BTCrow: Difference between revisions
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An escrow-like service that allows safer payment by securely holding a buyer's coins in escrow until the terms of the sale are met. | An escrow-like service that allows safer payment by securely holding a buyer's coins in escrow until the terms of the sale are met. | ||
<span style="color:red">Warning: Please be careful with your money. When sending money to an escrow partner you are trusting that the operator will not abscond with your funds and that the operator maintains secure systems that protect against theft -- internal or external.</span> | <span style="color:red">Warning: Please be careful with your money. When sending money to an escrow partner you are trusting that the operator will not abscond with your funds and that the operator maintains secure systems that protect against theft -- internal or external. It is recommended that you obtain the real-world identity of the operator and ensure that sufficient recourse is available. Exchanging or storing significant amounts of funds for others is not recommended.</span> | ||
==Fees== | ==Fees== | ||
The service charges a 1% escrow fee which includes potential dispute resolution. | The service charges a 1% escrow fee which includes potential dispute resolution. | ||
==Dispute Resolution== | |||
# Buyer and Seller Agree to Terms | |||
#* After Creating the bitcoin escrow at BTCrow.com, both parties agree to the terms of the transaction, which include a description of the merchandise, sale price, and method of escrow. | |||
# Buyer Pays BTCrow.com | |||
#* The Buyer submits funds to BTCrow. BTCrow.com verifies the payment with network confirmations. Processing time varies depending if the transaction takes time to be included in a block. | |||
# Seller Ships Merchandise | |||
#* Upon payment verification, the Seller is authorized to ship the merchandise and submit tracking information. | |||
# Buyer Accepts the Merchandise | |||
#* The Buyer accepts or refuses the merchandise. In case of refusal, the buyer initiates a dispute. | |||
# BTCrow.com Pays the Seller | |||
#* BTCrow.com pays the Seller in bitcoin for the amount agreed at point no 1. The transaction is complete. | |||
It is strongly recommended to sellers to have proof of item(s) delivery or proof that the service(s) was completed in order for the escrow service to manage disputes. | |||
==History== | ==History== | ||
The site was launched on June 23rd, 2011<ref>[http:// | The site was launched on June 23rd, 2011<ref>[http://bitcointalk.org/index.php?topic=21544.0 BTCrow.com - New Bitcoin Escrow Service]</ref>. | ||
In March, 2012 the service had gone offline, reportedly due to an extended distributed denial-of-service (DDoS) attack<ref>[http://bitcointalk.org/index.php?topic=21544.msg926817#msg926817 Site back online after DDoS]</ref>. | In March, 2012 the service had gone offline, reportedly due to an extended distributed denial-of-service (DDoS) attack<ref>[http://bitcointalk.org/index.php?topic=21544.msg926817#msg926817 Site back online after DDoS]</ref>. | ||
On May 28th, 2012 the operator announced partnership with another service, [[BitcoinOPX]] and provided identity information<ref>[http://bitcointalk.org/index.php?topic=84092.0 Trade Bitcoin Options - BitcoinOPX.com]</ref>. | On May 28th, 2012 the operator announced a partnership with another service, [[BitcoinOPX]], and provided identity information<ref>[http://bitcointalk.org/index.php?topic=84092.0 Trade Bitcoin Options - BitcoinOPX.com]</ref>. | ||
In December 2015 the service was listed for sale, [http://cointelegraph.com/news/115957/the-first-and-most-reputable-btc-escrow-is-for-sale Article] | |||
As of 2016, the site is closed and coming back soon | |||
==See Also== | ==See Also== | ||
Latest revision as of 07:42, 26 September 2022
An escrow-like service that allows safer payment by securely holding a buyer's coins in escrow until the terms of the sale are met.
Warning: Please be careful with your money. When sending money to an escrow partner you are trusting that the operator will not abscond with your funds and that the operator maintains secure systems that protect against theft -- internal or external. It is recommended that you obtain the real-world identity of the operator and ensure that sufficient recourse is available. Exchanging or storing significant amounts of funds for others is not recommended.
Fees
The service charges a 1% escrow fee which includes potential dispute resolution.
Dispute Resolution
- Buyer and Seller Agree to Terms
- After Creating the bitcoin escrow at BTCrow.com, both parties agree to the terms of the transaction, which include a description of the merchandise, sale price, and method of escrow.
- Buyer Pays BTCrow.com
- The Buyer submits funds to BTCrow. BTCrow.com verifies the payment with network confirmations. Processing time varies depending if the transaction takes time to be included in a block.
- Seller Ships Merchandise
- Upon payment verification, the Seller is authorized to ship the merchandise and submit tracking information.
- Buyer Accepts the Merchandise
- The Buyer accepts or refuses the merchandise. In case of refusal, the buyer initiates a dispute.
- BTCrow.com Pays the Seller
- BTCrow.com pays the Seller in bitcoin for the amount agreed at point no 1. The transaction is complete.
It is strongly recommended to sellers to have proof of item(s) delivery or proof that the service(s) was completed in order for the escrow service to manage disputes.
History
The site was launched on June 23rd, 2011[1].
In March, 2012 the service had gone offline, reportedly due to an extended distributed denial-of-service (DDoS) attack[2].
On May 28th, 2012 the operator announced a partnership with another service, BitcoinOPX, and provided identity information[3].
In December 2015 the service was listed for sale, Article
As of 2016, the site is closed and coming back soon
See Also
External Links
- BTCrow web site