According to a study conducted by the Cambridge University, there are 2.9 to 5.8 million active bitcoin users. The number of bitcoin wallets setup globally have almost reached 22 million.
But the numbers could be higher if not for the fact that it is a fairly new platform and many people are still on the fence about it. Despite the guarantee that it’s totally anonymous and that online transactions are safe from hacking, only a few investors use crypto without hesitation.
This is where a bitcoin escrow will prove beneficial. When there is a party that ensures all commitments are fulfilled, the less problem that parties involved will experience.
How does a bitcoin escrow service work?
It is needed when making payments, doing bitcoin exchanges, and buying things online, among other things.
The bitcoin escrow acts as a neutral third party between seller and buyer to ensure that funds of both sides are well-protected until all terms have been met. This is especially crucial since bitcoin transactions are irreversible.
The bitcoin escrow service may also serve as an arbiter and we’ll decide what happens if problems arise. Like any marketplace where money is involved, it can also happen that there are fraudulent buyers as there are fraudulent sellers in the crypto world. Thus the need for an escrow service to handle bitcoin payments.
Top Bitcoin Escrow Services
Escrow100 offers a great marketplace, where buyer and seller can interact in a natural environment using a simple GUI interface, buyer and seller can trade with one another either by selling products or selling services. Escrow100 has received much support in the crypto community and it’s considered the rising power in the escrow environment with only 2% fee for each marketplace services.
One more thing worth mentioning, Escrow100 also support future prices between users, which is kind of a game where you can bet (only against other users) on future prices, and earn up to 95 percent, although this is not a marketplace this concept of using the escrow protection is far more superior than the other competing options, and for the long run could be a game changer in an industry where people use to play against casino, now they can play against each other and the Escrow is just monitors and supervise without any interest if you lose or win.
in summary, Escrow100 is responsible to brings buyers and sellers together and by using smart technology, ensure a safe crypto transaction whether they are doing this in a marketplace or in a betting place.
What is great about Escrow100?
- All transactions are encrypted to the AES standards.
- Only a small escrow fee (2%) is applied to all transactions.
- Escrow transactions can be completed within minutes.
- In a few simple steps, your transaction is complete.
- The fee can be paid by the seller or by the buyer or both
- Very easy interface and each step are followed by emails, you simply can not miss.
- Money back guarantees when transactions canceled, by either side, buyer or seller.
- Fast, Secured, and Trusted.
What is not so great about Escrow100?
It is not so much with Escrow100 but with the fact that creating a free marketplace where sellers can publish their services to the public, and buyers will come and consume those services will probably take some time, so for now, most of the transactions are made private, and seller doesn’t publish their services to the public. we will be happy to see in the future a full eco system like Fiverr rising in sites like that.
Escrow my Bits specializes in escrow for bitcoin used in online transactions. Their escrow process can be done in 3 simple steps:
- A buyer makes an escrow deposit for the item bought.
- A seller ships the item to the buyer after seeing a bitcoin deposit made.
- Once a buyer receives the item, they run checks and then release the escrow if everything is as expected.
Escrow my Bits handles different types of escrow—regular escrow, regular escrow pegged to a fiat value, multi-signature escrow, and multi-signature escrow pegged to a fiat value.
What is great about Escrow my Bits?
- Simple bitcoin escrow process
- Affordable escrow fee
- Quick escrow transactions and support requests
- Secure storage of funds using Coinapult
What is not so great about Escrow my Bits?
The company has a lot of impersonators which is why people are highly advised to transact directly to Escrow my Bits or perform in-depth research before they hand over crypto.
Not an escrow service per se, Bitrated is a multisig wallet where 2 out of 3 people are involved to complete a transaction. Before any funds are transferred from the wallet, a certain amount of signatures must be satisfied.
What is great about Bitrated?
- In the bitcoin marketplace, it offers reputation management and consumer protection.
- Leverages multi-signature transactions
- Funds are deposited inside a multisig wallet and not sent to strangers.
- Doesn’t hold the key to the wallet and can’t steal the funds
- You have certain control over the multisig wallet
What is not so great about Bitrated?
- There is always an arbitrator involved which usually charges a fee, albeit a decent one.
- The system is set up in such a way that the seller will always be the one to pay the arbitration fees.