Bitcoin Escrow Service.
- Website Initiated service
- Transactions performed offline
- Compulsory Registration and use of Google Authenticator
The system is a 2 actor service. The Bitcoin Holder and the recipient.
The Bitcoin holder submits an agreed amount to the Escrow Service. (does not pay anything as yet)
The Bitcoin Holder fills out a form for the requirements of the escrow transaction as well as the recipients address.
The Recipient will receive an email asking to confirm the rules of the escrow.
The Recipient goes to the URL via the link in the email and is presented with the rules.
The Recipient must APPROVE all of the rules as created by the Bitcoin Holder.
If all is approved, emails are sent to both parties that the Escrow is Now operational and a Account number is generated and the Bitcoin Holder gets additions to his/her email that state that they must add the agreed amount and is presented with a QR code and the BTC address of the Bitcoin Escrow service.
Once payment has been confirmed as on the blockchain, an email is then sent of the confirmation to both parties. Also a secondary email is sent as soon as the payment has reached 3 confirmations on the blockchain.
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