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With bitcoin you can do some surprisingly complex things. Such as move money into a fund that the other people can verify are there, which only pays out on a trigger condition.

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An escrow account? :)

Yes, but totally verifiable and automated. Which means less trust than a regular escrow account.

What triggers it being paid? Surely that part can't be automated, someone (or combination of someones) has to have power to say pay/don't pay.

Where's the best place to learn more about this?

https://en.bitcoin.it/wiki/Contracts would be a starting point.

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