Top Escrow Services to make sure products and services are delivered when paying people with cryptocurrency
It could be quite worrying for a buyer to buy from an unknown person because in the crypto world the identity of both parties is not revealed. Sellers can as well be faced with the problem of a buyer refusing to pay for products and services delivered; here is where escrow services come in.
The role of escrow service is to protect buyers from scammers pretending to be sellers who don’t have products or services to deliver but only to swindle their victims; escrow services work to ensure the delivery of products paid with cryptocurrency.
As much as escrow work to protect buyers, it also works to protect sellers to ensure they get paid for their products or services. Escrow service acts as a mediator between two parties in a cryptocurrency transaction and determines who receives the cryptocurrency fund in the transaction.
It is important to know that with escrow service the problem of selling products to a stranger or buying from a stranger as the case may be is not defeated because you don’t have an idea who is behind the escrow site, a stranger like a person you are selling to or buying from.
However, using an escrow service for your merchant cryptocurrency transactions is ideal when you use one of the top escrow services for your transaction. It is advisable you use escrow service for your crypto transaction to prevent any disastrous event because it protects users from scams and ensures transactions are carried out in a safer environment.
The escrow service plays a mediator role to decide who the fund is due where there is a dispute between parties involved. Note many cryptocurrency marketplaces usually have a built-in escrow service.
The top escrow services for a crypto transaction you can count on to make sure products and services are delivered include; BTCrow, Escrow My Bits, SETEscrow, and so on.Escrow My Bits
Escrow My Bits has found its way to the top of the cryptocurrency escrow world within a short time of its establishment. Escrow My Bits offers their users a wide range of escrow services such as;
- Regular Escrow: In the regular escrow, they provide you cryptocurrency wallet where your funds are deposited and subsequently transferred to offline wallets referred to as cold storage, believed to be the most advanced regarding wallet security.
- Regular Escrow Pegged to a Fiat Value: this escrow service allows the site to deposit and control the coins in an account with the coins pegged to a conservative value.
- Multi-Signature Escrow: the multi-signature escrow service secures your funds with a multi-signature such that no funds can be withdrawn from your account unless all signatures are precisely provided with the site holding only one of your private keys.
- Multi-Signature Escrow Pegged to a Fiat Value: Just like multi-signature escrow, your account is secured with multi-signature without which funds cannot be withdrawn from your account. In this case, however, the cryptocurrency is pegged to a fiat value using Nubits or Omni.
It is worthy of note that even if your transaction takes longer than usual in Escrow My Bits you can peg your funds to a fiat value such that a change in the exchange rates will not affect you and the site charges 1% as service charge per transaction.
BTCrow is unarguably one of the oldest cryptocurrency escrow services around and was established in 2011. Despite being the only long-lived solution, you need to know it is not completely reliable with many users complaining about payments delay as well as a delay in system’s response.SETEscrow
SETEscrow is another top cryptocurrency escrow service platform you can use to make sure your cryptocurrency transactions don’t get messy as a result of products and services not delivered or funds not released by a buyer. Either you are a buyer or seller all you need to do is to create escrow transaction on the site.
The buyer will send the funds for the transaction, the seller will be notified once the funds are received, and the seller will release products or services purchased. Once the buyer received the products they release funds unless they are not satisfied, then they file a dispute.
Fund will be released to the seller in a case where the buyer did not take action after the set time is up. A dispute is settled by asking both parties (buyer and seller) to present evidence and testimonies like pictures, tracking numbers and so on.
SETEscrow will look into it and decide whether to return funds to the buyer, release funds to the seller, share it equally between the two parties or release funds to a registered charity of their choice.
Conclusively it is important to choose a cryptocurrency escrow service that works best for your transactions and never forget they are an unidentified third party to your transactions.
While initiating a transaction always ensure you put into consideration the time it will take to deliver products and services to the buyer to prevent a transaction dispute.