Instant Escrow now available in Bitpie wallet.
Zero risks by using Instant Escrow on OTC trade
Interesting update banner but lacking in information.
Is there any official written document about this "
instant escrow"?
It's better to see it in detail to check how does this have zero risks compared to OTC trading.
Instant Escrow now available in Bitpie wallet.
Zero risks by using Instant Escrow on OTC trade
Interesting update banner but lacking in information.
Is there any official written document about this "
instant escrow"?
It's better to see it in detail to check how does this have zero risks compared to OTC trading.
In recent years, besides placing advertisements and orders on OTC platform, there is actually another less-known OTC market, that is, private deals between acquaintances. In the case of private deals, the trade volume is actually much larger than OTC platforms’, it’s just average people are not so familiar with it.
OTC traders have been accustomed to the way of making and taking orders, sending fiat and cryptocurrencies directly without any third-party escrow. The whole process is based on mutual trust. It's convenient and fast, but not safe though.
The risk of this mode is actually very high. As early as the previous round of bull market in 2016, Alice (assumed name) had been defrauded by a Bob (assumed name).
Bob had been helping her as an agent to trade with others in an OTC way. Bob helped Alice cash in and out for a long time. He was very creditable and had no problems. Many deals worth of $50,000 US dollars to $100,000 US dollars were handled successfully and smoothly. However, when a million-dollar business came one day, Bob disappeared with $1 million worth of Bitcoin in 2016, knowing that the unit price of bitcoin was only over $450 USD. If you are Alice, how do you feel about that?
Compared to the example from few years ago, the latest case of OTC scam is even more astonishing! Hundreds of OTC traders have been deceived by more than 8,000 bitcoins, worth nearly $40 million USD.
