Bitcoins have become more and more valuable as compared to other precious metals like Gold, Silver, Copper, etc. However, it’s only an electronic currency but it has its own value. In this way, I’m going to show you how to buy Bitcoins with Western Union and PayPal by using an Escrow service.
What is Escrow Service?
Escrow is a third-party which allows you to make transactions and buy Bitcoins using PayPal and Skrill. You will need an Escrow service in order to make secure transactions and buy Bitcoins so easily using electronic payment methods like PayPal, Skrill, Western Union, etc.
With Escrow, the buyer sends the money to his/her Escrow account, on successful verification the is seller notified and when the seller sends the Bitcoins to the buyer the payment from Escrow account of buyer is released to the seller just like an eCommerce website i.e, Amazon.
Who is Providing Escrow service Currently?
Currently, Local Bitcoins is one of the best and legit Escrow service providers and using such a service will help you to avoid from scams and frauds.
Using Escrow Buy Bitcoins
So, now we have understood that what Escrow is and how it protects from scam and fraudulent acts.
The process of buying and selling Bitcoins using Escrow is as follows:
First of all, the buyer or seller initiate the Escrow transaction
Secondly, the buyer has to send the funds to his Escrow account (So now, the payment is stored in Escrow account, not in hands of buyer)
Hereby, on successful transaction from buyer, the seller is notified then the seller will need to send Bitcoins to the buyer
Once buyer received the Bitcoins, at the same time the Escrow will release the payment to the seller
What if Buyer didn’t Receive Bitcoins?
If the buyer didn’t receive Bitcoins then a dispute can be filled to the Escrow service providers for better protection. Now, all you need to do is wait until the Escrow understand the issue and reach a judgement.
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