IworkforBitcoin

How Escrow Works

Buyer creates an escrow account

One of the two parties, either the Buyer or Seller, will initiate the transaction. This process begins when the user inquires about the offering and creates an account on CryptoExchange. With an account set up, the two parties can solidify the terms of their agreement.

Buyer pays Cryptoexchange.com

The Buyer or Seller can initiate the trade. The Buyer sends the cryptocurrency from their account to the Cryptoexchange.com escrow service, where it is immediately transferred to a USD stablecoin and stored in a no-interest escrow account. The value of the cryptocurrency is protected from volatility until both parties agree the transaction is complete.

Seller ships product

The Buyer sends cryptocurrency to CryptoExchange's escrow service for safekeeping. Following this, the Seller sends the product to the Buyer and submits the associated tracking information to CryptoExchange. The Buyer will then verify they have received the merchandise.

Buyer accepts product

When the product arrives, the Buyer must inspect the product and determine if they want to keep it within a set number of days. If the product doesn't meet the specifications, the Buyer may choose to reject the offering.

CryptoExchange releases payment to Seller

If the offering is as specified, the Buyer can choose to accept the product. When this happens, CryptoExchange will convert the stablecoin to the original cryptocurrency and release it to the Seller.

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