Are crypto escrow services profitable?

OgNasty

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Quote from: escrowmycoins on July 23, 2020, 07:39:01 AM

I am wondering if crypto escrow services are profitable or not, and how much capital is needed to start one?
P.S. i am almost done creating a multi-coin escrow service.

It is always good to know someone’s motivation for starting an escrow business and best to avoid those who were motivated only by profits.

SFR10

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Quote from: escrowmycoins on July 23, 2020, 07:39:01 AM

I am wondering if crypto escrow services are profitable or not,

Quote from: escrowmycoins on July 23, 2020, 04:12:19 PM

i will try to put this escrow online anyways just for the community and see how i can make money out of it,

Since this is a sensitive topic/service, I'll give you a straight answer:

You shouldn't offer an escrow service for the possibility of having a profit of some kind but instead, you should only look to secure those deals/funds for involved parties.
^{- This type of service isn't like other businesses and if all you care is profits, then you're doing it for the wrong reason.}

Quote from: OmegaStarScream on July 23, 2020, 08:09:36 AM

I'd say that people are no longer using it as they used to.

Exactly + some are pretending to, by looking for escrow providers while dealing with the type of stuff that none of us can secure for each part of the deal.

Quote from: escrowmycoins on July 23, 2020, 08:46:46 AM

i just want to register it as a company so far in order to boost the trust in it.

I've seen a lot of scammers managed to register their company quite easily and still end up scamming others ^{[AFAIK, it's no longer that hard to register as a company]}...
^{- I'm not implying that you're a scammer.}

Quote from: escrowmycoins on July 23, 2020, 07:05:50 PM

Indeed, but at least an escrow service will make it less possible for someone to get scammed or get his bitcoin stolen,

That's only correct if the one that's offering their escrow services isn't a scammer of some sort ^{[we've already had a few those in the past]}.

Quote from: escrowmycoins on July 23, 2020, 07:05:50 PM

i am trying to apply the best security practices in the escrow i am working on.

Care to share the exact process?

escrowmycoins

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Trusted and reliable escrow service for your trade

Quote from: bitmover on July 23, 2020, 05:43:57 PM

Quote from: Vod on July 23, 2020, 03:34:29 PM

Quote from: bitmover on July 23, 2020, 03:05:34 PM

People buy stuff online with fiat without escrow. I don't see why they would need for cryptocurrency.

I think crypto is non-reversible.

I don't think reversibility makes any difference when you bought something online for a relatively low value and get scammed.

Visa will "revser" your transactions if THEY get scammed , if a hacker cloned your credit card etc. But if you bought something and you were scammed your credit card will do nothing. At least this is my experience

Indeed, but at least an escrow service will make it less possible for someone to get scammed or get his bitcoin stolen, i am trying to apply the best security practices in the escrow i am working on.

bitmover

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Quote from: Vod on July 23, 2020, 03:34:29 PM

Quote from: bitmover on July 23, 2020, 03:05:34 PM

People buy stuff online with fiat without escrow. I don't see why they would need for cryptocurrency.

I think crypto is non-reversible.

I don't think reversibility makes any difference when you bought something online for a relatively low value and get scammed.

Visa will "revser" your transactions if THEY get scammed , if a hacker cloned your credit card etc. But if you bought something and you were scammed your credit card will do nothing. At least this is my experience

Blocktopian88

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Definitely.

escrowmycoins

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Trusted and reliable escrow service for your trade

Quote from: Vod on July 23, 2020, 03:34:29 PM

Quote from: bitmover on July 23, 2020, 03:05:34 PM

People buy stuff online with fiat without escrow. I don't see why they would need for cryptocurrency.

I think crypto is non-reversible.

There are many situations where Fiat is non-reversible as well, i will try to put this escrow online anyways just for the community and see how i can make money out of it, i even kept the fees as low as possible for good.

Vod

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Quote from: bitmover on July 23, 2020, 03:05:34 PM

People buy stuff online with fiat without escrow. I don't see why they would need for cryptocurrency.

I think crypto is non-reversible.

escrowmycoins

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Trusted and reliable escrow service for your trade

Quote from: bitmover on July 23, 2020, 03:05:34 PM

Quote from: escrowmycoins on July 23, 2020, 08:46:46 AM

I see, so far i am not looking to advertise for the service and my main idea is to enable people to purchase items online via crypto using an escrow service, but i will see what i can do to improve the platform since it is almost done, i just want to register it as a company so far in order to boost the trust in it.

I don't think people need escrow to buy products online. To buy something online there are many good solutions such as btcpayserver.org

People buy stuff online with fiat without escrow. I don't see why they would need for cryptocurrency.

I see, but bitcoin was meant to be used as a currency to trade goods with so..

bitmover

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Quote from: escrowmycoins on July 23, 2020, 08:46:46 AM

I see, so far i am not looking to advertise for the service and my main idea is to enable people to purchase items online via crypto using an escrow service, but i will see what i can do to improve the platform since it is almost done, i just want to register it as a company so far in order to boost the trust in it.

I don't think people need escrow to buy products online. To buy something online there are many good solutions such as btcpayserver.org

People buy stuff online with fiat without escrow. I don't see why they would need for cryptocurrency.

escrowmycoins

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Trusted and reliable escrow service for your trade

Quote from: OmegaStarScream on July 23, 2020, 08:09:36 AM

Well, there is Bitrated already and there are some public figures and users from the forums who are in it but looking at the trust feedbacks in some profiles, I'd say that people are no longer using it as they used to.

Now, if you're trying to advertise your service here on the forum, then I don't think it would help you in any way. Most of the members here prefer to use someone from the forums as an escrow, no one would agree to use a third party website. Besides, I don't think you could compete with the fees since you have hosting and developers to pay.

I see, so far i am not looking to advertise for the service and my main idea is to enable people to purchase items online via crypto using an escrow service, but i will see what i can do to improve the platform since it is almost done, i just want to register it as a company so far in order to boost the trust in it.

OmegaStarScream

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Well, there is Bitrated already and there are some public figures and users from the forums who are in it but looking at the trust feedbacks in some profiles, I'd say that people are no longer using it as they used to.

Now, if you're trying to advertise your service here on the forum, then I don't think it would help you in any way. Most of the members here prefer to use someone from the forums as an escrow, no one would agree to use a third party website. Besides, I don't think you could compete with the fees since you have hosting and developers to pay.

escrowmycoins

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Trusted and reliable escrow service for your trade

I am wondering if crypto escrow services are profitable or not, and how much capital is needed to start one?
P.S. i am almost done creating a multi-coin escrow service.

Topic: Are crypto escrow services profitable? (Read 166 times)