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For some transaction, the possibility of generating "chargebacks" might be very useful. For example, when trust cannot be established between both parties. In such cases, a trusted third party may be very helpful. One very well known and reputable Bitcoin escrow service was ClearCoin - however, that's currently not available.

Please list one service per answer (not multiple services in the same answer) so that the votes can decide on reliability (use comments for testimonies, if there are any ;-) ).

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8 Answers 8

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BTCrow.com, operator made quite a few posts about the service, Bitcoin Escrow Service - For safer bitcoin transactions

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There aren't many established bitcoin escrow services yet. I suggest a new one that came up last month named mybitsafe. You can find a lot of information about the owner in the FAQ. He also made a post at the bitcointalk forums.

Please note that, right now, this service does not allow a buyer to get his money back. Once the money is in the escrow, the buyer either releases it to the seller or destroys the transaction (the coins get donated to the Bitcoin Faucet). You can find a discussion about the advantages/disadvantages of this in the forum thread.

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Consider checking out the Bitcoin Review for user testimonies, reviews, etc. The category for Escrow services can be found here:

http://thebitcoinreview.com/sites.php?catid=9&subcatid=76

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StrongCoin has been operating since 2011 in the wallet space and now has an escrow service too.

The service is based on BIP38 which means it is using an M of N style key exchange. The service does not hold the Bitcoins just one vote which it can use in the case of a dispute.

StrongCoin - BIP38 Escrow Service

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LocalBitcoins has been operating since 2012 and has a good track record.

  • Reputation system and user security info keeps unauthorized transactions in check

  • Escrow is done on LocalBitcoins web wallet, so releasing escrow is instant, off-block chain (no need to wait for blockchain confirmation)

  • Two-factor authentication can be set up to protect your account

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Here's a recent list that shows those offering escrow services:

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I'd suggest using an escrow/arbitration service that utilizes multisig transactions. That way the escrow service never has full control of the bitcoins, so they can't steal them. The bitcoins can only be released when 2 of the 3 parties (buyer, seller, arbitrator) agree to do so.

Bitrated is such a service where you can select from a number of different arbitrators. Other escrow services are listed here:

https://bitcoinhelp.net/know/more/best-escrow-services

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"Escrow For All" offers escrow services at quite low rates, we are using The armoury wallet, so your funds will never go missing. In addition, we can not scam you just by the simple fact of having clearnet address and e-mail address, so if we scam you, you can track us down by the IP. For more info visit: escrowonbtc.wordpress.com

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