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.
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:
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.
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.
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:
Finally, it is recommended that the buyer rate the seller giving a fair score, and in the same way the seller rates the buyer.
Our Escrow Service supports the following cryptocurrencies: