Method map of escrow process1/9/2024 How can you be sure that the buyer will send you the equivalent amount in gift cards after you’ve sent him the bitcoin? If he does not send you the gift card, then there is no way for you to get your bitcoins back, it’s as good as lost. In other words, to him, you may be a scammer who wants some free work done by gullible freelancers.Ī similar situation can be when you want to sell your bitcoin for a gift card. Since there is no personal familiarity with the freelancer, there is no way for the person you are dealing with to gauge your legitimacy. Let’s say you want to hire a freelancer to fix errors in your website and the payment is to be made in bitcoin. Now the definition for the bitcoin escrow service has been established, now let’s explore the need for it: Why do you need Bitcoin Escrow? Now for the first time in history bank accounts are no longer needed thanks to a new breed of escrow services that use blockchain technology as bitcoin. Different types of escrow services use bank accounts to do this and put their reputations on the line. Since bitcoin can be spent just like real money, you’ll need bitcoin escrow to ensure that the bitcoins are only transferred after the promised obligation has been fulfilled.Įscrow services are great because they give buyers trust in a sales process by showing them that the seller has the funds on hand. The word derives from the Old French word escroue, meaning a scrap of paper or a scroll of parchment this indicated the deed that was held by a third party until a transaction was completed. Escrow in the financial sense means an arrangement where a third party (not the buyer or the seller) holds funds in safekeeping pending the completion of a promised obligation.
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