Thursday, August 16, 2012

LocalBitcoins Escrow service rebranded to "LocalBitcoins Transaction" or short "Transaction"

We have changed the name of the escrow feature to "LocalBitcoins Transaction" or just "Transaction" where the connection is obvious. We changed the name because it is not actually escrow service by the traditional definition, no disputes or resolution services.

Other terms: 

"Transaction verify code": this is generated for the buyer. When the seller shows this code to the buyer, buyer can be 100% that funds have been released. The buyer should check that the code shown by the seller matches the code shown by
"Transaction release code": the seller can release the escrow by sending this code to the number +16466994674 . This releases the funds to the buyer, and the seller should receive the verify code promptly, which he/she can show to the buyer.

The benefits of the service are:

- No internet connection needed - only one SMS-enabled phone required to make the transaction on the spot, or only one internet-connected laptop
- Quick process - the buyer does neet any devices, just memorize/write down the transaction verify code
- Allows the users to gain reputation via confirmed trades. If users use this service, we have a way to confirm that trade actually happened.

The LocalBitcoins Transaction service is not enforced in any way. You are free to create any kind of deal with the customer, use smartphone clients, laptops, whatever. We just recommend to use the transaction feature when the customer requests it - it should make the process much easier to the buyer. 

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