Topic: Escrow explained - page 2. (Read 490 times)
Nicely explain about how escrow works but using escrow have disadvantages and advantages for the buyer and seller. I'll just provide one of each. Disadvantage of using escrow is you (buyer) and other person (seller) might get scammed by the escrow and get away with it if the escrow is cannot be trusted. Advantage of using escrow when the escrow can Be trusted is that there will be no scam will happen between the buyer and the seller.
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Still, irrespective of how it's recommended to employ the service of an escrow when transacting on the forum, you should be very cautious when choosing the escrow to use. If you get a suggestion from the other party, make sure it's a very trusted individual with no history of untrustworthy behavior before you accept to use his service.
Cautiously, any user without a previous record of escrow services or have not carried out countless nof successful transaction involving funds to be deem worthy, shouldn't be trusted. Here's a complete list of escrows on the forum: Few Trusted Escrow Provider
Cautiously, any user without a previous record of escrow services or have not carried out countless nof successful transaction involving funds to be deem worthy, shouldn't be trusted. Here's a complete list of escrows on the forum: Few Trusted Escrow Provider
Thank you for your comment. Main idea of this thread is to explain for newbies what is escrow in simple words. This thread is not a list of actual escrow services. However, I want to notice that link you provided contains not completed list of escrow services. I don't see escrow services from DevawnM367 and Tookdk. So my list is not full but also useful.
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Still, irrespective of how it's recommended to employ the service of an escrow when transacting on the forum, you should be very cautious when choosing the escrow to use. If you get a suggestion from the other party, make sure it's a very trusted individual with no history of untrustworthy behavior before you accept to use his service.
Cautiously, any user without a previous record of escrow services or have not carried out countless amount bof successful transaction involving funds to be deem worthy, shouldn't be trusted. Here's a complete list of escrows on the forum: Few Trusted Escrow Provider, choose wisely.
Cautiously, any user without a previous record of escrow services or have not carried out countless amount bof successful transaction involving funds to be deem worthy, shouldn't be trusted. Here's a complete list of escrows on the forum: Few Trusted Escrow Provider, choose wisely.
Escrow explained
There is a popular procedure named «Escrow» on this forum. Especially its oftenly used in a Marketplace section.
Escrow is a commonly used anti fraud mechanism which idea is to invite a neutral 3rd person to be a holder of crypto payment till each participant of the deal will not be satisfied with its completion.
Let’s imagine that somebody wants to order a digital portrait for 0.3BTC from a digital artist accepting bitcoins as payment for his work.
If both sides will agree on a deal without escrow, there are a few risks involved:
1. If costumer will send payment to an artist before portrait completion he can lost his money since artist can just left his job undone without money returning.
2. Also customer can be totally unsatisfied with the quality of portrait he finally get.
3. If artist will agree to do a drawing job without prepayment he risking to be unpaid after job completion.
4. Also artist can be partially unpaid if costumer will change his mind and cancel the order while it will partially completed.
If both sides will choose to use an escrow agent then risks described above will excluded.
1. Before starting both sides should prepare detailed description of what and how should be done. The much details the better. In portrait case it could be parameters like portrait orientation, color scheme, drawing style, examples of other portraits, realizing time and so on.
2. When description will done and approved by the buyer and seller it should be sent to an escrow agent they have chosen. Escrow agent will read the description and if he will not have any remarks then the buyer will deposit payment to an escrow’s wallet.
3. After job will be finished and both sides will agree on payment realizing the escrow agent will send money to seller. Or if any side of a deal will not satisfied with its completion then the middleman will solve a dispute by returning money to buyer, prolonging job, sending money to sender or anything else basis on individual situation.
Therefore you should always use Escrow Service before buying or selling anything on bitcointalk. You should also choose a reputable and popular escrow agent for holding your money. Some of them you can find in a list below:
List of actual escrow services:
Username - - - - | Thread | - - - - Fee
OgNasty | Escrow thread | Fee is 1%
DarkStar_ | Escrow thread | Fee is 0.7% or 0.0005 BTC
DevawnM367 | Escrow thread | Fee is individual
yogg | Escrow thread | Fee is 1%
TookDk | Escrow thread | Fee is 1% or Free*
Bl4nkcode | Escrow thread | Fee is 1-2%
SebastianJu | Escrow thread | Free
krogothmanhattan | Escrow thread | Fee is 1%
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