BTCrow: Difference between revisions
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# Buyer and Seller Agree to Terms | # Buyer and Seller Agree to Terms | ||
** After Creating the bitcoin escrow at BTCrow.com, both parties agree to terms of the transaction, which includes a description of the merchandise, sale price and method of escrow. | |||
# Buyer Pays BTCrow.com | # 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 take time to be included into a block. | |||
# Seller Ships Merchandise | # Seller Ships Merchandise | ||
** Upon payment verification, the Seller is authorized to ship merchandise and submit tracking information. | |||
# Buyer Accepts the Merchandise | # Buyer Accepts the Merchandise | ||
** The Buyer accept or refuse the merchandise. In case of refuse, the buyer initiate a dispute. | |||
# BTCrow.com Pays the Seller | # 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. | 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. | ||
Revision as of 01:09, 22 July 2011
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.
The service offer two option:
1) Bitcoins from disputes unresolved will go to Bitcoin Faucet.
2) BTCrow will mediate disputes.
Fees
The service charges a 1% to 2% fee.
1% fee if you choose donation option
2% fee if you opt for dispute resolution service
Dispute Resolution
- Buyer and Seller Agree to Terms
- After Creating the bitcoin escrow at BTCrow.com, both parties agree to terms of the transaction, which includes 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 take time to be included into a block.
- Seller Ships Merchandise
- Upon payment verification, the Seller is authorized to ship merchandise and submit tracking information.
- Buyer Accepts the Merchandise
- The Buyer accept or refuse the merchandise. In case of refuse, the buyer initiate 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].
The site launched two transaction options on June 28rd, 2011
See Also
External Links
- BTCrow web site