i send him 1 bitcoin,
Not exactly, you put money in the box that must be unlocked by 2 keys simultaneously out of 3 keys in existence (your friend, you and arbiter - each one have a key that opens the box ).
it's taken out of my wallet and sent into the blockchain.
My friend can now see i have sent the money and signs for it but can't use it yet.
When i receive my beer i give it another signature that unlocks the coins for my friend to use.
Assuming that neither one of the parties can just 'redeem' the money in case of a conflict.
Am i getting this right or am i totally off here?
Right here... in short if you and your friend find it problematic to unlock it together both of you try to unlock it by asking arbiter to cooperate in unlocking it. And you better have honest arbiter for honest verdict who will receive money - you or your friend
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