Silk Road forums

Discussion => Newbie discussion => Topic started by: LangueSpock on August 24, 2013, 08:07 pm

Title: Can someone explain "escrow" to a newbie?
Post by: LangueSpock on August 24, 2013, 08:07 pm
Hey everyone, first post here.

I'm trying to get a good grasp on everything, and so far so good. But I keep reading about "escrow" and how I'm definitely supposed to "use it."

Only issue is I don't think I know what it is. If anyone can give me a good rundown on what it is exactly that would be awesome.

Thanks guys and hope everyone is kicking ass today.

-LS
Title: Re: Can someone explain "escrow" to a newbie?
Post by: LangueSpock on August 24, 2013, 08:12 pm
I also could use a little help with purchasing bitcoins.

I don't really know where to start.

Any help will do, thanks in advance.

-LS
Title: Re: Can someone explain "escrow" to a newbie?
Post by: ReD EyE on August 24, 2013, 08:15 pm
 ;D
Escrow.

Think of it as a SAFE in a BANK,  that is in the hands of the SR Site, It is kept there as insurance to you to customer, just in case you have difficulty with a unsatisfactory service, and the for the vendor in case the customer tries something unsatisfactory as well. Which then if any problem arises it will go to a resolution, and the SR staff will weigh the options to see who is entitled to there BTC.

ALL in ALL good for every one.

So never FE.
I as a vendor do not require it ever, but just recently someone trusted me enough to FE.
Title: Re: Can someone explain "escrow" to a newbie?
Post by: 88fxstc on August 24, 2013, 08:33 pm
Escrow, ,,,,when you make a purchase, lets say for $10. The $10 does not go out of your account right into the vendors account. It first goes into the hands of The Road . They hold onto it in "escrow". When your package arrives, you, the buyer, will "finalize" payment, IF all went thru properly as far as getting what you ordered. When you finalize, The Road will release the funds to the vendor. When people say "FE", it means finalize early. Some vendors require new buyers or buyers with bad stats to release the funds from escrow B4 they will ship product. This is not a good idea, from the buyers side as it makes it very easy to get ripped off. Once your funds are released, an unscrupulous vendor can just not send product, keep your $$$$ and there's nothing you can do about it. Escrow is protection, insurance.
Title: Re: Can someone explain "escrow" to a newbie?
Post by: LangueSpock on August 24, 2013, 08:42 pm
Okay, so escrow is kind of like an inbetween. Where the coins are before I finalize. (?)

Not something I need to signup for in order to make a purchase?

Thanks for all your help, much appreciated.

Can anyone help me with purchasing bitcoins?? A good site that I can trust?
Title: Re: Can someone explain "escrow" to a newbie?
Post by: 88fxstc on August 24, 2013, 08:50 pm
Okay, so escrow is kind of like an inbetween. Where the coins are before I finalize. (?)

Not something I need to signup for in order to make a purchase?

Thanks for all your help, much appreciated.

Can anyone help me with purchasing bitcoins?? A good site that I can trust?

No need to sign up, it's built into the system . For BTC's, check out localbitcoins.com.  There are vendors on the Road that sell them as well, in the "money" category. These transactions are done out of escrow usually, and not recommended. I've done it a few times because it's one of the fastest ways to get BTC's into your wallet , but it's a risk. I've been lucky so far and not been burned.
Title: Re: Can someone explain "escrow" to a newbie?
Post by: ReD EyE on August 24, 2013, 08:59 pm
 ;D
Massive Big Safe with Modern Day DPR on top, not armed with guns just Math's.