ClearCoin: Difference between revisions
Create a section title History for the launch announcement. Create a section title Transactions for some transaction policy notes. |
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When the buyer refuses to release the escrowed amount, the delay in getting those funds returned may be an incentive to try to work things out with the seller. For the seller, there still is the risk that the buyer will have received the goods or service and then still refuse to release payment. ClearCoin does not mediate disputes. | When the buyer refuses to release the escrowed amount, the delay in getting those funds returned may be an incentive to try to work things out with the seller. For the seller, there still is the risk that the buyer will have received the goods or service and then still refuse to release payment. ClearCoin does not mediate disputes. | ||
The web application runs on Google App Engine and the escrowed funds are held on a more secure server hosted with Amazon EC2<ref>[http://www.readwriteweb.com/hack/2010/12/interview-bitcoin.php Interview: How Bitcoin Created a Decentralized Crypto-Currency]</ref>. | |||
==Transactions== | |||
After bitcoins are sent to ClearCoin escrow, three [[confirmations]] are required before the escrow can be released<ref>[http://www.bitcoin.org/smf/index.php?topic=5147.msg75185#msg75185 Does it take awhile for bitcoins to show up in a clearcoin escrow?]</ref>. | |||
==History== | |||
This service was first made available on December 7th, 2010<ref>[http://www.bitcoin.org/smf/index.php?topic=2134.0 ClearCoin: for safer bitcoin transactions]</ref> | |||
==External Links== | ==External Links== | ||
Revision as of 00:11, 30 March 2011
ClearCoin is an escrow-type of service that allows safer payment by securely holding coins in escrow until both buyer and seller are satisfied.
Sometimes there is a risk that a buyer will be unhappy with a purchase but no recourse is possible because Bitcoin transactions are not reversible. An escrow allows the buyer to send payment to an intermediary and release the funds only at such time the buyer is satisfied with the seller's level of service.
ClearCoin escrow simply acts as a time lock for a bitcoin person to person transaction. After sending payment to escrow, either the escrow can be released and ClearCoin will forward the escrowed amount to the seller, or the escrowed funds are held until the expiration date (options available are 1 month, 6 months and 1 year escrow expirations) before the payment will be returned to the buyer.
When the buyer refuses to release the escrowed amount, the delay in getting those funds returned may be an incentive to try to work things out with the seller. For the seller, there still is the risk that the buyer will have received the goods or service and then still refuse to release payment. ClearCoin does not mediate disputes.
The web application runs on Google App Engine and the escrowed funds are held on a more secure server hosted with Amazon EC2[1].
Transactions
After bitcoins are sent to ClearCoin escrow, three confirmations are required before the escrow can be released[2].
History
This service was first made available on December 7th, 2010[3]