In the cryptocurrency world, exchanges between two traders frequently necessitate use of an escrow service. An escrow is an agreement kept in the custody of a third party, taking effect only when a specified condition has been met. Because such arrangements improve trader confidence, quite a few escrow services exist to facilitate the exchange of Bitcoin. Likewise, several emerging services help facilitate the exchange of other cryptocurrencies as well. For this article, we’ll review the specialized escrow service provided by the project team at XTRABYTES.
Although the XTRABYTES team created XFUEL to compensate developers and project contributors, no dedicated exchange service exists for it to be traded. Nonetheless, interested investors collect XFUEL in order to purchase a STATIC node on the XBY network. For those wishing to trade in their XFUEL, the XTRABYTES’ project team provides an escrow service via its #XFUEL-Trading channel on Discord. Interested parties need only contact any of the green names listed on the channel to setup an escrow account.
Here’s how it works:
1) A team administrator will open a group chat for the parties concerned.
2) The administrator will confirm that both parties agree to the selling price.
3) The buyer of XFUEL will then send the corresponding funds (XBY, BTC, ETH, etc) to a fresh wallet address.
4) The buyer sends the corresponding currency to the administrator.
5) The administrator confirms the transaction on the blockchain and acquires a transaction ID.
6) The seller will be asked to send the XFUEL to a fresh address.
7) The administrator confirms the XFUEL transaction on the blockchain and acquires a transaction ID.
8) The administrator reconfirms what terms the buyer and seller have agreed upon.
9) The administrator sends both the buyer and seller their funds.
At present, this is the only way to safely exchange XFUEL for other currencies. .Once X-CHANGE goes live, XBY will be immediately paired with XFUEL.
Investors seeking escrow services relating to other cryptocurrencies may want to review other online options. Fortunately, new technology is enabling transaction fees to drop and new exchanges are rapidly emerging. Moreover, atomic swaps are starting to gain traction in the cryptocurrency field. The developments portend the fading away of escrow trading in the near future. For now, select your escrow service with care and check all resources before transferring large amounts of currency.