Thank you for attending the lecture in Steemit-Crypto-Academy Season 3 & doing the homework task-1

and we will be shown the private key of the wallet, remember to keep it in a safe place.

Preferrably, offline.

How does escrow protection protect both buyers and sellers?

The escrow system protects the buyer and seller in the following ways:-

• A buyer should pay only after the fund is locked in escrow by the seller.
• A seller can not cancel it, only a buyer can cancel it and a seller after receiving payment from the buyer can only release it.

Escrow is a "guarantee" to the buyer whereas it serves as an "abort path" for the seller. Only in case of a dispute, the Localcryptos Arbitrator intervenes to verify the facts and release the asset (locked in escrow) to the rightful owner.

Therefore your asset is safe with escrow protection, however, if a scammer creates false order and mark it as paid, then your fund will remain locked in escrow until an arbitrator intervenes.

Caution:-

Also, be careful of chargeback fraud(in the case of Paypal as a fiat option), triangulation fraud. It is always better not to accept third-party payment.

The seller can cancel the transaction at any time.

No, Not at all.

A seller can not cancel it, he can only release it. It is the buyer only who can cancel the order.

Observation/Suggestion/Feedback:-

• The author has demonstarted how to create an offer as Market Maker in Locaclcryptos.
• The real transactions, end-to-end chat, the real process to escrow the asset and releasing it to the buyer after completion of payment would familiarize the author with the practical side of this Task, that way the author would also score better.

Thank you.

Homework Task -1 successfully accomplished
[6.5]