A fiat payment refers to a transaction made using traditional government-issued currencies, such as the US dollar, Euro, or any other national currency.
Limits may apply depending on the exchange or platform you use. These limits can vary based on factors such as account verification level and transaction volume.
When two parties enter into a transaction, they agree to use an escrow service. The buyer deposits the funds or assets with the escrow service, and the seller confirms the terms of the transaction. The escrow service holds the funds/assets until all the conditions outlined in the agreement are fulfilled, at which point it releases the funds/assets to the seller.
Using an escrow service provides a secure and neutral environment for transactions. It helps mitigate risks by ensuring that the buyer has the necessary funds/assets and that the seller will receive payment once the conditions are met. This helps establish trust between parties who may not know each other or have concerns about the transaction.