Post
Topic
Board Beginners & Help
Re: What is escrow?
by
john2231
on 25/09/2016, 01:27:26 UTC
An escrow is someone (company or person) who is trusted by the buyer and seller. The escrow will act as a middleman who makes sure that neither the buyer nor the seller scams anyone. Money, and usually the product, goes to the escrow. The escrow verifies that the product is as advertised, and then forwards both the payment and the product to the respective parties. If there is a dispute, the escrow is supposed to act as a mediator and resolve the dispute.
ok. Now makes sense
But who could be the escrow if I don't have any friend in common with the guy I want to trade. (this is an example)
A lot of people on the forum act as escrows. They have trade histories and are trusted by other members of the forum. The feedback system lets users see who trusts that user and has had a good experience trading with him.
but there's a chance of the escrow guy be a scammer?
It can be possible someone already do that even he has high reputation here and trusted he scam..
But he just risk his account the account here also have a good value so if you do bad things here you will receive negative trust and your account is no value no can buy accounts with negative trust.. so if you are trusted and reputative here don't think to plan what are you thinking to scam someone.. its impossible unless even you are reputative and trusted some company trusting you to hold a lots of bitcoin i am sure you can scam him but the problem here not all company or sponsor can put a large amount to be escrow.. last time master-p remember his one of the trusted before..