What is escrow? | Bitcointalksearch.org

J Gambler

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Quote from: ricreis394 on September 24, 2016, 07:53:36 PM

I searched for topics in trading section. I see in a lot of topics people talking about escrow like: "escrow is a must"
What does that mean?
I see that escrow is a website to make payments more secure, no?
But I saw in another topic one guy telling that he wants to be a third escrow. This confuses me. Huh

Escrow is a trust forum member where they can trust there money to do it some trading. Normaly people using escrow if there buyer or seller are not that trusted enough to trust his bitcoin or money.

FeelTheBeat1

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Escrow is a middle man ( person or company ) which serves as a middle man for protecting both the buyer and the seller during a deal
Remember always use a trusted escrow provider there are lots of fake providers so stay away from them

xIIImaL

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Quote from: gamerfan on September 27, 2016, 11:35:06 AM

In short, a middle man who both parties trust.

He or she can hold the funds and release only after the item is delivered to the buyer.

Normally while we having trade anything so money sender will sends the fund to the escrow person and he will manages the money for the both the parties involved in trade.

gamerfan

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In short, a middle man who both parties trust.

He or she can hold the funds and release only after the item is delivered to the buyer.

Aamir1

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Quote from: ricreis394 on September 24, 2016, 07:53:36 PM

I searched for topics in trading section. I see in a lot of topics people talking about escrow like: "escrow is a must"
What does that mean?
I see that escrow is a website to make payments more secure, no?
But I saw in another topic one guy telling that he wants to be a third escrow. This confuses me. Huh

Escrow is a person who holds the funds in a deal to make someone safe from a scammer, for example if you are selling bitcoins to someone on this forum you will hire a escrow to whom you will give your bitcoins and the other person (buyer of your coins) will pay you the amount and then you will tell the escrow to release the funds, if the buyer does not send the money the escrow will give your bitcoins back to you.

defined

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Quote from: ricreis394 on September 24, 2016, 08:09:06 PM

Quote from: achow101 on September 24, 2016, 08:03:57 PM

Quote from: ricreis394 on September 24, 2016, 08:02:05 PM

Quote from: achow101 on September 24, 2016, 07:58:59 PM

An escrow is someone (company or person) who is trusted by the buyer and seller. The escrow will act as a middleman who makes sure that neither the buyer nor the seller scams anyone. Money, and usually the product, goes to the escrow. The escrow verifies that the product is as advertised, and then forwards both the payment and the product to the respective parties. If there is a dispute, the escrow is supposed to act as a mediator and resolve the dispute.

ok. Now makes sense
But who could be the escrow if I don't have any friend in common with the guy I want to trade. (this is an example)

A lot of people on the forum act as escrows. They have trade histories and are trusted by other members of the forum. The feedback system lets users see who trusts that user and has had a good experience trading with him.

but there's a chance of the escrow guy be a scammer?

Yes. But the chance the other party is a scammer is much more likely than the chance the escrow scams you.

Noctis Connor

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Quote from: ricreis394 on September 24, 2016, 07:53:36 PM

I searched for topics in trading section. I see in a lot of topics people talking about escrow like: "escrow is a must"
What does that mean?
I see that escrow is a website to make payments more secure, no?
But I saw in another topic one guy telling that he wants to be a third escrow. This confuses me. Huh

Escrow is a person who had lots of positive feedback or the person who trust people to handle their money to hold their money if they buying something like you i will example my self i am buying something to you and i need escrow im going to send my payment to him/her and then it will going to send you after you give the thing that i bought to yu.

choppork

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Quote from: ricreis394 on September 24, 2016, 07:53:36 PM

I searched for topics in trading section. I see in a lot of topics people talking about escrow like: "escrow is a must"
What does that mean?
I see that escrow is a website to make payments more secure, no?
But I saw in another topic one guy telling that he wants to be a third escrow. This confuses me. Huh

That basically means that the seller or the buyer is making sure that he/she is safe from scammers. Having an escrow should always be a must if you don't want getting scammed.

There are some reports in this forum saying that they were scammed by a 'green' trust user. He thought it is safe to deal with that user without escrow because of the positive feedback he got from a DT member. It turns out, even if somebody has a positive trust like that, you still have to be very careful when dealing with them.

23dzmaz

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Escrow is a trusted third-party that holds funds in a secure Escrow Account. Funds are held in escrow until the the transaction is fulfilled. So both seller and buyer are safe when do the transaction.

outatime1

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The escrow is the person that handles the transaction for the buyer and seller. He/she should be trusted in the bitcoin forum community and impartial in the transaction.

