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Bitcoin Escrow Script is a website script, that can be written in any programming language, like JAVA, HTML, PHP, MEAN Stack, LAMP Stack, Laravel or any other programming languages. This Bitcoin Escrow Script helps to setup secured p2p crypto exchange website like localbitcoins, where a buyer and seller can smoothly transact their bitcoins fastly without any pitfalls. In case of any trading mismatch happens, the buyer, or seller can process dispute resolution with the governance of escrow admin. Bitdeal, a bitcoin exchange & Blockchain development company, that helps startups to initiate bitcoin escrow services like bitraded, escrowmybits, localbitcoins,setescrow,bitify and etc.
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Let's have a brief look on why bitcoin escrow has come to market, what is bitcoin escrow services, how multisig wallets are used in escrow concept, how smart contracts play's a huge role in escrow concepts and a lot more.
We know bitcoin, the modern cryptocurrency that becomes an undeniable payment method at most everywhere around the globe. It has been deemed as master of cryptocurrency, as it has paved a way for other cryptocurrencies like ethereum, monero, XRp, and others to survive in the crypto marketplace. People who are resided in this crypto industry may aware of all these monumental successes of bitcoin throughout the years of the journey. But, there are some important things that we need to concentrate more especially while transacting bitcoins.
In the case of bitcoin: “The success derived a way for huge adoption, the adoption derived a way for complexities, and the complexities resulted in anonymity.” You can see the entire story has diverged into negativity, right?.
Complexities. Anonymities and insecurities often happened while transacting bitcoin. So, the success has indirectly resulted in negativity and the people started to leave from the bitcoin network. By realizing the bad impact, crypto industry have taken some initiatives to rescue the system, especially to smoothen the bitcoin payments and transactions.
Bitcoin Escrow - The first rescuing concept of bitcoin industry - which has smashed out the hurdles while transactions bitcoins to a third party.
Bitcoin Escrow is a Service, that helps to build a secure cryptocurrency eco world, with increased transaction speed & trustful fund transactions by protecting both buyer and seller from scams. Escrow is already existed in other financial systems, especially in banking. The concept works as same in the bitcoin industry too.
Escrow mediates the fund transaction between a buyer and a seller. Whereas the escrow may be a third party admin, and nowadays smart contracts have replaced the need of admins.
In general bitcoin trading/exchange/ transaction a buyer may request a seller to send bitcoins for the money which he/she has. The seller receives money from the buyer through a medium, and he provides a product, service or bitcoin to the buyer after verifying the received payment.
In some exceptional cases, the seller may abscond after receiving payment, and in some cases, the buyer may abscond without sending the payment. If this happens, outside of an exchange both sides may be left as helpless and will result in huge losses also they can’t legally pursue a case as bitcoin is decentralized.
The above scenario may happen while purchasing a product from an e-commerce store, booking tickets online or any bitcoin centric transactions.
So, how a bitcoin escrow may safeguard buyer and seller, Let’s see below,
At any cast when transacting bitcoins there will be two mandatory processes,
1. Buyer sends payment as money or bitcoin to the seller in order to get a service or product
2. Seller sends service or product or maybe bitcoin for the received payment.
Here the two main people are buyer and seller, and at any time there may be a chance of anyone to become a scammer. So let's see how bitcoin escrow resolves it.
Here bitcoin escrow will break the two process into three as below,
1. Buyer & Seller signs in an agreement to send money or payment to a third party escrow
2. The escrow admin verifies the payment from the buyer and the bitcoin from the seller.
3. The escrow admin releases bitcoin to the buyer after he gets a confirmation from the seller.
4. The admin will not release bitcoin without proper confirmations. So the buyer gets what he thought to buy, and the seller receives money for what he sent to the customer
So the escrow transaction processed as follow,
1. Buyer and seller sign in an agreement in the governance of admin for what they are going to transact with each other
2. The agreement would consist of every single detail about the transactions, which includes money, time and etc
3. After the agreement processed, The seller sends bitcoins to the admin wallet.
4. And the buyer will be notified via email or a message about the seller have deposited bitcoins.
5. After the notifications received buyer sends payment to the seller.
6. The seller checks payment and will instruct the admin to release funds to the buyer
7. The contract gets closed after the buyer receives bitcoin from the escrow admin
Now you may ask three questions…
1. What if the escrow admin steals my bitcoin as we are storing bitcoins inside a third party wallet?
2. The above scenario and workflow is for buying bitcoins from the seller, So what if the buyer purchases a product from an online shopping store. The above escrow flow powers the seller side alone, as he made the final decisions to release bitcoins. If the buyer receives product/service from online store by sending bitcoins then who has the high authority to make decisions and how escrow will secure a buyer?
