One thing I'm curious of with bitcoin escrow

[JeremyClarkson]

Alright just trying to understand this, it says "The buyer deposits funds via Bitcoin to the Trade Guardian system. " and then later "The seller can then withdraw the payment back to a Bitcoin wallet or Paypal. ".

To make sure I'm following this, this means *you* hold onto the money till the buyer confirms the account, and then releases to me the seller? It says I can choose paypal, does that mean I can do bitcoin escrow without even having a bitcoin wallet since I can just choose to have you send the money to my paypal?

 

[EpicNPC]

Yes, the buyer must deposit the money using bitcoin which we will hold until the transaction is complete. The seller can then request to be paid via Paypal or Bitcoin, so the seller doesn't have to have a Bitcoin wallet.

 

[hddndntttw]

Yes, the buyer must deposit the money using bitcoin which we will hold until the transaction is complete. The seller can then request to be paid via Paypal or Bitcoin, so the seller doesn't have to have a Bitcoin wallet.

Hi i would like to join: when will the service cost deducted from the deposited value? Should be manually inichiated, or it is automaticly dedutced?

 

[EpicNPC]

It's automatic. The fee is 3% for bitcoin escrow and that amount is automatically deducted from the seller's amount once the transaction is complete.

 

[dors345]

What's the mechanism for paying bitcoin out to paypal? As far as I'm aware you can't hold bitcoin in paypal, so wouldn't you have to convert it first? If so, how? And at what sort of rates?

 

[EpicNPC]

It's separate, we have a Bitcoin Wallet and Paypal account that we used for payments. The seller can select what they prefer.

 

[hddndntttw]

What's the mechanism for paying bitcoin out to paypal? As far as I'm aware you can't hold bitcoin in paypal, so wouldn't you have to convert it first? If so, how? And at what sort of rates?

Because i just learned "how to bitcoin" because this is an option on this site, i know the easiest way (by steps, and by newbie friendliness). The basics are simple, there is several simiar solution (other sites, maybe better rates...)

For start You will need to have 3 things: Bank account, Paypal account, and a coinbase account (and a PC or a phone).
Create a coinbase account, fill it with the required (~10 eur, or around that, it will be shown) amount of euros, to validate yourself.
On the UI you will find your portfolio, all crypto has keys (adresses) to recive the shown crypro currencies. Each type has its own!
Then if you recived the currency, you have to change it to EURO on the site.
You can cash out your euro to your paypal.

Costs: Coinbase cuts 1 euro from every transaction: Bank>coinbase; (bitcoin > coinbase [i am unsure about this...]); bitcoin >internal euro; Euro >paypal. Bitcoin works to cut a little amount when being sent from A to B for the "farmers", who holding up the system...
On Bank >coinbase> paypal, you are identified, but if you go into any crypto you

Spoiler

gone

.
Notes: you do not need to create individual "wallet", what would hold your coins: in coinbase, what you get keays, to recive crypto, you can fill your "portfolio" what is works like stock-exchange, your incoming crypto will be locked for a some time, e.g. bitcoin:30 mins (more specificly 3 turn of bitcoin transaction confirmation period, whatever ), but after it will change according to market (you can play with it a bit if it is going up at the moment !), so if you want to lock the price of it, change to euro ASAP! Then cash out with euro, with the attached paypal after that. (I recommend this, if you are time aware, because it is less steps.)

For coinbase, at one point you will need to upload your ID, or driver's licence... All money-bitcoin-money-cashout thingy will ask you to do it, specially coinbase-like online ones...

OR

You can really go hidden, create a "Valid Wallet" not trademark, i mean a real one, online, or on your device, kinda offline, or a purpose made physical wallet, and sell that on streets, or go find a bitcoin ATMs, what are cut some fees, but anonym to goverments, etc, etc...

Not more difficult than using paypal for the first time!