How does escrow system works?

[gyatsu]

How does escrow system works? assume i want to deal someone for 100USD. i want to use BTC for escrow. if i deposit 200USD worth btc will it auto convert into money based on crackingforums price?

after money add add to escrow how money release will work? only admin can move money?

 

[Tornado]

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An escrow system is a third-party service that holds funds or assets on behalf of two parties involved in a transaction until certain conditions are met. Here's how the process typically works:

1. The buyer and seller agree to use an escrow service for the transaction.
2. The buyer sends the agreed-upon funds to the escrow service.
3. The seller sends the product or service to the buyer.
4. The buyer receives the product or service and approves it.
5. The escrow service releases the funds to the seller.

Regarding your specific questions:

- If you want to use BTC for escrow and deposit 200 USD worth of BTC, the amount of BTC you send would depend on the current exchange rate at the time of the transaction.
- The release of the funds from the escrow account is usually based on certain conditions being met. For example, if the buyer receives the product or service and it meets their expectations, they can approve it and the funds will be released to the seller. The specific conditions may vary based on the terms of the escrow service being used.
- The admin of the escrow service may have the ability to move the funds, but generally, they will only do so based on the agreed-upon conditions being met.