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I think Bitcoin can be serve as a money transport protocol and Escrow services can be built on top of it. Think about buiding HTTPS on top of HTTP protocol.
by ptrinh 13y ago
I think Bitcoin can be serve as a money transport protocol and Escrow services can be built on top of it. Think about buiding HTTPS on top of HTTP protocol.
- pyalot2 13y agoThere different ways to implement escrow with bitcoin. 1) You could ignore all technicalities and simply send the coins to a third party which releases it back to you or forward to the merchant. That's probably the least recommendable way, but is the easiest to explain. 2) A smarter way to do it is to use bitcoins transaction script that can process multi signature transactions, which can work in a way that if A wants to send B money, he can setup an address that can only withdraw coins from if C also signs the transaction. This method is supported by Electrum and by the Blockchain.info wallet.