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Satoshi contemplated (in the Bitcoin Whitepaper) that because transaction could not be reversed, 'routine escrow mechanisms' could be used when buying and selling goods online. The escrow could be used to protect the buyer (since credit card chargebacks wouldn't be a thing). In the second paragraph of the paper he writes:
_"Transactions that are computationally impractical to reverse would protect sellers from fraud [he's referring to fraudulent credit card chargebacks], and routine escrow mechanisms could easily be implemented to protect buyers." _
It interesting to me that no real escrow service providers came to exist, where a seller ships goods to an escrow provider/consignor, payment is sent, when confirmed on chain, the goods are released from escrow.
I suppose the opposite could work as well. Bitcoin is deposited in an escrow (2 of 3 multisig wallet), one key is held by the buyer, one by the seller and one by the escrow provider. Goods are shipped, when seller confirms receipt (or shipping tracking label shows delivery) funds are released. Like HodlHodl, but for goods instead of fiat.
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Interesting! Thanks.
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0 sats \ 0 replies \ @AG 25 Sep
Escrow services were probably one of the first business models to come into bitcoin following exactly what you mentioned. Others opted for a P2P options
Many came and go... Another one I'm keeping an eye on is https://www.coinsavr.com/
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This would be interesting. Maybe you would be able to not be scammed anymore.
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