Zohaib_Ali

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Quote from: achow101 on September 24, 2016, 07:58:59 PM

An escrow is someone (company or person) who is trusted by the buyer and seller. The escrow will act as a middleman who makes sure that neither the buyer nor the seller scams anyone. Money, and usually the product, goes to the escrow. The escrow verifies that the product is as advertised, and then forwards both the payment and the product to the respective parties. If there is a dispute, the escrow is supposed to act as a mediator and resolve the dispute.

One of the best explanation I had seen and read in a week or so. Lol. Grin

abhishek.g

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Quote from: ricreis394 on September 24, 2016, 07:53:36 PM

I searched for topics in trading section. I see in a lot of topics people talking about escrow like: "escrow is a must"
What does that mean?
I see that escrow is a website to make payments more secure, no?
But I saw in another topic one guy telling that he wants to be a third escrow. This confuses me. Huh

Well this is the question that makes you look so cute . Escrow means any guy or company who will keep both parties' (involved in a trade) money in his hands and will cross share the money to parties .

For instance, if X and Y are going to trade then Z will keep money of X and Y and will share the money to X if he receives money from Y and then he will share the money to Y he received from X .

20kevin20

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Quote from: amacar2 on September 25, 2016, 01:28:52 PM

Quote from: ricreis394 on September 25, 2016, 08:33:16 AM

normally that is something that is doing in skype or just pm from the forum?
Because with pm seems to take a long time, no?

I think most of the escrow service provider in this forum uses PM for communication and also it is safer to deal over forum so that they can have proper record of who they are giving their escrow service and for what. With skype many used it to scam people however i agree that finding escrow and completing deal may take longer time than without escrow but better to wait few hours/days than lossing your bitcoin without getting anything.

Skype is much easier because you can literally speak but yes, it's hard to have proofs afterwards. You can change your Skype name and other stuff, while on BTCTalk it stays the same no matter what.

AdolfinWolf

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Quote from: ricreis394 on September 25, 2016, 08:33:16 AM

normally that is something that is doing in skype or just pm from the forum?
Because with pm seems to take a long time, no?

Both, you can find trusted escrows on the forum here, who will even do it for free, or against a low fee, and makes it a secure trade.

amacar2

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Quote from: ricreis394 on September 25, 2016, 08:33:16 AM

normally that is something that is doing in skype or just pm from the forum?
Because with pm seems to take a long time, no?

I think most of the escrow service provider in this forum uses PM for communication and also it is safer to deal over forum so that they can have proper record of who they are giving their escrow service and for what. With skype many used it to scam people however i agree that finding escrow and completing deal may take longer time than without escrow but better to wait few hours/days than lossing your bitcoin without getting anything.

ricreis394

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normally that is something that is doing in skype or just pm from the forum?
Because with pm seems to take a long time, no?

Zosuda

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An escrow is a trusted person who will be in the middle of the deal to make sure its goes well for both party's.

They sometimes hold both items/funds before making the switch.

dunfida

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Quote from: ricreis394 on September 24, 2016, 07:53:36 PM

I searched for topics in trading section. I see in a lot of topics people talking about escrow like: "escrow is a must"
What does that mean?
I see that escrow is a website to make payments more secure, no?
But I saw in another topic one guy telling that he wants to be a third escrow. This confuses me. Huh

Escrow is considered as a middle man between seller and a buyer , this person would hold the funds and the items that have been bought or any other things that being sold. With escrow you could somehow assured your self or lessen the risk of being scammed compared to P2P trading.

MWesterweele

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Quote from: ricreis394 on September 24, 2016, 07:53:36 PM

I searched for topics in trading section. I see in a lot of topics people talking about escrow like: "escrow is a must"
What does that mean?
I see that escrow is a website to make payments more secure, no?
But I saw in another topic one guy telling that he wants to be a third escrow. This confuses me. Huh

Escrow is a man middle where buyer send his bitcoin to escrow to secured the funds before it will release to the seller once the escrow confrimed that the seller realase the item / anything to buyer then it will going to confirm the buyer that the item is receive then he is going to tell the escrow to release the funds to the seller.

iqlimasyadiqa

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An escrow service allows safer payment by securely holding a buyer's coins in escrow until the terms of the sale are met and as a result the buyer releases payment to the seller. In most cases no dispute is filed and no 3rd party action is needed.

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