the bitcoins but can determine who will receive them.

Thanks dear.

I am not aware of multi signature transactions and need to read about it.
Elwar
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November 19, 2014, 01:07:46 PM
 #8

The escrow service is there to ensure that the transaction is completed.

You sell something to the buyer. He sends his bitcoins to the escrow service. You send the product to the buyer. Buyer verifies receipt of the item. Escrow service releases the item to you.

If there is a dispute the escrow service becomes a judge and decides who gets the bitcoins.

The next step in Bitcoin is to use multi-signature transactions so that the escrow service never actually holds the bitcoins but can determine who will receive them.

Thanks dear.

I am not aware of multi signature transactions and need to read about it.

An illustration of one company's use of multi-sig escrow:
https://www.youtube.com/watch?v=M0-aZit2oI8#t=14

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erikalui
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November 19, 2014, 01:10:43 PM
 #9


An illustration of one company's use of multi-sig escrow:
https://www.youtube.com/watch?v=M0-aZit2oI8#t=14

Thanks a ton for sharing this video  Grin
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November 19, 2014, 01:30:13 PM
 #10

Multi-sig can get complex, especially for people new to bitcoin. If you are willing to put in the time to learn it, it is a good idea. However, current bitcoin client software do not easily allow you to make those kinds of transactions.

Here are three lists of escrows on this forum:

https://bitcointalk.org/index.php?topic=855778.0
https://bitcointalk.org/index.php?topic=276897.0
https://bitcointalk.org/index.php?topic=108716.0

Escrow Service (Services) - GPG ID: 32AD7565, OTC ID: Dabs
All messages concerning escrow or with bitcoin addresses are GPG signed. Please verify.
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erikalui
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November 19, 2014, 01:32:30 PM
 #11

Multi-sig can get complex, especially for people new to bitcoin. If you are willing to put in the time to learn it, it is a good idea. However, current bitcoin client software do not easily allow you to make those kinds of transactions.

Here are three lists of escrows on this forum:

https://bitcointalk.org/index.php?topic=855778.0
https://bitcointalk.org/index.php?topic=276897.0
https://bitcointalk.org/index.php?topic=108716.0

Thanks dear  Smiley
philiveyjr
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November 19, 2014, 02:12:18 PM
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Just to point out, your options for escrows also include websites, which offer escrow services. It just helps you escrow your funds fast and easy .

calci
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November 19, 2014, 02:14:10 PM
 #13

Just to point out, your options for escrows also include websites, which offer escrow services. It just helps you escrow your funds fast and easy .

What websites are safe for these escrows?
caga
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November 19, 2014, 02:16:35 PM
 #14

Just to point out, your options for escrows also include websites, which offer escrow services. It just helps you escrow your funds fast and easy .

What websites are safe for these escrows?

Here is a list of trusted escrow sites: https://en.bitcoin.it/wiki/Bitcoin_Escrow_Service
You can also contact certain trusted escrow members on bitcointalk for handling escrows as well. Its also advised to try out and use the new multisig escrow websites.

allthingsluxury
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November 19, 2014, 03:49:49 PM
 #15

basic escrow functionality

a simple schema...
read domain like everi kind of goods...



Very well explained.

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November 19, 2014, 04:15:37 PM
 #16

basic escrow functionality

a simple schema...
read domain like everi kind of goods...



Very well explained.

This is the best answer you can get man.
good luck with the exchange
ikydesu
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November 19, 2014, 05:06:24 PM
 #17

Multi-sig can get complex, especially for people new to bitcoin. If you are willing to put in the time to learn it, it is a good idea. However, current bitcoin client software do not easily allow you to make those kinds of transactions.

Here are three lists of escrows on this forum:

https://bitcointalk.org/index.php?topic=855778.0
https://bitcointalk.org/index.php?topic=276897.0
https://bitcointalk.org/index.php?topic=108716.0

Wow you're the big 5.
btw, if you have any suggestions to become a professional Escrow? And how to get started.
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November 19, 2014, 09:12:37 PM
 #18

Interesting.  You can make a quick buck off escrow services for BTC.
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November 19, 2014, 10:21:41 PM
 #19

In addition to the thread you found, here is one of the main BitcoinTalk escrow threads...looks like it's undergoing a bit of a needed update, but quite a few reputable escrow providers can be found in these postings:  https://bitcointalk.org/index.php?topic=108716.0

Top Bitrated Escrow Service: Racer Great BTC Resources: www.thebtcboss.com
Interest Free Loans: Here BTC: 1LUwMs4QJNPWZmaSrD4Uk8SrHSkbaGvqt4
Dabs
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November 20, 2014, 02:03:57 AM
 #20

I already listed the three lists I found.

How to become a "professional escrow" ? I don't really know. Do what I did, take your time, do lots of trades first, gather reputation and trust, be honest, be good, don't scam, be an asset to the community, have a good credit rating.

Escrow Service (Services) - GPG ID: 32AD7565, OTC ID: Dabs
All messages concerning escrow or with bitcoin addresses are GPG signed. Please verify.
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