The escrow there is pretty safe, the funds in it won't be released until you say that you have received the item and you can't have it back either until the trade is complete but if there is a dispute and the sender claims that the product was delivered to you and you say you haven't then both the parties will be asked to provide proofs for their claims and Localbitcoins will then decide which side proofs are heavier, they will also consider reputation of both the parties based on how many previous trades they have done successfully.
But if there is no dispute then you and sender both don't have to worry about anything and you should release the escrow as soon as you receive the items. The things you should watch out for is, make sure the sender provides the courier tracking ID and other details (weight, size, etc) right after he confirms that the items were shipped and contact the courier service to make sure that the all the details he provided were correct.
Topic: LocalBitcoins as ESCROW? - page 2. (Read 2028 times)
There shouldn't be any issues as long you retain all proof/records and under no circumstances release the Bitcoins until the item is received by you.
The only risk is that if you wire money to seller's account, but he did not release the bitcoin on localbitcoins, when you are the buyer. you can only appeal to localbitcoins, and this process is not easy
I plan to use LocalBitcoins for the very first time. The trade will be for a physical item that will be shipped to me. I would like to have the BTC held in ESCROW until the item arrives.
I would just like to know what precautions I have to take and how safe LocalBitcoin's ESCROW system is? Do I have to watch out for anything?
Thanks!
I would just like to know what precautions I have to take and how safe LocalBitcoin's ESCROW system is? Do I have to watch out for anything?
Thanks!
LocalBitcoins is pretty legit and straight forward. Shouldn't be any surprises unless you release the funds prior to getting the item you bought for some reason.
I plan to use LocalBitcoins for the very first time. The trade will be for a physical item that will be shipped to me. I would like to have the BTC held in ESCROW until the item arrives.
I would just like to know what precautions I have to take and how safe LocalBitcoin's ESCROW system is? Do I have to watch out for anything?
Thanks!
I would just like to know what precautions I have to take and how safe LocalBitcoin's ESCROW system is? Do I have to watch out for anything?
Thanks!
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