Making larger transactions for business or other purposes can be daunting – and that is why many choose to make use bitcoin escrow services. Simply put, these can help you ensure that you only part with your coins after all aspects of your agreement have been met.
But are bitcoin escrow services all they are cracked up to be? And which ones are gaining traction in 2020?
Down to brass racks: what is an escrow service?
An escrow service is provided by a third party, who can temporarily hold and regulate payment in a transaction, ensuring that both involved parties adhere to the terms of their arrangement.
Once all terms of the agreed transaction have been met, the escrow service provider will authorize the payment.
Effectively, escrow exists to ensure that large payments are processed in a timely manner, and according to pre-agreed terms.
Traditionally, banks and other financial institutions have provided escrow services. Nowadays, you can also find a large number of internet-based escrow service providers.
How does bitcoin escrow work?
As bitcoin transactions are irreversible, it should come as no surprise to learn that crypto escrow service providers are now becoming increasingly common.
In fact, you might have already used a bitcoin escrow service without realizing it!
