It was really good. You basically just chat with the seller via an encrypted chat window and exchange payment info. Best of all, no KYC!
How is that any different than approaching a random person on the internet? Without escrow, what will protect both the buyer and seller?
The seller puts the BCH into escrow until they receive the funds from you. Then the BCH is released into your wallet.
If the BCH is escrowed on the blockchain, where is the fiat escrowed?
So the FIAT didn't go into escrow. It went straight to the seller who then releases the BCH from escrow. If the seller does not release it then you can initiate a dispute.
In the case of a dispute, does the arbitrator simply release the BCH to the buyer if the seller does not?
Yes that is my understanding although I had no such issues with my transaction.
I appreciate you sharing your experience.
How do you release funds from escrow? Can you give them a release code so you don't need your phone?
The seller presses a button to release the BCH from escrow. Not all sellers ask for cell phone verification. Mine didn't and I will never choose one that does.
