Bitcoin, and cryptocurrencies in general, have become increasingly prevalent in the public eye over the previous several years. Some use them as an alternative to fiat currency to make purchases, others as an investment vehicle, and a myriad of other reasons. There are many avenues for smaller purchases of cryptocurrencies, but the options for larger transactions, especially private transactions, are much smaller. One of the results from this is potential buyers of cryptocurrencies are forced into private transactions with unknown individuals that carry inherent risks.
Escrow service companies act as mediators that ensure the funds exist and are properly transferred for the transaction. In the event of a dispute, the escrow service will act as the arbitrator and determine who should ultimately receive the funds.
Many marketplaces have built-in escrow services. But if you’re not using one of these for a transaction, you must use another escrow service. Three problems exist with most of these services.
First, you don’t know who runs the escrow service so you’re still sending money to a stranger. Second, there is a lack of reputation for these escrow sites. The majority of them haven’t been available on the market for long enough to be considered reliable. Finally, most of them are not licensed or regulated.
Attorney Escrow Services
Attorneys providing escrow services to cryptocurrencies overcome all these problems. Aside from being able to provide legally enforceable contracts and agreements between the parties, there are other benefits as well:
- Easily Verifiable
- Licensed Professionals
- Attorney Client Privilege
For more information contact firstname.lastname@example.org.