What is an escrow account ? | Bitcointalksearch.org

Racekid

newbie

Activity: 59

Merit: 0

Quote from: CircularLoGic on November 30, 2017, 03:47:13 AM

Quote from: GAUMZEE on November 30, 2017, 03:40:30 AM

What is an escrow account how does it work what are its uses & benefits ?

Let's say I'm looking to buy a domain from you and I don't have backup you'r are going to send me over the domain credentials that's when " ESCROW " enters the action, seems none of us has done any kind of deal and we can't trust our money to each other, escrow is a trusted thirdparty that is willing to " HOLD " my bitcoins in his escrow address til you send me over the domain. When I got the " DOMAIN " secured he will release the "BTC" to your address.
I made this post with many " " cuz this is completely an hypothetical case

Thanks for this, really helpful. Been tryna know what this means for a while now.. So, an escrow is like a trusted 3rd party who handle funds during a contract.. Cool

Maveth13

full member

Activity: 336

Merit: 112

An escrow is a third party that holds the funds for transactions of two parties, this 3rd party would ensure that none of the two parties would scam the other.
There's a lot of reputable escrows here in the forum, and I think it's actually better to hire an actual person as an escrow rather than using various sites out there. I'm not sure if this is updated but, here's a list of escrows.
https://bitcointalksearch.org/topic/bitcointalk-escrows-trade-safely-855778

CircularLoGic

full member

Activity: 308

Merit: 100

Quote from: GAUMZEE on November 30, 2017, 03:40:30 AM

What is an escrow account how does it work what are its uses & benefits ?

Let's say I'm looking to buy a domain from you and I don't have backup you'r are going to send me over the domain credentials that's when " ESCROW " enters the action, seems none of us has done any kind of deal and we can't trust our money to each other, escrow is a trusted thirdparty that is willing to " HOLD " my bitcoins in his escrow address til you send me over the domain. When I got the " DOMAIN " secured he will release the "BTC" to your address.
I made this post with many " " cuz this is completely an hypothetical case

GAUMZEE

newbie

Activity: 55

Merit: 0

What is an escrow account how does it work what are its uses & benefits ?

Topic: What is an escrow account ? (Read 130 times)