Silk Road forums
Discussion => Newbie discussion => Topic started by: kbdisdat on July 15, 2013, 09:37 am
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I'm very confused. I see vendors saying there sales go through escrow, but I thought escrow dealt with real currencies?
Do I have to buy the BTC from say mtgox? Or do I pay through escrow?
Sorry for my sheer ignorance.
Cheers
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silk road have their own escrow service. its automatic, when you order your btc goes into sr escrow until you finalize. only finalize when you receive the goods, beware if a seller asks you to finalize early(FE), i.e before you have received.
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Okay so I buy BTC, say from MtGox, transfer them to my SR account (with the wallet ID thing) then SR handles the rest through escrow?
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bump
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Okay so I buy BTC, say from MtGox, transfer them to my SR account (with the wallet ID thing) then SR handles the rest through escrow?
Yes, when you make a purchase, for say $100, or the BTC equivalent, the Road holds those funds in escrow. It comes out of your wallet but it isn't released to the seller, it's just held in escrow by SR. When your product arrives and you check it out, make sure you have all your supposed to have, then YOU finalize the transaction which releases the funds to the seller.
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From what I understand (have done weeks of research before making an account/ordering), you could compare the financial system to Amazon. When you buy a product, Silkroad will hold on to the Cryptocurrency and once you've received, left feedback and finalize the order, the money will be released to the vendor (after a small fee SR takes).
To get money to the SilkRoad wallet in the first place, you first have to buy the BTC, and send them from your wallet, to your SR account :)
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Crystal clear now thanks fellas