Does nostr:npub1yul83qxn35u607er3m7039t6rddj06qezfagfqlfw4qk5z5slrfqu8ncdu escrow the fiat in a P2P transaction? Or must the buyer trust the seller?
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Replies (5)
The seller sends BTC to an escrow multisignature address, and it keeps locked there until the seller receive the direct payment from the buyer using the payment method agreed on the contract. Once the seller confirms the reception of the payment, the BTC in escrow is released to the buyer.
What happens if the Seller doesn't confirm?
good Q
The buyer will open a dispute, and one of the Hodl Hodl admins will take over the contract to review the details and resolve according to the data provided by the traders.
The fact there is a path to resolution is novel. There are other P2P platforms that do not offer any recourse for buyers. Thank you. I will check this out and pass along to others as well.