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Title: Buying BTC from private seller, in person, for cash, how-to / how-NOT-to Post by: siaeae on November 01, 2017, 05:48:05 PM Hello,
If am buying BTC from a private seller, for cash, meeting him in person, what would be "best practice", to conduct transaction safely and protecting myself against fraud? For example, these are the steps that I see: 1. I have my hardware wallet (KeepKey) connected to my Android phone, with a wallet app on the phone 2. We meet in a public place or in a notary office or law office, and maybe for a fee or a % ask the office to be our one time escrow company? 3. I show that I have the cash, and seller shows on his device that he does hold agreed amount of BTC 4. As soon as I see this amount landing in my KeepKey, I give him cash, minus % to escrow company, if using one Did I miss any steps? Any other suggestions? Any additional ways to make sure seller is not going to cheat at step #3? Do people even do this, or am I dreaming and any such offer is a 99% probability of possible fraud? THANK YOU!! Title: Re: Buying BTC from private seller, in person, for cash, how-to / how-NOT-to Post by: Potato Chips on November 01, 2017, 06:13:01 PM I'll just assume that you already did some background check on this seller like asking for his customer feedbacks etc.
I think any public place will do and theres really no need for it to be on law office although it'll be better lool, Just make sure that you're not the only ones on this public place moreover it'll be better if you have some friend to accompany you but its optional thoough. Regarding on the escrow, It's not really necessary imo since it'll be face to face just wait for confirmations to come before giving him the cash to make sure that the transaction will be irreversible [he'll go first]. For faster confirmations you will have to pay a higher miner fee. Title: Re: Buying BTC from private seller, in person, for cash, how-to / how-NOT-to Post by: TryNinja on November 01, 2017, 06:42:03 PM Have you already read this thread[1] (or this summarized version[2])? It's about being safe while doing face-to-face transactions.
Just another thing: I suggest you to leave your KeepKey at home and just bring a phone with you. Get your address, download a mobile wallet and create a watch-only wallet with your KeepKey address. This way you can only receive Bitcoins - and not send, since you don't have your KeepKey with you - from your wallet and there is no risk of the seller trying to rob your physical device or something like that. [1] https://bitcointalk.org/index.php?topic=137272.0 [2] https://bitcoin.stackexchange.com/questions/13117/how-do-i-buy-bitcoins-safely-face-to-face Title: Re: Buying BTC from private seller, in person, for cash, how-to / how-NOT-to Post by: HCP on November 02, 2017, 01:45:44 AM Just remember... An absolute minimum of 1 confirmation... 3 is better...
6 is pretty much guaranteed, but I don't think either of you would want to sit around for an hour+ waiting for 6 confirmations! :P |