Start Crypto Exchange With Bitcoin Escrow Script

April 30, 2021 leave a comment

Bitcoin, the original and most popular cryptocurrency has been the flag-bearer for cryptocurrencies all over the world. It paved the way for more cryptocurrencies such as Ethereum, Ripple, Stellar, etc… With people everywhere being more open to the concept of cryptocurrencies, bitcoin is accepted as a payment method in many places. But many complexities and security concerns have been experienced during bitcoin transactions. Bitcoin escrow is a concept used to carry out smooth bitcoin transactions between two parties.

The concept of escrowing is not foreign to us. It has been used in sectors like banking for years. Escrow is an agreement in which a third party collects and dispenses funds for the original transacting parties, with the dispensing based on provisions agreed upon by the primary transacting parties. The same concept translates to bitcoin in the case of bitcoin escrows. Bitcoin escrow scripts provide unlimited and exclusive transactions of bitcoins over a dedicated framework. Here let’s learn more about bitcoin escrow scripts, how bitcoin escrow scripts work, the advantages of local bitcoin escrow scripts, and how to start a peer-to-peer exchange website with a local bitcoin escrow script.

Develop your own Cryptocurrency Exchange Website with encrypted Escrow Services

What is Bitcoin Escrow Script?

Bitcoin escrow scripts can be built by using advanced programming languages like PHP, JavaScript, MEAN, and HTML. It acts as a reliable third-party interface that transfers and accepts cryptocurrencies between two parties. Bitcoin Escrow Script provides an escrow or admin, that will keep track of the payments for both the buyer & seller in the process of performing a transaction. It ensures scam-free smooth transactions and helps maintain a good relationship between the two involved parties.

Working of Bitcoin Escrow Script – Local Bitcoin Escrow Script

The bitcoin escrow service works through 5 simple steps. Initially, the buyer and seller agree on the terms of the transaction. Then the buyer pays the escrow. Following which the seller transfers the product or service to the buyer. The buyer then accepts the product and only after that, the escrow pays the seller. Let’s have a look at how each of these steps works in detail.

1. Agreeing to the terms of the transaction

The buyer or seller will commence the transaction. Once listed with an Escrow account, both parties acknowledge the terms of the transaction.

2. Buyer pays Escrow

The buyer accepts the terms and pays the escrow system with any of the pre-approved methods of payment. Then the Escrow confirms the payment and notifies the seller that the funds are kept in an Escrow account.

3. Seller transfers the product/service to the buyer

Once the escrow payment is confirmed, the seller sends the product or service to the buyer and presents the tracking information. Then the Escrow checks if the buyer has received the product/service.

4. Buyer accepts the product

Now the buyer has to confirm a few days to examine and try the product. Once done, the buyer will have the option to either accept it or decline it.

5. Escrow pays the seller

Once the buyer has accepted the product, the Escrow will release the funds to the seller from the Escrow account.

Thus the transaction is completed securely.

Advantages of Local bitcoin escrow scripts

There are several reasons why escrow services are useful in cryptocurrency transactions. Let’s have a look at some of the advantages of deploying an escrow in bitcoin transactions.

Eliminates Risk

A bitcoin escrow script can eradicate the uncertainty involved with cryptocurrency transactions by making sure that the seller gets their money only after the buyer is content with the transaction.

Compensates for the irreversibility

Bitcoin transactions are irreversible. Once the money is moved out of your wallet, there is no option to undo it. Using bitcoin escrow scripts, you can reclaim your cryptos if you are not satisfied with the product/service received.

Adds Credibility

Bitcoin escrow script offers exceptional protection for both the buyer and the seller too. The interests of both parties are protected by bitcoin escrow scripts.

Impartial Dispute Resolution

We know that bitcoin escrow scripts are highly effective at stopping scammers. They are also exceptional at remaining an impartial judge when a dispute occurs regarding a transaction.

Local Bitcoin Escrow script

The local bitcoin escrow script is intended to perform the transactions of bitcoins with features similar to the universally accepted bitcoin escrow exchange platform Local Bitcoins. The local bitcoin escrow script has the following features:

Dispute resolving

Ad-based trading

Escrow wallet provision

Multilingual access

Online/offline trade facility

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How to start Crypto Exchange With Escrow Service with a Bitcoin escrow script

We have discussed here in-depth regarding escrows and their value in transactions between two parties.

Cryptosoftwares – the innovative Cryptocurrency development company, presents a secure Bitcoin Escrow Script to begin a Crypto exchange with escrow service for your cryptocurrency transactions. It is a reliable platform for implementing an escrow service for your businesses.

Our bitcoin escrow script includes the following features: 1. Multi-Signature Wallet Integration 2. Adaptable to be executed with Smart contracts 3. API integrations 4. High-speed generation of encrypted keys 5. Enhanced transaction speed 6. KYC/ AML integrations

Cryptosoftwares can design platforms that will entertain the needs of millions of traders in place. We can provide the right set of tools to take your cryptocurrency exchange business to the next level.