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Topic: Coinkite: Bitcoin Escrow Payments With Coinkite Multi-signature (Read 515 times)
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Bitcoin Escrow Payments With Coinkite Multi-signature
Since Coinkite’s Multisig is very flexible, you can also invite others to participate. A very common use of multisig is for escrow payments, with 2 or 3 or more parties involved.
The simplest options is to setup a bitcoin rule of minimum of 2 parties to sign on a multisig wallet of 2 keys (2-of-2). That means once a deposit has been made on that wallet, both parties need to agree in order to move the funds.
A second option is a minimum of 2 parties to sign out of a 3 key wallet (2-of-3), in this case one would be the seller, another the buyer and a third would be an arbitrator. In this case if there is a dispute the arbitrator can sign with the buyer or with the seller, but cannot run away with the funds!
0 transaction fees!
It is very simple to accomplish this:
Other Features
Since Coinkite’s Multisig is very flexible, you can also invite others to participate. A very common use of multisig is for escrow payments, with 2 or 3 or more parties involved.
The simplest options is to setup a bitcoin rule of minimum of 2 parties to sign on a multisig wallet of 2 keys (2-of-2). That means once a deposit has been made on that wallet, both parties need to agree in order to move the funds.
A second option is a minimum of 2 parties to sign out of a 3 key wallet (2-of-3), in this case one would be the seller, another the buyer and a third would be an arbitrator. In this case if there is a dispute the arbitrator can sign with the buyer or with the seller, but cannot run away with the funds!
0 transaction fees!
It is very simple to accomplish this:
- Create Coinkite.com Account
- Create Multisig Wallet (i.e 2-of-2, 2-of-3 up to m-of-15)
- Invite Buyer/Seller (and maybe an Arbitrator)
- Initiator finalizes the account
- And you are ready to add the funds!
- Get started here
Other Features
- Other participating parties can be anonymous and use Coinkite’s co-sign page to agree on transactions.
- Good privacy, it works well over tor and doesn’t require all parties to be Coinkite users.
- Proposed transactions on Co-sign pages remain open untill canceled or approved.
- All Conkite’s multisig features!
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