A bitcoin escrow script is a set of technical language like HTML, PHP, javascript that helps to create a solid bitcoin exchange platform. Where a buyer and seller can trade and fastly transact their bitcoins without any trouble.
A summary of escrow.
The escrow signifies an honest person on the website. Where buyer and sellers depend on one person on the website or escrow act admin for the website.
Example:
In an e-commerce website, the seller wants to sell the item he/she can post an advertisement according to the product size, price uses of attractive traders. Another side, The buyer can search the item through seeing the seller post ad, location, price of the product, etc. If a buyer is inspired to buy a product he/she wants to pay money to buy an item.
In some illustrations, if the is any problem between two parties where buyer can't send the money to the seller account or buyer can't receive the item.
The escrow came to solve the problem between two parties through online chat or free support call.
WHY BITCOIN ESCROW IS NEEDED IN BITCOIN EXCHANGE INDUSTRIES?
The people use bitcoin is an indisputable payment option in everywhere around the globe. In bitcoin exchange platform network because they connected a huge number of bitcoin trader in a single platform. So, we need an admin or authorize a person to maintain the platform without any problem.
How a bitcoin escrow becomes a shield for the buyer and seller in a bitcoin exchange platform?
In bitcoins exchange platform, the will be two processes to transition bitcoins.
1. Buyer sends payment verification slip to the seller in series to get a bitcoin in the buyer wallet.
2. Seller sends bitcoin for the received payment slips through the buyer wallet.
In this process, two main people are buyer and seller at any time any of them may become a scammer in many cases.
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