An escrow service is especially needed to make payments, buy things online, exchange bitcoins on forums, and more. Since bitcoin transactions are irreversible, many use escrow services. The bitcoin escrow service acts as a neutral third party between the buyer and the seller in its online transactions. This works by keeping your funds safe on a deposit account to protect both the buyer and the seller. The money is placed under the control of an independent third party. This further secures transactions by keeping the payment safe until all conditions are met.