Bitcoin Escrow Script - To Start a Peer-to-Peer Exchange Website!

Posted On March 16, 2020 at 05:06 PM
Updated March 17, 2020 at 10:31 AM
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Cryptocurrencies are changing the way people make a purchase online, and sending/ receiving money around the world. Many Countries like India, UK, US, Japan, Canada, have already accepted cryptocurrencies legally. But still many cryptocurrency entrepreneurs are afraid to trade with bitcoin. This is because they have lot of questions like “how to buy a bitcoin? and how to create trust on other people while trading?” To avoid such fear, bitcoin facilitates the escrow method!

If you are looking to do trading or investing in Bitcoin it is aware to use a Bitcoin Escrow service. Below is some information on why you should be using bitcoin escrow services to carry out buying and trading of bitcoins.

What is an Escrow Application?

An escrow service is essentially a trusted third party in between a buyer and a seller in the Bitcoin Exchange Platform. This principle is exactly the same for both bitcoin-based transactions and traditional currency. An escrow or admin will keep a track on the payments of both buyer & seller. This escrow service will always tries to offer a secure and guaranteed transactions for your bitcoin business. Finally this escrow service provides delight for both buyer and seller of bitcoin exchange platform.

By using this escrow services in bitcoin escrow script, you can make your transactions more secure by protecting the payment with a secure escrow account. This happens only when all the terms and regulations got approved based on the agreement provided by escrow.

Why Bitcoin Escrow Service?

However, there are several specific reasons why escrow services are particularly useful for bitcoin transactions.

1. Bitcoin Is Anonymous -By using an escrow service buyers can eliminate the risk involved with bitcoin transactions by ensuring the seller gets their money when the buyer is satisfied with the transaction.

2. Bitcoin Is Irreversible - Bitcoin transactions are 100% irreversible that is, once after the money has left your wallet and ends up in the wallet of the scammer, it’s completely gone forever. 

3. It Adds Credibility - Bitcoin escrow services offer outstanding levels of protection mainly for the buyer, but also offer several advantages to sellers too. 

4. Impartial Dispute Resolution - While bitcoin escrow services are great at stopping scammers, they are also great at being a trusted admin when a dispute arises around a transaction.

Thus the use of bitcoin escrow services is for the purpose of security, it also creates

- Safety of transactions

-Dispute monitoring

- Secured Completion of funds between the two parties

- Safety of funds

How does the Bitcoin Escrow application work?

The bitcoin escrow script is applied with the intention of reducing the risks associated with the transactions by acting as a third-party. This escrow service will actually collect, holds and pays out the funds only when both the parties are satisfied!

Working Process of Bitcoin Escrow Service

1. Buyer and seller sign in agreement

Either buyer or seller will initiate the transaction. Once registered with an Escrow account, both parties agree to the terms of the transaction.

2. Buyer pays Escrow

The buyer accepts and proceeds with payment to the secured escrow system with any of the approved payment methods. Then the Escrow verifies the payment and the seller receives a notification that funds are secure in an Escrow account.

3. Seller sends the material/product to the buyer

Once the escrow payment verification is done, the seller sells out the corresponding product to the buyer and submit the tracking information. Then the intermediate Escrow verifies whether the buyer has received it or not.

4. Buyer accepts the product

Now the buyer has to set the number of days to analyze and inspect the product. Once done, the buyer will be given a choice of either to accept it or to reject it.  

5. Finally, the Escrow pays to the seller

Once the buyer accepts the product, Escrow releases the fund to the seller from the Escrow account.

This is how the transaction gets completed securely!!!

How to launch a Bitcoin Escrow Script?

As we have seen in detail about the escrow and its usefulness in case of transactions that help in transacting a large amount of money with certain agreements to be accomplished before carry out with the payment. 

Coinjoker - Trustable Cryptocurrency Exchange Software Development Company, provides a secure Escrow Script to start a Bitcoin Escrow Application for your Bitcoin Exchange Business. It is a trustworthy platform by providing an escrow application for your business idea. 

Our crypto exchange escrow script comprises the following features based on the trends of the cryptocurrencies and its rise in the field,

1. Multi-Signature Wallet Integration

2. Flexible to Executed with Smart contracts

3. API integration

4.High speed in generating encrypted keys

5. Increased Speed

5. KYC/ AML Integrated

Coinjoker can design the platform which will satisfy a million traders in one trading platform and always provides fulfillment to the businessman who wants to take the bitcoin exchange business to the next level.

Give a try with our advance escrow script & become a bitcoin billionaire!

Click here >> To Get a Free Demo for Bitcoin Escrow Script

 

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