Y'all can stop posting redundant posts now.
Topic: What is Escrow? (Read 257 times)
Hey guys, I'm pretty sure OP already understood what an escrow is.
Y'all can stop posting redundant posts now.
Y'all can stop posting redundant posts now.
An escrow is someone who is trusted by both parties that are about to make a transaction and acts as a middleman for the transaction.
Example: Sam wants to buy 1 BTC from Mike but doesn't trust Mike but Sam and Mike both Emmanuel so Sam send the money to Emmanuel then after Emmanuel confirms receiving the money he tells Mike to send the BTC to Sam then after Sam confirms receiving the BTC he tells Emmanuel to send the money to Mike
Example: Sam wants to buy 1 BTC from Mike but doesn't trust Mike but Sam and Mike both Emmanuel so Sam send the money to Emmanuel then after Emmanuel confirms receiving the money he tells Mike to send the BTC to Sam then after Sam confirms receiving the BTC he tells Emmanuel to send the money to Mike
Escrow is a man who helps us for making a Transaction with an unknown person.
@Tryninja had already explained aptly to the OP what/who an escrow service is and how exactly it works,and your input is rather one that lacks understanding of the term. Refer to the initial explanation to understand fully what an escrow service is and how it works
I want to know about Escrow. I saw that some people post in service section that ESCROW Service. What is Escrow service i dont know please some one tell me about that.
Escrow is a man who helps us for making a Transaction with an unknown person. It is safe to use Escrow Service for making a deal with the totally unknown person. So Escrow is a Service.
Now I understand. Escrow is a middle man like media. Thank you TryNinja you are definitely a good teacher.
In case you'll need to use an escrow service(Trusted) in the future here on the forum, here is a list of bitcoin talks official trusted escrow service https://bitcointalksearch.org/topic/recommended-bitcointalk-escrow-services-2439910
Anyone can act as an escrow for you,but to be on the safer side as such service isn't about ranks or merits,it definitely would be better to stick with those on the list
This one is way more complete and up to date: ⛓LIST⛓ BitcoinTalk's Escrow Providers: Ranking & Blacklist ☠ Avoid Scammers ☠
Now I understand. Escrow is a middle man like media. Thank you TryNinja you are definitely a good teacher.
In case you'll need to use an escrow service(Trusted) in the future here on the forum, here is a list of bitcoin talks official trusted escrow service https://bitcointalksearch.org/topic/recommended-bitcointalk-escrow-services-2439910
Anyone can act as an escrow for you,but to be on the safer side as such service isn't about ranks or merits,it definitely would be better to stick with those on the list
Is basically a middle-man which safeguards your transaction when you're trading with unknown/untrusted people.
An example:
You want to sell 1 BTC to someone.
1. You send 1 BTC to the escrow.
2. They hold your 1 BTC while the buyer does the money transaction (deposit/wire/etc...).
3. When you confirm you received the money, you tell the escrow to release the coins.
4. They send the 1 BTC to the seller.
So, the escrow is acting as the middle-man of the transaction. You <> Escrow <> Buyer.
This way, you can't run with the buyer money if he sends first (since the 1 BTC is with the trusted middle-man), and neither he can run with your 1 BTC if you send first (because the escrow only releases them to the buyer after the wire).
Now I understand. Escrow is a middle man like media. Thank you TryNinja you are definitely a good teacher. An example:
You want to sell 1 BTC to someone.
1. You send 1 BTC to the escrow.
2. They hold your 1 BTC while the buyer does the money transaction (deposit/wire/etc...).
3. When you confirm you received the money, you tell the escrow to release the coins.
4. They send the 1 BTC to the seller.
So, the escrow is acting as the middle-man of the transaction. You <> Escrow <> Buyer.
This way, you can't run with the buyer money if he sends first (since the 1 BTC is with the trusted middle-man), and neither he can run with your 1 BTC if you send first (because the escrow only releases them to the buyer after the wire).
Is basically a middle-man which safeguards your transaction when you're trading with unknown/untrusted people.
An example:
You want to sell 1 BTC to someone.
1. You send 1 BTC to the escrow.
2. They hold your 1 BTC while the buyer does the money transaction (deposit/wire/etc...).
3. When you confirm you received the money, you tell the escrow to release the coins.
4. They send the 1 BTC to the seller.
So, the escrow is acting as the middle-man of the transaction. You <> Escrow <> Buyer.
This way, you can't run with the buyer money if he sends first (since the 1 BTC is with the trusted middle-man), and neither he can run with your 1 BTC if you send first (because the escrow only releases them to the buyer after the wire).
An example:
You want to sell 1 BTC to someone.
1. You send 1 BTC to the escrow.
2. They hold your 1 BTC while the buyer does the money transaction (deposit/wire/etc...).
3. When you confirm you received the money, you tell the escrow to release the coins.
4. They send the 1 BTC to the seller.
So, the escrow is acting as the middle-man of the transaction. You <> Escrow <> Buyer.
This way, you can't run with the buyer money if he sends first (since the 1 BTC is with the trusted middle-man), and neither he can run with your 1 BTC if you send first (because the escrow only releases them to the buyer after the wire).
I want to know about Escrow. I saw that some people post in service section that ESCROW Service. What is Escrow service i dont know please some one tell me about that.
Jump to: