I'm new to localbitcoins.com and I find the escrow process a little unclear.
Admittedly I haven't spent much time trying to figure it out - but that's largely because I don't fully understand the *why* of it.
There are 2 main things I think an explanatory graphic needs to do.
1) Explain the procedure from distinct perspectives of Bitcoin-buyer vs Bitcoin seller
(The example images above seem to try to describe the whole process from a birds-eye view - not working for me.)
2) Explain the motivations.. the *why* (again, from both perspectives)
e.g1 - Bitcoin buyer worried that some random who isn't even interested in Bitcoin is just using the service to get a guy with wads of cash to meet him in a dark alley.
e.g2 - Bitcoin seller worried... I dunno? That someone is just going to steal their smartphone - what is the point for the seller?
(you do have a password on your phone and bitcoin wallet.. right? although.. I suppose someone could rubber-hose the password out of you)
Topic: [8btc bounty] visualize localbitcoins.com escrow process (Read 2437 times)
Is there a time limit within which the transaction has to be released, or will it remain active until i choose to release or cancel it?
I think that was answered here.
... both participants can cancel the deal when they want, ...
You'll probably get a more accurate and prompt asking in the main thread for LocalBitcoins.com though:
- https://bitcointalksearch.org/topic/ann-localbitcoinscom-a-location-based-bitcoin-to-cash-marketplace-86012
Hi,
I arranged a transaction with a buyer through localbitcoin and have funded the transaction, but we have re-arranged the meeting time. Is there a time limit within which the transaction has to be released, or will it remain active until i choose to release or cancel it?
thanks
I arranged a transaction with a buyer through localbitcoin and have funded the transaction, but we have re-arranged the meeting time. Is there a time limit within which the transaction has to be released, or will it remain active until i choose to release or cancel it?
thanks
... both participants can cancel the deal when they want, ...
Cannot see how to cancel, please help.
I cannot seem to find a page anywhere that explains how the escrow process works.
How long do bitcoins stay in escrow before they are released back to the seller? For 1% is the escrow process going to anonymize also?
How long do bitcoins stay in escrow before they are released back to the seller? For 1% is the escrow process going to anonymize also?
Sorry, we are a little slow, but better guides will follow soon!
There is no time limit with the escrow currently - both participants can cancel the deal when they want, and then the seller will have the bitcoins back, no fees in that case.
Localbitcoins.com is developed using a single standard bitcoind backend, so you get some anonymity (mixing) - however it is not guaranteed, eg. you might get the same coins out that the seller is giving.
I cannot seem to find a page anywhere that explains how the escrow process works.
How long do bitcoins stay in escrow before they are released back to the seller? For 1% is the escrow process going to anonymize also?
How long do bitcoins stay in escrow before they are released back to the seller? For 1% is the escrow process going to anonymize also?
This might be confusing. Maybe each of the secret codes need a label?
The "release code" is a secret known only to seller. It is used when sending the text message that releases the escrow.
The "verification code" is a secret known only to the buyer. After the escrow is released, the buyer will receive an SMS text message showing the code. Since the seller doesn't know this code, then the buyer can be assured that the SMS text that confirms successful transfer of funds is authentic.
The "release code" is a secret known only to seller. It is used when sending the text message that releases the escrow.
The "verification code" is a secret known only to the buyer. After the escrow is released, the buyer will receive an SMS text message showing the code. Since the seller doesn't know this code, then the buyer can be assured that the SMS text that confirms successful transfer of funds is authentic.
Thanks for the tip! We will start using these terms.
So there is 2 codes, one with you can release the SMS, and other by receiving it from localbitcoins you are sure that the escrow is released.
This might be confusing. Maybe each of the secret codes need a label?
The "release code" is a secret known only to seller. It is used when sending the text message that releases the escrow.
The "verification code" is a secret known only to the buyer. After the escrow is released, the buyer will receive an SMS text message showing the code. Since the seller doesn't know this code, then the buyer can be assured that the SMS text that confirms successful transfer of funds is authentic.
If you like it I'll make the second one 
I'll attempt this tomorrow if the offer is still open then.
Thanks man! I used paintdotnet, and the font is called retroville NC
I made a funny joke, I know it was supposed to be cash but it was an S-Crow
like escrow
get it
...get..it.. funny joke..
Ill change the image to him holding cash, the links are in my dropbox, so it will just update itself in a few seconds.
ok cool
Let me know if you like it, ill make the other one too then.
You can send the bitcoins here if you like it - 1LbkeXvcyi622UymtVmiieZF7XLNzFiMYy
Awesome! 8 btc sent
I would change some texts to keep away misconceptions, like "Meet and receive escrow" = "Meet and receive cash" But I can do that also myself later, when I incorporate these into some blog
What is the font/program you used?Thanks man! I used paintdotnet, and the font is called retroville NC
I made a funny joke, I know it was supposed to be cash but it was an S-Crow
like escrow
get it
...get..it.. funny joke..
Ill change the image to him holding cash, the links are in my dropbox, so it will just update itself in a few seconds.
Let me know if you like it, ill make the other one too then.
You can send the bitcoins here if you like it - 1LbkeXvcyi622UymtVmiieZF7XLNzFiMYy
Awesome! 8 btc sent
I would change some texts to keep away misconceptions, like "Meet and receive escrow" = "Meet and receive cash" But I can do that also myself later, when I incorporate these into some blog
What is the font/program you used? Let me know if you like it, ill make the other one too then.
You can send the bitcoins here if you like it - 1LbkeXvcyi622UymtVmiieZF7XLNzFiMYy
Let me know if you like it, ill make the other one too then.
Working on it now.
I will give it a shot...... Might be fun
Anyone up to the challenge? It doesn't need to be professional - it can be made using MS Paint or rage faces
Recently we made a feature to release escrow using SMS message. This makes it possible to do bitcoin cash transactions without internet connection - less hassle.
We will offer 8btc for the best visualization of the following processes. Eg. stick-figure visualization, or anything else, you can use your imagination Extra tip will be provided if you invent something funny.
For the seller, the process is following
1. Offer
2. Fund the escrow, get SMS code & number, write them down to your phone
3. Meet & receive the escrow
4. Send the release SMS message
5. Both receive confirmation SMS (if they have provided phone numbers)
6. Everybody is happy, bitcoins transfered to buyer
For the buyer:
1. Offer
2. Take down or memorize secret escrow code
3. Meet & give cash
4. Receive SMS message from localbitcoins with the secret escrow code
5. Happy, bitcoins transfered
So there is 2 codes, one with you can release the SMS, and other by receiving it from localbitcoins you are sure that the escrow is released.
Rules: just put your result to this thread, if I find it satisfactory, I will send the 8btc to you. I can send it to only one person, so also speed matters
We will offer 8btc for the best visualization of the following processes. Eg. stick-figure visualization, or anything else, you can use your imagination
Extra tip will be provided if you invent something funny.For the seller, the process is following
1. Offer
2. Fund the escrow, get SMS code & number, write them down to your phone
3. Meet & receive the escrow
4. Send the release SMS message
5. Both receive confirmation SMS (if they have provided phone numbers)
6. Everybody is happy, bitcoins transfered to buyer
For the buyer:
1. Offer
2. Take down or memorize secret escrow code
3. Meet & give cash
4. Receive SMS message from localbitcoins with the secret escrow code
5. Happy, bitcoins transfered
So there is 2 codes, one with you can release the SMS, and other by receiving it from localbitcoins you are sure that the escrow is released.
Rules: just put your result to this thread, if I find it satisfactory, I will send the 8btc to you. I can send it to only one person, so also speed matters
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