How to Earn Bitcoin? – Providing Escrow Services

With so many different options when it comes to earning Bitcoin, instead of having to buy them, the possibilities are nearly endless.  One of the most sought after services is a reliable escrow service, which will mostly be used on the BitcoinTalk forums.  But how do you offer your escrow services to an audience that knows nothing about you?

Step 1: Building up Reputation

First and foremost, you cannot offer an escrow service if you are a brand new BitcoinTalk member.  Not only will that be frowned upon, but you will receive negative feedback from other users just because you try and run a business without building up a reputation.  People have become very wary of offers on the internet, and rightfully so, for the most part.

Start by building up a reputation on the BitcoinTalk forums, either by becoming a very active member of the community – and learning a thing or two along the way – or, by completing a few trades with other members.  It has to be said, however, that neither of these processes will guarantee success in the escrow business, as you are not the only person offering such a service.

But, a good reputation, a long track record of activity and a few successful trades can go a long way.  That is just the first step, though, as you’ll still be a total stranger on the internet to most people looking to use an escrow service on Bitcointalk.  Lucky for us, there are certain ways to go about that problem.

Step 2: A Little Identity Verification Goes a Long Way

When conducting business on the internet there is a fine line between giving someone proof of your identity and overdoing it. In the escrow world, people will usually not ask you who you are or to provide any personal information about yourself.  But, in the grand scheme of building trust, sharing a little personal information might not be a bad idea.

Don’t get me wrong, I’m not saying you have to share family photos or disclose your personal address.  But, maybe, do a Skype chat with your first customer(s) in order to gain their trust and establish yourself as a reliable escrow provider.  It helps to put a face to a nickname, especially when money is concerned.

Step 3: Start Cheap, Work your Way Up

One of the most important aspects of providing an escrow service is keeping fees as low as possible.  Granted, you are doing this to earn a bit of money on the side, but, you have to keep in mind that escrow fees are paid on top of the original transaction amount.  Charging over 1% will get you next to no customers, so, make sure to calculate that factor in before deciding if you want to do this or not.

It might not be a bad idea to set up a few escrow trades with 0% fees for the time being, which will also help you build up your reputation and earn you some trust rating on Bitcointalk.  After all, without reputation and trust rating – verified or unverified – you won’t get far.  The most important aspect is to be as active as possible in order to settle payments quickly.

Do you have it in you to become a reputable and reliable escrow agent on the BitcoinTalk forums?

All images courtesy of DollarPhotoClub