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Bitcoin core is the backbone of the bitcoin network. Almost all bitcoin wallets rely on bitcoin core in one way or another. If you have a fairly powerful computer that is almost always online, you can help the network by running bitcoin core. You can also use bitcoin core as a very secure bitcoin wallet.

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I want to be sure how this works, so can you tell me if my understanding below is right?

Using the example of bob, alice, and a trusted third party who we’ll call carol, alice sets up an escrow transaction where she sends her bitcoins somewhere else such that neither her, bob, nor carol are able to touch the bitcoins.Main bitcoin once bob completes his work, bob approves the escrow transaction and waits for either alice or carol to approve as well.

Let’s say that alice is a total jerk and refuses to approve the transaction (her reputation be damned!). In this case, bob can call on carol as the third party to approve the transaction, which means the 2 of 3 escrow transaction is approved. Now this is the part that I feel very hazy about: once the escrow transaction is approved, how do the bitcoins move to bob’s wallet?

The page says that one of them submits a redemption request for moving the bitcoins to someone’s wallet, but what exactly is a redemption request, and what does it look like to create a redemption request? I’m imagining it as a method to move the bitcoins that are stuck in limbo to someone else’s wallet, but in this case couldn’t alice (being the total jerk) create a redemption request to move the bitcoins back into her wallet?Main bitcoin do all 3 people have to approve the redemption request, or are only 2 needed?

Also, what happens to the bitcoins if only 1 of 3 approve the escrow transaction (and the other 2 decline the transaction)?

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