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Escrow service

 

Bycryp offers its users free of charge the possibility of doing escrow transactions in any of the cryptocurrencies accepted in our wallet (Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash and Monero).

This option makes buying and selling with cryptocurrencies a safer process by keeping the payment in a state of escrow that is only released when all the terms of an agreement between the parties are met.

How does this service work?

In order to make an escrow payment by Bycryp both the buyer and the seller must use the Bycryp wallet and the buyer will have to follow the following steps:

 

  1.  The buyer must select the “Payments” option in his wallet in Bycryp.
  2.  Choose the cryptocurrency in which the payment will be made.
  3.  Enter the email or the username used by the seller to login to Bycryp. (This information must have been provided by the seller)
  4.  Add the agreed amount to make the payment.
  5.  Paste the link of the product that is being purchased in the “comment” box.
  6.  Click on the “send” button.
  7.  Click on the link that has been sent by email to confirm the purchase.

 

 

When the above steps have been completed, Bycryp will inform the seller that the funds have been deposited for him to ship the agreed product or service.

When the buyer receives his product/service he will either click ‘Release Funds’ if he is happy with the purchase to send the funds to the seller or he can click ‘Start Dispute’ if there is any type of problem. If the buyer does not click on any of the two options, after a few days Bycryp will release the funds automatically.

Buy and sell cryptocurrencies

In the purchases of cryptocurrencies. The seller will be the first to make the shipment by using the “payments” option in his Bycryp wallet and follow the steps described above. Bycryp will inform the buyer that the funds have been sent and thus the buyer can make the payment with total security. To protect sellers it is advisable to use payments such as Bank Transfer (IBAN), Western Union, Paysafecard, Cash face to face. If Paypal is used it is advisable to ask the buyer to identify himself.

How are disputes handled?

In the event of a dispute, Bycryp will study the case based on the testimonies of the buyer and seller, requesting images, tracking numbers or any other element that may be relevant and will finally take one of the following actions:

  • Refund the funds to the buyer
  • Release the funds to the seller
  • A 50/50 split.
Rate transactions

Finally, it is recommended that the buyer rate the seller giving a fair score, and in the same way the seller rates the buyer.

Supported cryptocurrencies

Our Escrow Service supports the following cryptocurrencies:

  • Bitcoin
  • Litecoin
  • Ethereum
  • ZenCash
  • Dogecoin
  • BitcoinCash
  • Monero
  • Vertcoin

 


 

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