3. How escrow will help both sides if the received service/ product is not the same as mentioned in the contract/agreement
No chance for Escrow to Steal money From Buyer Or Seller
Because the people who are participated in the transactions are provided with randomly generated 3 different secured encrypted keys, which are characterized to match each other. These keys are automatically generated with the concept of AES (Advanced Encryption Standards ). The wallet which the escrow admin hold is designed to unlock when all the three keys are matched. This is how MultiSig wallets are taken place in escrow systems.
So, none of the party can have access to open the wallet without getting permission from the other two peoples.
So not only the admin, nobody can steal money/bitcoin during the escrow transaction.
Who have high rights when a seller sends a product instead of bitcoin, and the buyer sends bitcoin as a payment?
The buyer has the decision-making authority, as he is the end user. Let’s say a buyer purchase a face makeup kit from an e-commerce store by sending bitcoin. The buyer has to make the purchase from an escrow enabled bitcoin transaction portal. Here the escrow will release payment to the seller after the product is received at the buyer side.
This concept becomes a trend in e-commerce stores as many wishes to make payments. Merchants who wish to sell products from bitcoin payment have to register under an escrow enabled bitcoin transaction portal.
This is how the bitraded works, and safeguards merchants and customer.
By this way, the merchant can increase trust and the consumers can experience the smooth bitcoin payment processing for the purchased items.
How escrow Will help If something goes bad?
Escrow will process a dispute resolution when a complaint is recorded from either buyer or seller. This way the two people can claim their loss or rights legally through court by mediating the escrow admin.
So, Hope you got a clear idea about what is escrow, how it works and how buyer and seller or benefited through escrow. Let’s see how to turn the escrow concept as a business.
You can easily start providing escrow service to various countries, for various crypto related transactions including ICO, STO with the help of advanced Bitcoin Escrow Script. Yes, The script enables you to set up a website/portal where the buyer and seller can transact their bitcoin by mediating you as an escrow admin.
But, You are not going to be the first to provide escrow service, you have to face a lot of competitors, so your escrow services have to be unique from others to survive.
1. Integrate multi-sig wallet
2. Integrate escrow process for Blockchain, ICO & STO related tokens transactions
3. Smart Contract can eliminate the need for manual admin activities and automate the entire process
4. Smart contracts are must if you are planned to provide escrow services ICO, STO Token transactions
5. Integrate with e-commerce portals, gather a group of merchants/dealers/sellers and encourage them to collect trust by providing trust score in your portal.
6. Integrate escrow for affiliate cashback/ deals or coupon related transactions when it comes to e-commerce or online booking transactions.
Likewise, bitdeal is ready to provide you “N” Number of suggestions and consultations to make your escrow services to stay unique.
Bitdeal escrow script is stand alone in the market place, as the script comprises of following features and are made as capable to operate with changing cryptocurrency trends
1. Inbuilt with Multisig wallet (bitgo js wallet / copay /GreenAddres / Xapo)
2. Flexible to Executed with Smart contracts.
3. Accelerated Speed.
4.High speed in generating encrypted keys.
Our Script powered with Merchant API ’s, Reputation API, Ratings API, Contracts API, Price API, Affiliate API, Bitcoin Price API, Cashback API and a lot more needed API’s.
5. KYC/ AML/OTC Integrated.
Are you looking to start a bitcoin escrow service and wishing to build trustful bitcoin ECO -System for your business. Get connected with bitdeal, We are available at any time.
You can ask a free demo for our bitcoin escrow script by below!
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Greetings! This is Dheivanai! My love for writing transformed me as a blogger and the Passion for Crypto industry turned me as a business advisor at bitdeal. Crazy towards digging deep and analyze the new trends in the Cryptocurrency and Blockchain Industry. Follow us to read interesting and existing blogs! Stay tuned, Stay updated!
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