An escrow service is a trust like arrangement which a trusted third party handles the exchange and/or transaction of goods or assets typically between a buyer and a seller. Escrow services when done right can ensure fund safety and fair trading.
Bitprive’s users are able to post buy and sell offers for cryptos all over the world. Sellers are responsible for communicating terms of transaction, including payment methods. Once an offer is accepted by a Buyer, the Seller’s cryptos are locked as part of our transaction procedures (which we refer to as “BitEscrow”) until the transaction is complete.
How does BitEscrow work?
Step 1: Place your order
When selling Digital Assets on the Bitprive Marketplace, Sellers must verify and process the payment in a reasonable amount of time, and within a certain amount of time as specified in the offer terms.
Step 2: Communicate
Communicate with your counterparty. As with all things in life, communication is key, also the chat history is a very important piece of evidence shall there be any dispute with the transaction.
Step 3: Make payment or release crypto from BitEscrow
Once the Buyer has submitted payment to the Seller in accordance with the offer terms, it is the Seller’s sole duty and responsibility to promptly verify and process the payment and then release the cryptos from BitEscrow and release it to the Buyer.
Step 4: Made payment but Seller not responding
Payment verification and providing instruction to unlock Digital Assets from BitEscrow are the responsibility of the Seller and not that of Bitprive. If the Seller does not release the crypto to you, immediately report the Seller and transaction with the designated dispute button within the particular transaction chat. Bitprive support will review and settle the dispute.
How does BitEscrow protect Sellers?
If the buyer did not make the payment, BitEscrow will return the cryptocurrency to the seller when the time for negotiation is over.
How does BitEscrow protect Buyers?
In most cases, the most straight forward way to settle a dispute is for the parties to communicate and work towards an agreeable solution. Bitprive Support acts as an unbiased third party in between to better communication. Either party can initiate the dispute resolution process. Dispute resolution can only begin on transactions that are marked as paid by the Buyer.
What happens if the Seller is not responsive?
You can initiate a dispute by logging into your Bitprive Account, opening the transaction you would like to dispute and selecting the “dispute” button. The “dispute” button will only be available if the transaction has been marked as paid.
When a dispute is opened, how long will the funds be frozen?
Bitprive Support works 24/7. The funds will be released as soon as the dispute between the parties is resolved.
What happens if the buyer marks the transaction as paid but the seller has not received the funds?
When post an offer, it is important that you remain responsive before the transaction is completed, canceled, or resolved. Also make sure you do not miss a message from Bitprive Support or you may be considered as unresponsive and the dispute may be decided against you.
If the buyer marks the order as paid without actually making the payment, the seller can appeal and Bitprive Support will cancel the transaction after verifying with both the parties. Upon cancellation, the crypto will be returned to the Seller’s Bitprive wallet.
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Disclaimer: The content herein is not, and is not intended to be, legal, financial, investment, or other advice.
About Bitprive (BPVE)
Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.
Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.
At Bitprive, we value security and efficacy.