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The big value is not having to completely trust the person holding the money. As of right now if you do escrow you transfer money to a third party, who has the
by smaps 12y ago
The big value is not having to completely trust the person holding the money. As of right now if you do escrow you transfer money to a third party, who has the option of taking it and running.
With a correctly setup transaction, bitcoins can be held in escrow that require 2 of 3 people to approve moving it. This means that you/seller, you/escrow, or seller/escrow are the only 3 combos to get the bitcoins out. There's no way for the escrow agent to steal the money.
- sanswork 12y agoIf you don't trust the person to hold your money why do you trust them to decide where your money goes? >There's no way for the escrow agent to steal the money. If you're worried about an escrow agent stealing your money if they had the chance then they really really should not be your escrow agent.