One of the many beautiful features of bitcoin is the ability to perform multisignature transactions. These transactions allow for many solutions to many problems. They can allow for direct exchange between two strangers over the internet, with only minimal trust of a third party who serves as an arbitrator in the event of any disagreement or failure to deliver. The coins are sent to an address where spending them requires two of three private keys; the vendor, the buyer, and the mediator each have one key.
There are also many other types of transaction made possible by "multisig" transactions. Two-of-two transactions can allow for the elimination of the mediator/trusted third party, though they require a little more trust between the two strangers. Joint accounts can be formed where both owners must sign off on any transaction; parents can make "savings accounts" for their children confidently, knowing that neither parent can access the funds without the consent of the other parent; and countless other possibilities.
Many of the potential uses of multisig transactions are enumerated on the bitcoin wiki. See https://en.bitcoin.it/wiki/Multisignature#Multisignature_Applications for a complete list.
There are also many other types of transaction made possible by "multisig" transactions. Two-of-two transactions can allow for the elimination of the mediator/trusted third party, though they require a little more trust between the two strangers. Joint accounts can be formed where both owners must sign off on any transaction; parents can make "savings accounts" for their children confidently, knowing that neither parent can access the funds without the consent of the other parent; and countless other possibilities.
Many of the potential uses of multisig transactions are enumerated on the bitcoin wiki. See https://en.bitcoin.it/wiki/Multisignature#Multisignature_Applications for a complete list.
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