The Crypto Escrow That We Have All Been Waiting For
Escrow is a widely used legal concept where a third party holds assets or funding on the behalf of the two other parties according to a predetermined set of conditions. Escrow helps ensure that both parties deliver before the transaction is completed. The concept of escrow is popular in the traditional financial ecosystem, especially in the real estate industry. However, Escrow Protocol aims to introduce the time-tested concept of escrow to the blockchain industry and optimize the crowdfunding process. Crowdfunding is an important part of project development as it connects the project with....
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One of the biggest features of Bitcoin is the lacking of chargebacks, which can be seen as an advantage and a disadvantage. By not having the ability to have chargebacks, sellers usually have the advantage when it comes to consumer protection. But what about the buyer? This is where an escrow service comes in. Escrow services are a third party which both the buyer and seller both agree on to exchange the money and goods. The buyer sends the money to the escrow, while the seller sends the product. Once both is confirmed, they are sent on their way. If one fails to hold their end of the....
Many people have been waiting for Bitcoin's killer app. This is the one app that would provide a use case where it actually makes sense for the average person to use Bitcoin on a regular basis. It seems that we may have finally have the first such app in the form of BitHalo. This new innovation from David Zimbeck comes packed with a variety of new, exciting features for online commerce as a whole, and it doesn't seem like the full impact of this new software will be felt until the full version is released. One of the main problems that Bitcoin has had up to this point is that some....
The head of the Volantis escrow company faces up to 10 years in prison for defrauding customers.
Whenever I talk to people that want to know more about Bitcoin, I get questions like, “What can you do with bitcoin? Can you buy stuff with bitcoin? Are there safe ways to buy items? Which services do you recommend?” The internet, and to some extent the digital currency world, is the Wild West for the most part, with very few safeguards to protect people who are not extremely careful. What can the general public do to protect themselves against fraud, scammers, and the more unsavoury characters on the internet? Everyone should use escrow for their transactions — this goes for buyers and....
The US Financial Crimes Enforcement Network (FinCEN) has issued new rulings indicating that digital currency-related cloud mining and escrow services should not be considered money transmitters. The two releases came via what appear to be responses to requests from businesses seeking to better understand FinCEN's policies. FinCEN, the bureau of the US treasury that collects and analyzes financial transactions, has previously released influential decisions regarding how consumer bitcoin miners and bitcoin investors should be regulated under money transmission laws. Published letter rulings....