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Escrows
234 sats \ 16 comments \ @AGORA 22h AGORA
Escrows are one of the most commonly used financial products in today’s world. Designed to securely transfer funds from a buyer to a seller through an independent third-party escrow agent or service, who holds the payments, and in some case the goods for quality assurance, until the terms of deal have been completed by both parties.
An aim to apprehend how familiar are stackers with escrow services, providing a space to share experiences. Can be from any side, as a buyer, seller, escrow agent or service, or even a platform builder.
What brought you into the escrow landscape? What was your initial need and how it went?
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10 sats \ 1 reply \ @asterisk32 22h
Are escrows needed where trust exist?
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0 sats \ 0 replies \ @AGORA OP 19h
Probably not, I'd avoid the use of third parties at all costs if there's already trust. Some always prefer an extra guarantee and if both parties agree on using it I don't see any issue either.
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10 sats \ 7 replies \ @DarthCoin 5h
LN hold invoices work pretty well.
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0 sats \ 6 replies \ @AGORA OP 5h
Using Lightning for escrows would be the ideal, especially for low value items. Do you know any tool or wallet that allow users to manage such thing?
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21 sats \ 1 reply \ @supratic 3h
A LN node is required in this case. One could ideally practice with Polar. Then, when comfortable enough, install in an existing node @Alby Hub to manage multiple HODL invoices.
Not ideal for routing nodes though because Hold Invoices can take up significant transaction space, even those involving small amounts, and the Lightning protocol allows 483 concurrent HTLCs to conform with the standard transaction size.
Without an LN node, one could also use Robosats coordinators as escrow service, but both parties must already trust each other and sync to not allow others to take the offer.
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0 sats \ 0 replies \ @AGORA OP 2h
Not sure robosats is the right way to go. I'll explore Albyhub and see if useful for coordinating escrows. Thanks
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21 sats \ 1 reply \ @standard_sats 3h
Valet ♦️ allows to "hold" incoming payments. There is CLN plugin too. Good one
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0 sats \ 0 replies \ @AGORA OP 2h
Pity is only for android, ideally something OS-agnostic will be better to enable everyone to play in the game of trade. I'll give it a try anyway
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21 sats \ 1 reply \ @DarthCoin 4h
https://github.com/supertestnet/hodlcontracts
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0 sats \ 0 replies \ @AGORA OP 1h
Have been exploring it some time ago. It's the ideal tool, need to figure out where to install it together with LND. It also is apparently available only for testnet, or it could be disabled somehow to make it work on mainnet?
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10 sats \ 3 replies \ @Bitcoiner1 21h
Multisig could replace some escrow services
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0 sats \ 2 replies \ @AGORA OP 19h
I totally agree, I think already does. What's missing are tools to improve and ease the experience for those not familiar with it.
Which tools do you prefer to enable remote multisig?
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20 sats \ 1 reply \ @Bitcoiner1 19h
BitcoinSafe is a good option, also Nunchuk.
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0 sats \ 0 replies \ @AGORA OP 5h
I'll go and try both right now, thanks. Have you tried? What's your experience?
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10 sats \ 1 reply \ @Oxy 21h
I've used escrow services to secure payments from clients. However, I've had mixed experiences. One time, the escrow service held up the payment for an extended period, because of issues with the client's account.
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0 sats \ 0 replies \ @AGORA OP 19h
Well it cannot always go straight. Inconvenient challenge us and allow us to learn. Do have charged extra fees for the unexpected extended period?
Was the trade paid with bitcoin? Which tools do they use to orchestrate it?
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