How Bitcoin Escrow System Makes Hope For Newbies to Make Trade?
The strong base for cryptocurrency network has been founded by bitcoin. The invention of bitcoin created a global impact over the cryptocurrency network. And eventually the ultimate bitcoin has started the battle against fiat currencies.After several years passed by people are getting crazy about bitcoin and other cryptocurrencies. Why because they are caring about their money and want to secure it digitally.
Make trade without fear:
Since bitcoin is a new kind of platform, People are getting fear about investing their money in bitcoin. They thinks that bitcoin anonymity can cause a loss. Here what you all have to understand is bitcoin enables a lot of security features, all you need to do is learn them and try to utilize them.
In Many of the countries, bitcoins are already accepted as legal payment. But still more than billions of people afraid to trade with bitcoin. Because they have a lot of questions about “how to buy a bitcoin? and how to nake trust on other people while making a trade?” So to avoid such fear, bitcoin enables escrow method !
Bitcoin Escrow :
Escrow is a financial arrangement between two parties, where a third party mediates and control the transaction with secure hands. Initially the buyer and seller need to sign an agreement. And the transactions will be held only after checking whether the requirements are meet each other.
Can the seller cancel escrow after the buyer makes payment?
No, it is not at all possible. Once you have marked the payment is made. Then the seller can't able to cancel the transaction, only the buyer can do. But the important thing is buyer has to double check where the escrow account is funded with bitcoin. If the seller didn't release after the payment then He will be imposed to pay an amount for delay
How long will it take to transfer the bitcoins?
The first thing is “escrow account has to be funded”. Bitcoins have to taken out of sellers wallet and to store in a buyers wallet. Coins will be released only after checking the payment. And if everything is okay, then the coins will be released to the buyer's wallet. It will take a few seconds deduct the coins from sellers wallet.
What will happen if something goes wrong with trades?
If anything goes wrong, escrow admin will step in and mediates the trade. Buyer and seller are free to contact the escrow party to ask about the transaction details.
Is it possible to develop a bitcoin escrow application?
Coinjoker provides a secured escrow script to start a bitcoin escrow application. The admin of the escrow website can collect a fee from both the buyer and seller for every successful transaction. Give a try with our advance escrow script & become a bitcoin billionaire.
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