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Are they convenient enough for some real world transactions? Like an easy escrow that the two party can assign to a third party to finish a transaction?

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This topic has gotten a lot of traction recently, with new implementations continually popping out.

For example, there's a really nice standalone HTML5 app with slick interface called Copay, developed by Bitpay. There's also an online service BitGo (haven't tried this one though).

0

Absolutely. It's a feature being used by a variety of wallets such as GreenAddress and BitGo.

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